Platforms in an Aggregator World

First, Shopify will not be processing transactions on Facebook, so it will see no incremental revenue as stores grow on Facebook. Second, Facebook and Instagram are crucial channels of customer acquisition for Shopify stores; if those customers never leave Facebook, Shopify’s revenue will instead shrink. Third, and finally, Facebook will continue b... See more

Shopify sees Facebook as one of the channels; Facebook wants to become the channel. Short-term goals are aligned, but long-term, there is no doubt that Facebook is trying to become a platform itself.