Shopify announced staff layoffs in July 2022. The Shopify CEO expressed the same sentiment repeated later by Stripe and Facebook:
"...given what we saw, we placed another bet: We bet that the channel mix - the share of dollars that travel through ecommerce rather than physical retail - would permanently leap ahead by 5 or even 10 years."
"It’s now clear that bet didn’t pay off. What we see now is the mix reverting to roughly where pre-Covid data would have suggested it should be at this point."