Shopify (NYSE: SHOP) is one of the top-performing stocks of the last few years, with shares up 150% in the last 12 months alone. The rise of small businesses going online has fueled the growth of Shopify and other e-commerce platforms, with the industry also supercharged by the dynamics of the pandemic.
Another market-leading company powering many of these e-commerce businesses is Avalara (NYSE: AVLR). Here’s why investors should take a look at the stock.
All businesses, whether they sell online or in-person, have to file taxes with their state and the IRS. When selling in person, this can be somewhat simple. But once you move online, the hundreds of different laws and tax rates that apply (especially if you sell internationally) make the tax process exponentially harder. This is where Avalara steps in.