Shopify launches new subscription product to lure big retail clients

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(Reuters) - Shopify (NYSE:SHOP) Technologies Inc on Tuesday launched a new service aimed at big retailers that will allow them to select tools and services the Canadian tech giant offers and integrate it with their own online platform.

The company said it had signed up toymaker Mattel Inc (NASDAQ:MAT) for the product, and was looking to bring other enterprise clients it works with, such as Glossier, Coty (NYSE:COTY), Steve Madden and Staples, onboard.

Shopify, which helps businesses set up their online store and website for a subscription fee, will allow retailers to pick and choose components, such as checkout and other back-office services, for their existing online businesses.

The pricing for the service, called Commerce Components, will depend on the retailer's customization and components they choose to use. Currently, subscription for Shopify Plus starts at $2,000 a month and basic costs of $29.

"Commerce Components is fundamentally for a new segment of the market that has historically been underserved... we think this give us a new market to go into," Shopify President Harley Finkelstein said in an interview.

"If you have to build it yourself, which a lot of big retailers had to, you end up running your own tech company as opposed to making the product," Finkelstein said, highlighting the growth of small brands that opted to sell directly to customers through social media or their own website.