Economic indicators are not following the usual patterns, with Federal Reserve Chairman Jerome Powell lowering interest rates due to high unemployment while inflation remains unchecked. Big banks are reporting strong earnings, painting a positive picture of the economy.

Shopify is benefiting from a strong U.S. consumer base and healthy spending habits. Despite not being a top U.S. e-commerce retailer, Shopify is a major player with $87 billion in gross merchandise volume in the second quarter.

Shopify’s revenue is growing rapidly, up 31% year over year, fueled by factors like increasing e-commerce sales and international expansion. The company offers various packages and services, catering to a wide range of clients, including enterprise customers like Starbucks and Canada Goose.

Shopify stock has risen by 47% this year and is expected to perform well when it reports third-quarter results on Nov. 4. With a long growth runway ahead, now may be an ideal time to invest in Shopify.

While Shopify is not included in the 10 best stocks to buy now according to The Motley Fool Stock Advisor, their picks have historically delivered significant returns. Consider investing in the top stocks recommended by experts for potential long-term gains.

Read more at Nasdaq: 1 Incredible Reason to Buy Shopify (SHOP) Stock in October