Shopify's President Talks About Potential E-Commerce Boom

Shopify's SHOP President Harley Finkelstein was on CNBC's "Squawk Box" Thursday and talked about the potential boom in e-commerce sales amid the COVID-19 pandemic.

Finkelstein says the company took a survey with results showing 77% of consumers will participate in the Black Friday and Cyber Monday sale. The survey showed 55% of them will only participate online rather than attending the local stores.

Finkelstein believes customers are choosing to support independent companies along with black-owned companies. He believes this will benefit the company because several companies on Shopify's website are independently owned.

Along with the Black Friday and Cyber Monday sales, Finkelstein believes entrepreneurship is a key factor for this company to continue growing and Shopify helps entrepreneurs in several ways including building capital and helping small businesses compete with the leading companies in the industry.