2022 has been unkind to Shopify's (NYSE: SHOP) shareholders. After soaring during the early stages of the pandemic, when COVID-related restrictions drove more people to shop online, the e-commerce platform's shares reversed course as safety measures were lifted and shoppers returned to traditional retail stores. Shopify's stock price is now down a shocking 80% this year. 

Could this brutal downturn be an opportunity for long-term investors to buy shares of the beaten-down growth stock at bargain prices? Let's take a look at Shopify's competitive position and expansion potential to answer that question.

Shopify isn't just benefiting from the e-commerce megatrend -- it's helping to enable it. Its software gives entrepreneurs the tools they need to build and grow their online stores. For as little as $29 per month, Shopify provides website development, payment processing, inventory management, and shipping solutions.

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Source Fool.com