After years of unbridled growth, e-commerce tools purveyor Shopify (NYSE: SHOP) was hit by a perfect storm. The surge in lockdown-fueled gains gave way to tough comps and stagnant growth. Investors soured on many technology companies and any stock with a high valuation, sending the major market indexes into bear market territory.

The final straw was raging inflation, which dragged the economy into the worst downturn in more than a decade. Each of these factors weighed on Shopify, which shed as much as 85% of its value since late last year. Recent shopping data suggests the tide may finally be turning.

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Source Fool.com