Even for the most seasoned eCommerce businessman, the complexity of buying and selling websites can be intimidating. Luckily, Shopify devised a way to help shorten the real challenge.
With Shopify Exchange, you can purchase an eCommerce site to jumpstart your business and avoid all of the typical steps involved in creating an eCommerce company, such as writing product information and creating an email list from the start.
So, if the concept of purchasing an out-of-the-box company appeals to you, continue to read as I guide you through the advantages of Shopify's website marketplace and share some tips for assisting you in purchasing a website on Shopify Exchange.
Shopify Exchange: Definition, Process, Cost, and Step-by Step Guide
What is Shopify Exchange?
Shopify Exchange is an online marketplace that Shopify built for eCommerce startups to buy and sell Shopify websites.
It differs from other online marketplaces in that all of the websites on Exchange are operated solely by Shopify.
This is ideal if you already have experience managing a Shopify site and want to broaden your business but don't want to understand a new eCommerce site's nuances.
Learn More: Shopify Announces Shopify Online Store 2.0
What is the Process of Shopify Exchange?
The Shopify Exchange platform is intended to make it simple to buy and sell online shops. Merchants that advertise their stores for sale have essential business information such as sales and traffic statistics taken straight from Shopify and cannot be proven false. Sellers also determine the price for their store, ranging from $50 for smaller companies to $1 million for existing online shops.
Shopify approves all data presented in listings and does not allow the seller to exploit the statistics to reduce fraud and other negligence problems associated with exchange markets. Shopify offers accurate sales data for customers to better analyze market performance data in real-time for greater transparency.
To be included in the Exchange platform, a store must satisfy the following requirements:
1. The seller must be the legitimate account holder.
2. Your company cannot be in a trial period.
3. The Shopify account must be on a paid plan, but not Shopify Plus. Shopify payments accounts must be in top form.
4. The seller's account must not have any successful Shopify Capital funding.
If a store fulfills these requirements, it can be included in the marketplace offerings. Buyers can then browse through the offerings by navigating the categories with filters. They will be able to locate the same type of store they are looking for this way. The marketplace also employs escrow to safeguard all payments, ensuring that it is a truly secure and fully controlled environment.
Is it Worth Buying a Shopify Store? How Much will It Cost You at Least?
Purchasing an online store via Shopify exchange can be a perfect way to test the depths of successful online businesses without putting too much hassle or effort into it. Since the difficult task of constructing the site has already been completed, you will concentrate more on enhancing the current business.
While the advantages of purchasing an existing company are clear, complete knowledge of running a Shopify store and the related costs will help increase your profitability, so make sure you're thoroughly informed before venturing into the markets.
Related article: Dropshipping Versus Third-Party Fulfillment
Step-by-Step Guide on Purchasing a Shopify Store
On Shopify Exchange, there are plenty of stores for sale. To purchase one, you should first sign up for an account on the exchange marketplace. After successfully establishing an account, follow these steps:
- Browse through the lists to find a shop where you want to shop. Filters will help you narrow down your quest.
- If you've decided on a shop, assess its success by looking at sales estimates, web traffic, social media profiles, and other relevant information.
- Start engaging with the seller once you're happy with the details.
- Begin negotiating a price.
- Propose the seller.
- Obtain account information from the seller.
- Accept the collected assets to release the escrow charge.
- Take control of your ready-to-use Shopify store!
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