Shopify is a comprehensive e-commerce solution that allows an entity to establish an e-store to sell its products. It provides them with an electronic marketplace. It lets them bring together their products, customize their interface, accept electronic payments, track and reply to orders — all with a few clicks.
Customer or buyers do not need to install Shopify as it is a web-based e-commerce software. It is compatible with all sorts of operating systems (including Windows and MAC operating systems). Shopify takes all back-end hosting responsibilities so that businesses don’t have to take the hassle of installations, upgradation and regular maintenance of any software or web servers.
Customers are required to pay for their e-store via credit card. To start online selling all a business will need is some product or service to sell!
Businesses can use their own domain name with Shopify.
Shopify can be incorporated with an existing website or a domain name registered with another provider. Business would be required to request their domain registrar to point their domain or subdomain to Shopify’s servers.
Shopify covers almost every country and currency so it’s a global marketplace. Administrative interface of a shop must be in English, However, the ecommerce interface, checkout, email communications, etc. of a shop can be in any language.
Shopifyis very convenient to setup as it provides approximately 100 exquisite templates that users can apply to their e-shop. Business do not need to hire any designers for this purpose. Users can modify the look of their store anytime with newly available designs through a friendly graphical interface.
Shopify also provides its users a platform where they can share their experiences with other Shopify users.These forums are full of knowledgeable shop proprietors and artists who are enthusiastic to help each other out. The professional development team hired by Shopify also regularly contributes to the discussions on these forums. In addition to the forums Shopify Help Center also provides detailed tutorials and guides for new users.
How to build a Shopify site?
In order to sell a Shopify site, what you do is –
- choose a niche that you want to be in, for instance Pitbull niche or the nursing niche or whatever. Just choose the niche that you think would attract passionate buyers.
- Go to wholesale sites to find the products that those passionate buyers would want.
- Take their pictures and put them on your Shopify store. You don’t need any inventory or shipping. You just find products, put them on your online store and then start advertising.
- After you get your store up, where it is selling products while somebody else would be doing all the shipping or fulfillment of orders.
How to sell a Shopify store?
When you have made an attractive Shopify store, the investors would be interested in buying it. There are a lot of people out there who have a lot of money and who prefer buying the already established businesses instead of building their own. Below are some of the steps to perform, in order to attract serious buyers:
Evaluate your business:
Before putting your store on sale, evaluate your business in terms of numbers. How much sales do you incur in one day? What is the goodwill of the store? What is the worth of domain name? What is your gross profit and net profit margin? Is the business in profit and what are its retained earnings?
Assess the growth matrix:
Give some information to the buyer of your Shopify site about the growth matrix of your business. What is the growth pattern of sales in every single day? Is the business sustainable? What is the capacity of the current team?
Determine the monetary value of your store:
The value of your online store or Shopify site depends on your projected sales and profits. Make a financial feasibility of the store to show it to the proposed buyers.
Reinforce your relationships with the suppliers:
Buyers would be more attracted to purchase your site if all the participants in the value chain are closely linked together. So, before sale of your store, make formal agreements and arrangements with your suppliers. For instance, if you buy stuff inbulk and you get in 50% off and the next owner of the store can get the same deal with your established supplier. Now the buyers would specifically be interested in such an arrangement and it could be a great sales pitch for your store.
Make a list of repeated buyers and loyal customers:
Such a list will also be beneficial for the future owner and you might get an additional premium for that.
Tips for buying a Shopify store:
While browsing for an online store to buy from Shopify exchange, you need to determine the following:
- The nature and type of investment that you want to make.
- Your revenue targets in the long run
- Your liquidity position and how much money are you ready to invest
- How much growth potential you want from the online store? and
- Is there any room for value addition in the business?
After assessing your own objectives, you should carry out a due-diligence process. Every online store listed on Shopify exchange provides information such as its revenues earned in last year, traffic per day and asking price. It also shows the things that a seller has committed to provide in consideration for the asking price such as, physical inventory, domain name, photos of the products, brand name and trademarks, suppliers/customers list, social media accounts and personal support etc. You should make a comparative analysis of all the relevant stores.
You can also negotiate on the price demanded by messaging to the store owner.
However, keep in mind that some stores might show a sudden drop in revenue and traffic. This could be due to lack of marketing after putting them on sale.
Once you have scrutinized the store, negotiate with the seller and close the deal.
Shopify exchange is a comprehensive e-commerce platform where people can buy or sell a fully functional online business or store. It helps them skip all the building and startup phase and they can hit the ground running with marketing.