Easy access to online stores
Entrepreneurs have always focused on commerce, but the evolution of technology has allowed them to explore new possibilities. Ecommerce is one of these possibilities. The birth of online stores has revolutionized the way we shop and entrepreneurs have taken advantage of that.
With Shopify, online stores became easier to access, and it appears that there is a new useful tool available for entrepreneurs: Exchange by Shopify. Exchange allows you to buy and sell online stores with no problems, and it makes the entire process much smoother.
Selling a store
Exchange by Shopify lets you sell the stores that you do not want to own any more. However, there are a few requirements if you wish to sell your store on Exchange. First of all, your store must be on the Shopify Plus plan. Secondly, you will need to have active capital financing. Lastly, in order to sell a store on the Shopify Exchange platform you will need to have an account in good standing if you are using Shopify Payments. If you are not using those payments, your store should at least be eligible for them.
If you meet all these requirements, it is very simple to sell your store. First of all you will need to install the app on your device. The app can be found under the name Exchange – Sell your Shopify store. After you download it you will also need to add a few details about your store so that buyers will have all the needed information.
Make sure that you properly cite the name of you store in your listing. You should also add some screenshots of the store and its price as well. Shopify will also verify and display your traffic data and your revenue, so that the information can be trusted.
Is my industry available on the app?
However, you should know that not all industries are available on this app. Industries that are available on the app include the following: Art and photography, Automotive, Books and magazines, Construction and industrial, Electronics and gadgets, Fashion and apparel, Food and drink, Home and furniture, Gifts and collectibles, Health and beauty, Music, Pets, Services, Sports and recreation, Starter stores, Stationary and office suppliers, Toys and games. If you don’t see the industry you are interested in listing, there is a chance that more industries will be added in the future. If you are intending on buying a store, you can also do a little research to find niches within these industries that you can utilize to make a failing store turn around and become profitable.
Things to keep in mind
You should always think twice before you make a purchase. Even if you make the deal via an app, it is still a business and you need to take it seriously. For example, the revenue is not the only thing you should take a look at. It is important to know the costs as well. If the costs are bigger than the revenue, then there is a problem with the business model. The profit is more important than the revenue and that is why you should analyze all the expenses, including the production costs and marketing of the site you are looking to acquire.