Last updated on July 4th, 2020 at 12:00 pm
Buying or selling online retail stores has been simplified by Shopify dramatically. To become a successful entrepreneur, you can sell or buy store online on Shopify Exchange marketplace instantly.
Traditionally, buying a business involves lots of board meetings, lawyer advice and lots and lots of meetings. But, that was all before, today the business world has been monopolized by the internet. The online market is blossoming worldwide and predicted to expand up to $3 trillion by the next fall.
The presence of platforms like Shopify has intensified the level of the online retail market with their dynamic programs like Shopify Exchange.
Today, you can easily buy online retail store on Shopify and can become part of the more than 500,000 Shopify businesses.
You can effortlessly bypass all the grapevine involved in the commencement of e-commerce site with the help of services offered by Shopify.
What is a Shopify Exchange Program?
Exchange is a visionary marketplace created by Shopify where anyone can buy or sell e-commerce businesses set up by Shopify registered merchants. This marketplace functions on an Exchange app.
On the Shopify Exchange App, merchants can enlist their online businesses for sale by providing basic information like the traffic and revenue figures of the businesses which are directly extracted from Shopify.
The figures related to the sale are authorized by Shopify itself so there won’t be any chance that seller might manipulate the sales data.
On Exchange, a wide range of stores are available from successful businesses to startup e-commerce stores. The price range also varies on the store as the price of startup businesses can be around $50 whereas the price of established online stores can go up to $1 million.
So, in nutshell, Shopify Exchange is a real state market for online retail stores created by Shopify community only.
Let’s Buy Business on Exchange Marketplace
Do you want to invest in an online retail business? If yes, then you will find a number of amazing business investment opportunities there. From buying fashion, home décor, clothing to sports stores, you can buy any kind of business on Exchange. You can compare different sales figures like revenue, dropshipping, demand, etc., before purchasing the ready-made business on Shopify.
When you are making first-time investment plans on Shopify, then you have to be very careful and have to spend your money wisely. Before making any decision, you should consider a few things;
• How much revenue you are assuming to gain from the website?
• How much money you are going to invest?
• For how much time you want to hold your money?
• How much potential does the store have?
• How can you increase the sale of the site with your efforts? Etc.,
These questions are just a few points to go through before purchasing a business on Shopify Exchange. The detailed method to buy online retail store is as;
1. Do your Search
When you look for a retail store online on Shopify, then you will get a complete outlook on the business like revenue, traffic, other stuff that you’ll get with the site and much more. In some cases, sellers have also mentioned their reason to sell the store. You can further negotiate the price or can ask more questions by directly messaging the seller. The listing basically shows all the important details such as – physical inventory, domain, logo, social media accounts, etc.,
If you have more queries that aren’t covered in the listing, then Shopify Exchange let you directly communicate with seller through an anonymous email. Well, if you are negotiating online retail store deal for the first time, then you should conduct some evaluation on your own like;
You should confirm the source of traffic and understand the method from which traffic is coming.
• Ask the seller to present clear expenses and receipts account so that you know the clear difference between spending and generating.
• You should spend some time on the brand’s social media accounts and observe some interactions there.
• Try to understand their reason for selling the business.
• You can use screen sharing feature to first hand see the figures offered by the seller.
2. Processing Transaction
So, once you have come to the agreement with the seller, the next step is to make the final transaction. Shopify Exchange marketplace is partnered with Escrow to conduct safe and secure transactions. Escrow is a method of making payment where the money is protected by the third party until both buyer and seller won’t complete their responsibilities.
To process the escrow transaction, the seller has to create terms for the sale and time period that they’ll offer the buyer to evaluate the shop. Once the buyer is satisfied, then they will transfer the agreeable amount using Escrow. When the buyer is completely satisfied and all terms of the sale are fulfilled only, then Escrow transfers money to the seller accounts.
3. Transfer Ownership
The final step in buying Shopify Exchange business is the transfer of ownership which usually takes 3-5 days. To make the transfer process clean, seller and buyer should make a list of all the assets included in the sale and should cross-check item from each other’s list. However, if you are facing any technical issues in transferring social media accounts, domain name, etc., then you can contact Shopify Exchange support team to get guidance.
Before transferring the ownership and making Escrow payment, you should check the following things;
• Check the responsiveness of suppliers.
• Change all the passwords set by the previous owner.
• Use all the extra services provided by the seller smartly in your favor.
The Simple Buy or Sell
There’s nowhere in the world apart from Shopify Exchange that can offer such a smooth buying and selling portal. Every day the number of stores are listed for sale over the Exchange. So, if you are planning to buy online retail store, then you won’t have to worry much, just browse all the latest listed stores on Exchange marketplace and your journey as an entrepreneur today.