The online commerce market is booming and thousands of companies and entrepreneurs are betting on this business system, using the internet as a vehicle for interaction between company and customer to sell their products and services. Although the usual way to get involved in this type of project is by creating an eCommerce, there is also the possibility of buying an online store and avoiding that stage of construction and development, starting to directly manage an existing business.
What is Shopify Exchange
Shopify Exchange is an online platform where you can buy a Shopify store already created by a user. In Exchange, you access a list of Shopify eCommerce store that is for sale and where you can consult their data related to the traffic they generate and the income they have had. This information is true and cannot be edited by the administrators/sellers of the store, so those interested in buying it can be sure that it is reliable data that adjusts to the reality of the online store.
Likewise, as any user can buy an eCommerce in Exchange, it is also possible to sell a Shopify store through this online portal. Owners of a Shopify virtual store who want to put their business up for sale online can use Shopify online to offer them to an audience interested in these types of acquisitions.
There is no cost to listing a Shopify store on Exchange. Only in the case of the sale is a commission for services applied.
How Shopify Exchange Works
To put a Shopify store for sale, you must install the Exchange application in the Shopify store. Only the owner of the Shopify store can perform this process to include the online store in Exchange to list it for sale, it being essential that the store is within a paid Shopify plan.
In order to include an online store in Exchange, it is important to comply with a series of requirements such as being up to date with Shopify Payments, not having active financing from Shopify Capital, or having pending open tickets without solving.
The steps to sell an online store on Shopify are:
1. Install the Exchange Application
If all the necessary requirements are met to be able to sell a Shopify store, you can install the Exchange Marketplace application and create a publication to put the business up for sale. This request will be reviewed to verify that everything is in order and once approved, it can be included in the list of stores available in Exchange so that other users can make a purchase offer for it.
2. Respond to Purchase Offers
As long as the eCommerce is listed within the Shopify Exchange, messages and offers from potential buyers can be received. Once an agreement with the buyer has been reached and their offer accepted, the process of transferring the Shopify account and the collection of the sale begins.
3. Transaction Through Escrow
Escrow is a portal that guarantees transactions within a reliable and secure environment and is used by Shopify Exchange to ensure that the entire process of buying/selling online stores is carried out efficiently.
During the entire transition process of the store after its sale, the transaction money is protected by Escrow until both buyer and seller accept that the conditions of the sale have been met.
The transaction process is carried out by following the steps below.
• The seller presents its conditions of sale such as the price, time to verify the store (guarantee), and other conditions.
• Escrow receives payment from the buyer.
• The money is retained by Escrow until the buyer and the seller give their approval to the conditions of the sale.
• Escrow finally delivers the money to the seller and the transaction is concluded.
4. Transfer of Ownership
The transfer of ownership of the eCommerce between seller and buyer is a process that takes three to five days to take effect. This process includes the transfer of all the resources agreed in the purchase and sale and that in addition to the store itself, can be associated with social networks or domains.
5. Support During the Process
This type of online store buying and selling process can generate many questions and concerns both on the part of buyers and in the case of sellers. It is possible to go to the Exchange support team or Escrow itself to resolve all those concerns or doubts that arise during the process.
What to Keep in Mind to Buy a Store in Exchange
When buying a Shopify virtual store in Exchange, it is important to take into account many factors in order to carry out a profitable transaction and be able to obtain an online store that meets the expectations created.
Here are a few tips for buying a Shopify store on Exchange.
» Analyze Traffic and Sales
The first thing to check before buying an online store listed in the Exchange marketplace is to check the number of visits it receives and how many sales it has made. You can be sure that this information is reliable since it is the Exchange itself that provides it and the seller does not have access to modify this information to avoid possible deception or fraud.
By doing a good analysis of these two parameters, it will be possible to determine if the purchase price of a Shopify store is adequate.
You May Also Read: Shopify Vs WooCommerce: Which is the Best Platform For eCommerce?
» Use Search Filters
In the Exchange platform, you can use search filters to find eCommerce that more precisely adapts to what you are looking for. The different search parameters include the purchase price, type of business, and age of the store, among others.
» Negotiation
The sale prices of the stores listed in the Exchange can be negotiated between buyer and seller. The same happens with other types of conditions included in the purchase-sale agreement.
Through the platform itself, a negotiation can be initiated with the seller to try to reach a prior purchase-sale agreement that satisfies both parties.
» Request Information from the Seller
Despite the fact that sellers include business information in Exchange eCommerce offers, it is often interesting to do a little more research and ask the seller for extra information.
By contacting the seller you can find out additional information that will help you make the purchase decision and be sure to carry out the transaction more reliably. A common question to ask yourself before acquiring an online business is to know your existing margins.
Exchange is an online portal where it is possible to sell and buy a virtual store created with Shopify. With this platform, it is possible to acquire a store that is already running and skip the difficult process of starting a virtual business from scratch.
