Have you ever wanted to purchase an established eCommerce site but weren't sure where to begin?

Even for the most seasoned eCommerce entrepreneur, the world of buying and selling websites can be intimidating. Fortunately, Shopify devised a method for reducing the learning curve.

You may buy an eCommerce website through Shopify Exchange to get a head start on your business and avoid all of the typical procedures involved in developing an eCommerce brand, such as building an email list from scratch and writing product descriptions.

So, if buying a unique business appeals to you, keep reading as I go through the advantages of Shopify's website marketplace and some advice for buying a website on Shopify Exchange.

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What is Shopify Exchange?

Shopify Exchange is the marketplace for buying and selling Shopify merchant-built eCommerce enterprises. Merchants may advertise their online businesses for sale using the Exchange app, which collects information like traffic and income statistics directly from Shopify. Because sellers can't change their shop data, potential buyers may be sure that what they see is exactly what they'll get.

On Exchange, you'll find anything from ready-to-go beginning stores to thriving eCommerce enterprises. As a result, prices differ. Starter shops can be as low as $50, while established six-figure eCommerce empires can be over $1 million.

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Why should you buy a Shopify store?

1. You can get rid of procrastination

You're less likely to postpone if you acquire an internet business rather than starting one from scratch. The problematic portion of shop creation is taken care of for you, so you don't have to stress about getting the logo just perfect, getting stuck on a color scheme, or being frustrated by all the small jobs that come with beginning a new business.

Plus, whether you spend $50 or $1 million on Shopify's Exchange to acquire an online business, you've demonstrated to yourself that you're serious about making it a success. The added cash incentive is more than enough to encourage you to pursue your first transaction as soon as possible.

2. You can start selling immediately

The most fantastic part about purchasing a business is that you can bypass the shop setup and get straight to marketing. You can start selling the day you gain account access if your company has uploaded goods to your website.

Launching into marketing right away means you'll be one step closer to making your first sale. If you were to build a website from scratch, you would spend the first several weeks creating the site. However, purchasing a business gives you an advantage over new rivals who are still in the startup phase.

3. You get a professional online store

While some of the stores on Shopify Exchange are created by entrepreneurs like you, there are hundreds of businesses started by Shopify Experts that specialize in professional website design. If your website design abilities are insufficient, you may want to consider purchasing an online business established by a professional that specializes in Shopify businesses. For as low as $50, you can get a shop established by these professionals.

Top 6 things to look out for when buying and selling Shopify stores

1. Study the online store’s metrics

You've probably found a few websites that suit the bill once you've set your goals and educated yourself with the search process. Then, to cut down your options, even more, look over each item entirely and pick the metrics that are essential to you.

With spaces enabling the seller to write their business story, performance, costs, and sales included with each listing, Shopify makes this process easy. As previously stated, one of the advantages of Shopify Exchange is that the KPIs are Shopify-verified. These indicators can be helpful, but they can also be deceiving, leading to my next point.

A few metric warnings you should look out for:

• Stores that are being sold at a low price
• Fake revenue and financial screenshots in stores
• Stores with unusual traffic
• Stores with unusual revenue increases

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2. Make sure the seller is responsive

While traffic and performance indicators might be beneficial, they can sometimes be deceptive. For example, a website's significant income does not always imply that it is lucrative. The vendor might have spent more money on traffic acquisition than the website made in sales.

Fortunately, Shopify makes it simple to contact the seller and ask questions or get additional information about how the website gets traffic or whether they spend money on advertising. This is also an excellent time to find out what assets are included in the transaction, if the ad doesn't make it apparent or if the seller left something out that you believe is significant.

3. Protect yourself

Most purchasers' primary concern in a transaction like this is protecting themselves from being taken advantage of. Fortunately, Shopify alleviates this concern by utilizing the escrow service, which holds your funds until both you and the seller are happy that all of the sale's conditions have been met.

You'll want to account for all of the assets listed in the "Sale Includes" portion of the ad and any other assets you discussed with the seller throughout your correspondence while the transaction is in escrow.

4. Stores with Sellers Who Don't Provide Enough Information

Let's say you're attempting to contact a vendor, and they don't answer or respond when you do. In such a scenario, the best thing you can do is avoid purchasing the shop since if the seller isn't responding right now, don't expect them to provide you with the essential after-sale support to ensure a smooth store transfer.

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5. Starter and Template Stores

The fact that most starting or template businesses are basically frauds waiting to happen is one of the most important reasons why you should only acquire established companies. These merchants are only attempting to sell you WordPress themes.

6. The history of the website

Before you decide to purchase a website, you must first determine how long it has been operational. Websites that have been in operation for a longer time, like other businesses, are more stable. They've also made more money and established a solid reputation over time, so these will be simpler to promote.

Of course, the website you intend to acquire must have kept a somewhat decent reputation throughout time; otherwise, it will be impossible for you to reverse the situation.

How to buy a Shopify eCommerce store on Exchange?

Exchange is home to a diverse range of businesses from various sectors. You may discover dropshipping, print-on-demand, established, and high-growth stores in product categories such as fashion and clothing, sports, furniture, and more.

Starter stores are already created and ready to market but have only made a few hundred dollars in sales (traffic and revenue data won't show up for them). As a result, these establishments frequently sell for significantly less, and they should be assessed based on the store's potential and whether you believe you can unlock it via marketing.

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When looking for a store to buy on Exchange, ask yourself the following questions to identify the sort of investment you want to make:

• What are your website's income targets?
• What is the maximum amount of money you are willing to spend to get there?
• How much time do you want to devote?
• Is it just a store that you need to keep up with, or does it have the potential for development that you'll have to discover out through marketing?
• Is there anything you can do to improve the site that the original owner hasn't done?

As you talk with the seller about the transaction, you may dig more into these questions.

1. Carry out your due diligence

Each ad includes a description of what you receive with the shop and statistics on traffic and income over the previous year. The description also consists of the asking price, which you can negotiate with the seller by sending them a message using the contact form. Many sellers also state why they are selling the business, frequently due to a lack of time or a life-altering incident.

The advertisement will also show you what the vendor is prepared to provide you for the asking price, such as:

• Inventory of physical items
• Lists of suppliers
• List of email addresses
• Branding and logo assets
• Accounts on social media
• After-sale customer service
• Anything else you may agree with the vendor to add in the final purchase, like a domain product picture.
• To discuss further information about the business or the sale, sellers and buyers can connect directly through Exchange using an anonymous email.

Keep in mind that some sellers cease actively marketing their businesses when they put them up for sale, so a decrease in traffic and revenue might result from this (check with the seller).

Because Exchange cannot confirm profit margins, you need additionally make sure that:

1. Confirm and comprehend all traffic sources. Make sure you understand where your traffic is coming from and whether or not it's a source you can duplicate when you buy the shop.
2. Confirm the financial information. This comprises the store's expenditures (inventory and marketing). Check to see how much they're paying to achieve the outcomes they're obtaining.
3. Examine their social media profiles. Examine their involvement rate to see whether their following is genuine. Take a massive following with a grain of salt.
4. Make sure you're aware of everything that's offered. If at all feasible, obtain all associated merchandise, social media, email list, and other information. Make sure it's included in the offer if it's something that's required to run the shop.
5. Recognize why they're selling the website. Even if you don't get a justification, it's still worth asking.
6. Take a look for yourself. Then, for essential verifications (traffic, sales, ad spend, etc.) with the seller, use screen sharing or gain "see only" account access.

You can get in touch with the seller to make an offer once you've thoroughly investigated the store.

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2. Make the transaction happen

To ensure a safe and secure shop exchange, the exchange marketplace has collaborated with Escrow.com. Read more about the partnership between Shopify and Escrow.

If you're unfamiliar with how escrow works, it's a form of payment in which money is held in trust by a third party (in this case, Escrow.com) until both the buyer and seller agree that the deal's terms have been satisfied.

To begin an Escrow.com transaction, the seller must first establish specific parameters for the sale (such as what is included in the sale and if they will assist the buyer), as well as how long the buyer will have to examine the store following the exchange (an escrow period). The seller is the one who starts the Escrow.com procedure.

After that, the buyer pays Escrow.com the agreed-upon sum. Escrow.com serves as a middleman, holding the buyer's funds until both the seller and the buyer inform Escrow.com that they are entirely pleased with the transaction and that all funds have been delivered to the buyer. This is when Escrow.com releases the funds to the seller.

3. Transfer Ownership

Typically, the transfer procedure takes three business days, during which time Exchange prepares the store for you to take over as the new owner.

Make a checklist of all the elements included in the deal, such as what assets and accounts need to be transferred, and go over them one by one to make the transfer easier for both you and the seller.

If you have any issues regarding transferring a domain name, a social media account, or anything else, you may contact Exchange support. In addition, Escrow.com provides outstanding service in these areas.

Before the agreed-upon escrow period expires, when transferring ownership, you should also:

1. Check the responsiveness and quality of the vendors
2. Remove the original seller's credentials and change all passwords for the accounts you were given access to
3. Take advantage of whatever vendor assistance you can get to figure out how to duplicate their outcomes, and ask as many questions as possible while you're doing it.

You'll be the new owner of the shop after the escrow time is up and the swap is completed, and you'll be free to take it in whatever direction you like.

How to sell a Shopify eCommerce store on Exchange?

If you're ready to sell your online business, you can post it on the Shopify Exchange marketplace for potential purchasers to see.

1. Check to see whether you're eligible

You must first ensure that you fulfill Shopify Exchange's eligibility standards before you can list. It's also a good idea to check over the Exchange Marketplace's criteria and Shopify's Terms of Service and Partner Program agreement.

The following are the eligibility conditions for Shopify Exchange:

• Outside of the trial time, you must have a Shopify store running on a paid plan (except Shopify Plus).
• Your Shopify Payments account must be in good standing if you utilize it.
• You must not have any active Shopify Capital financing.
• There are no outstanding problems with the Shopify Risk team, Shopify Recovery team, or Shopify Legal team.

2. Download the Exchange app

Now that you've shown your eligibility, what's next? You must first download and install the Exchange Marketplace software. This is something that only the site owner can do.

3. Make a listing, submit it, and get it published

Shopify will bring basic stats into your listing for you, but it's up to you to flesh out the specifics and make it sound like a good investment to a potential buyer. Complete the Performance, Expenses, Sale Includes, and Seller's Advice sections of your Business Story, as well as the Performance, Expenses, Sale Includes, and Seller's Advice sections.

Emphasize features that offer value to the buyer, such as a massive email list, a social media following, or membership in a customer loyalty program. However, it's critical to double-check that this information is correct; any inaccuracies might lead to problems on the road.

Submit your listing for evaluation once it's finished. Once Shopify has approved your work, you may publish it.

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4. Respond to buyer requests and proposals

Before making an offer, interested buyers will send you messages about your shop for sale, usually requesting more information and haggling at what's included in the price. Respond as soon as possible. Buyers will appreciate the responsiveness, especially if you provide post-purchase help.

You can accept or reject an offer made by a buyer. You may also make a counteroffer if you don't like the first offer.

5. Accept a proposal

You may accept an offer and then establish the escrow transaction all from within the Exchange app when you get one you like. The buyer will be contacted by Escrow/Shopify to acknowledge the terms and conditions and make a payment to the escrow department.

6. Transfer ownership of assets to the buyer

You'll be notified when it's time to transfer assets once the escrow department gets the payments from the buyer. But, first, create a staff account for the buyer so that they may do their inspection, which can span anywhere from 3 to 30 days.

The assets will be marked as "accepted" in escrow once the buyer has finished the inspection period and approved everything.

7. Take your money

The money will be released to you by the escrow department, and you should see the money in your bank account within five business days. After that, the remainder is taken care of by Shopify:

• Shopify transforms the buyer into the new store owner within three business days.
• Shopify removes your billing and payment information.

You will receive an email confirmation once the transfer is complete.

Pros and cons of buying a Shopify store

Starting a new Shopify store that looks professional takes a lot of preparation, research, and effort. On the other hand, purchasing Shopify stores can be the best or worst move you ever make. In this procedure, there is no assurance of success. Working together and pushing various pieces in one direction is critical to any business's success. Before spending your hard-earned money on a Shopify site, you must first understand what you are paying for. Let’s look at the pros and cons of buying a Shopify store:

Pros

Save Time and Energy: Buying a Shopify store saves you time and energy that you can use to market your brand, whereas developing a new one takes a lot of time and effort. Several excellent programs might help you save time when establishing a dropshipping business. However, it will need you to change product photos, list product descriptions, and create a new store.

Purchasing an Established Business: Purchasing Shopify shops is similar to buying a proven business. Testing the efficacy of the mentioned goods takes time and money. You buy clients with a proven sales record when you acquire a company with authentic merchandise.

Cons

Well-known brand: Purchasing a successful Shopify site comes with famous brands and goods, limiting your ability to sell your brand and products. In addition, it might take years to regain client trust and confidence if you purchase an established store with a terrible reputation. As a result, buying a well-known, well-established brand may reduce your prospects of success.

Your business’s customers are unknown: Purchasing a niche or store that you are unfamiliar with might be a risky business decision. In order to succeed in the eCommerce industry, you must first understand your clients and their chosen items. You can research the sector, but you may learn more by making errors.

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Is Shopify Exchange the right fit for you?

Buying a quality Shopify store is an excellent investment, but it still requires hard work and dedication to run and make it grow even further! The Shopify Exchange is a simple method to purchase and sell Shopify stores, with data verified by the eCommerce platform. Browse stores by revenue, industry, or curated collections, and then buy the one that best suits your company's objectives.