How Can I Find Out How Much My Shopify Store Is Worth
How Can I Find Out How Much My Shopify Store Is Worth In this Shopify review, I look at one of the most popular online store builders available and how you can implement a genius hack to add in post-purchase upsells to drastically increase Average Order Value (The Key to Scaling Your Business).
There is a huge number of online store building tools now available, and choosing the right one for your business can feel really difficult. Shopify is probably the best-known e-commerce solution currently available, but is it actually the best fit for you?
In this review, I’m going to help you find out. I’ll cover the platform’s pricing, templates and selling features in depth– by the end of this post, you’ll have a much clearer idea of whether Shopify is the right e-commerce solution for your project, or whether you’d be better off with an alternative.
What is Shopify?
Shopify is a web application that allows you to create your own online store.
It provides you with a wide range of ‘themes’ that can be customized to meet your own branding requirements and allows you to sell either physical or digital products.
A key aim behind Shopify is to let beginners build an online store themselves– i.e., you don’t need to know how to code to use it.
However, the platform also caters to developers, as it provides full access to CSS, HTML, and Liquid (Shopify’s template language).
Shopify Pricing How Can I Find Out How Much My Shopify Store Is Worth
Sell unlimited products, and get access to features such as abandoned cart recovery and gift cards. Shopify will charge a 2% transaction fee unless you use Shopify Payments.
With more ecommerce features like professional reports and international pricing. Transaction fees are 1% unless you use Shopify Payments.
Get advanced reports and automatically calculated shipping rates. Transaction fees are 0.5% unless you use Shopify Payments.
(Note: These are showing monthly costs for yearly subscriptions.)
Additional plans: The Lite plan gives you access to an embeddable ‘Buy Button’ and also a POS app (for in-person selling). It can be purchased for about $9 a month. Shopify also offers an enterprise plan (Plus) for gigantic online stores– it’s not cheap though, as it starts at $2,000 a month.
A domain name costs extra (starting at $14 per year for a .com), but can be added through Shopify or any external registrar. We’d recommend using Shopify’s own payment gateway as this will save you additional charges if you can.
There are a lot of Shopify reviews available online– typically with user-generated reviews based on anecdotes and personal experience. I’ve worked with Shopify not just as a store owner but also a consultant to stores running on Shopify– plus, speaking with consumers with stores running on platforms varying from custom-made platforms to WooCommerce and dozens of others.
With that in mind– here’s what I found to be the pros of using Shopify– not simply in comparison to BigCommerce and other direct rivals, but also as an overall eCommerce option.
Built-in Speed & Security for Hosting.
Here are the results of a speed test for my local cafe that runs their shop on Shopify:
Shopify Speed Test.
One of the obstacles of running an online store is that you have dual requirements from your hosting: you need it to be screaming fast and you require it to be incredibly protected if you are processing credit cards.
For every single extra tenth of a 2nd that a consumer awaits your page to load is a second that they might very well go and leave to your competitors. A lot of research studies reveal that people will just wait up to 4 seconds for a website to load prior to leaving– and this gets even tighter for eCommerce sites.
On the other side, you likewise need to path your customer’s credit cards through extra layers of security to remain PCI certified and process charge card. Many stores contract out payments to a third-party vendor (such as PayPal or Google Wallet), however, even that connection can be slowed if your shop isn’t established correctly.
An all-in-one service like Shopify allows you to turn that side of the company over to the pros and simply let them stress about hackers, caching, compliance, and a whole range of concerns that come with hosting an online store. Shopify can do things like pay bounties to security researchers to hack-proof their systems.
There are a ton of elements that go into website speed, but, considering that Shopify can manage speed & security at a “global” platform level– they can do it particularly well. They offer 100% SSL, keep their websites shrieking quickly, and incorporate with payment providers well so that you can constantly earn money, and consumers are never ever waiting for their page to load.
Supercharge Your Store With Upsells
Upselling and businesses extremely typically work together especially with concerns increasing service sales. Put simply, think of upsell as a strategy to enhance your service’ sales by increasing the worth of your consumer’s order. That is, getting your customer to spend more than they would initially have actually intended to. How Can I Find Out How Much My Shopify Store Is Worth
Upselling is nevertheless not an in your face form of marketing, this implies that you have to subtly motivate them to make more purchases than they would have while checking out their purchase. Upselling your business not just increases your profits however also improves client loyalty, and balances development between new and existing consumers.
One Click Upsell by Zipify makes post-purchase upsells a lot simpler for Shopify companies. We have reviewed some of the best features of OCU by Zipify, its score as a Shopify app in addition to its rates.
To start utilizing the OCU App by Zipify, first look for it on the Shopify app store and incorporate it into your Shopify store.
OCU by Zipify uses funnels to develop a particular experience. These funnels are developed through a drag and drop builder that lets you create upsell and downsell pages quickly. You can create several stages and even create a various funnel for various products.
Each funnel require an upsell tag which you need to develop. These tags connect your shop products to different funnels. These upsell funnels are added on as concealed collections in Shopify. To add them, go to your Shopify admin page, click item, collections.
For every funnel you produce, you can pick to upsell or downsell deal items by creating a new deal page or copying an existing offer page.
Next, you can decide to change the concern of the deal page to change the order in which customers see offers within an upsell funnel. When a cart include items which activate 2 or more funnels, funnel concern is used. In this case, the funnel with the greatest concern is set off.
Going on, you can now include tailored title description and discounted costs For every upsell or downsell use page, you can add customized title description and discounted costs. You can likewise change the colors of the deal pages to match your website style.
After this is completed you have created an upsell page. The next action is to link it to the primary product triggering the upsell funnel. Do this by adding the respective upsell tag to the trigger page.
Depending on your option the upsell funnels can be allowed or handicapped anytime you choose.
With OCU by Zipify, you can present as numerous as 3 upsell and two down sell uses to your customers.
As long as they keep accepting upsells customers would be presented 3 upsell offers. On the other hand, when they decrease the very first and 2nd upsell offer they would then exist with a downsell offer.
Shopify evaluation: conclusion
In general, Shopify is one of the very best hosted services for those wishing to create an online store– and arguably the best for anybody who wishes to use one item to sell online AND in a physical place. It’s also particularly great for users who are interested in dropshipping. How Can I Find Out How Much My Shopify Store Is Worth
The item is competitively priced– particularly when you consider that deserted cart saver functionality, a feature which lots of other platforms charge a premium for on all plans. And its ‘Lite’ plan represents excellent worth for anybody needing to offer products on an existing website.
It’s also easy to use, integrates well with a big variety of other apps, and its design templates are attractive.
It has a huge user base, which also motivates confidence.
All in all, Shopify is a very good alternative for anyone hoping to begin a brand new business, or existing small companies intending to take their item offering online– but there are some drawbacks of using Shopify to be knowledgeable about too.
There’s the transaction charges for those using a third-party payment entrance (some of its competitors do not charge any deal costs at all, regardless of the payment options used).
Second, its limitation of 3 options per item isn’t perfect.
Third, its multi-currency selling functions, whilst fairly good, could be better. You need to be on the most pricey ‘Shopify Plus’ plan, or use an app, to get completely automated currency conversion.
A more complete summary of Shopify advantages and disadvantages follows below, but as always we recommend that you attempt before you buy– it’s worth having an excellent have fun with the platform through the Shopify complimentary trial. This is available from the Shopify site.