By Shopify is one of the most popular eCommerce platforms, with a whopping 33% market share in the US alone. Today, more businesses globally from different industry verticals rely on Shopify to power their online stores.
So, what is Shopify? How does it work? How does it bring money to the table?
If you’re looking for answers to these questions, this guide is exclusively for you. Continue reading and deep dive into what kind of platform is Shopify and much more!!
What is Shopify?
Shopify is a cloud-based subscription-based Software-as-a-Service (SaaS) eCommerce platform that enables anyone to set up an online store and sell their products.
The platform empowers sellers and merchants to sell any product via websites, social media, emails, and guest posting. Moreover, it also enables merchants to sell in person through Shopify’s point-of-sale (POS) solution.
Today, Shopify is the leading eCommerce platform ideal for businesses irrespective of size.
It comes with a full gamut of amazing features that make it an all-in-one eCommerce platform such as mobile responsive free & premium themes, an app store with more than 3,200 apps, inventory management, payment solutions, various pricing options, 24/7 support, and many more.
A Quick Glimpse at Shopify Stats and Facts
Let’s now take a quick peek at stats and facts that show the rising popularity of Shopify in the eCommerce world.
- There are 3,924,979 live websites powered by Shopify.
- As per the reports by W3Techs, 4.4% of the top 10 million sites use Shopify. Some of the popular websites built using Shopify include Kylie Cosmetics, Taylor Stitch, and WP Standard.
- More than 50% of stores built on Shopify witness repeat purchases.
The Shopify Business Model: How It Works?
Shopify operates on the platform business model. wherein it empowers users to build an online store to sell their products online.
It connects businesses with consumers by providing businesses access to all the tools essential for building, managing, and growing an online eCommerce store.
The Shopify Revenue Model: How It Makes Money?
Shopify, the world’s one of leading eCommerce platform, has many revenue streams to make money and it includes:
- Subscription-based business model
- Commission-based business model
- Advertising-based business model
- Transaction-based business model
- Fee-for-service (FFS) business model
- Referral business model
Besides these ways to earn revenue, eBay brings considerable revenue to the table via the Business-to-business (B2B) business model, B2B2C (partnerships) business model and Mergers and acquisitions (M&A) business model.
Ready to Build Your Own Online Store using Shopify?
When planning to set up your own online store using Shopify, you would need the assistance of expert Shopify developers to leverage the platform to its full potential for your business.
By hiring Shopify experts to build, run and manage your eCommerce store, you can offload the personalizing of your store and its branding to ones who are highly experts in that: Shopify developers. That way, you can also completely focus on the core business activities.
So, the next question is the cost to hire Shopify developers and where to find Shopify experts.
If you want to save cost and time, hiring remote Shopify experts from an IT outsourcing firm is ideal. With access to vetted experts from an IT company, you can save yourself from sourcing and screening hundreds of candidates to find the ideal candidate.
Moreover, you don’t have to bear the expenses that come along with hiring a full-time in-house expert such as infrastructure, health insurance, and more.
Conclusion
That was our take on what type of platform is Shopify.
With its complete suite of tools that range from mobile-friendly themes to in-built marketing tools, Shopify helps businesses lay a solid foundation to set their digital store up for great success.
Also, Shopify provides an easy-to-use interface that also empowers beginners with no technical or coding background to build a professional-looking online store.
Thus, no wonder to see why it is gaining more popularity day by day among businesses who look forward to entering the digital era.
Also read:
What Type of Platform is eBay?
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