How To Build a 7 Figure Online Business Using Shopify?

Shopify Plus Review – Could This Be The E-commerce Platform To Build a 7 Figure Online Business?

The internet has huge potential, with access to millions of people, low initial start up costs compared to a bricks and mortar store, and virtually unlimited opportunities to expand. The only problem for many small to medium business owners is the technical aspects of running a 7 figure business online.

If you are not technically savvy, then it is difficult to run promotions, add new stock or upload graphics of your products, and paying for a technical expert to do this on a regular basis can quickly become an expensive exercise. Recently there have been some e-commerce platforms launched that are designed to resolve these issues, and Shopify-Plus is the latest offering from this e-commerce giant. It is targeted at a slightly higher level of entrepreneur than the standard model, more suited to mid-level or enterprise customers, so let’s have a look and decide if it is a worthwhile alternative for your 7 figure online business requirements.

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The key benefits of it is in our view are that there is a low learning curve regarding how to operate the system, there is inbuilt scalability, as your business grows and develops, and administration of the system is extremely simple. It is certainly growing rapidly, and in the process has acquired some high-profile customers, such as Gymshark, Citizen, The New York Times and Herschel to name a few. Companies of this size don’t invest in a system so crucial to their future without performing their due diligence, so this certainly inspires confidence in the product.

The other main choice for medium to enterprise-sized companies would be Magento, although personally, we don’t feel that this is comparing apples to apples. Magento has a lot more flexibility and is a different proposition entirely. In our opinion, it is critical to match the platform to the client, so as a service provider we believe it is important to understand your client’s needs and requirements before recommending a platform; both are excellent, it just depends on the specific needs.

Check out the video below to see how you can easily build up your 7 figure online business with 7 figure cycle:

What Are The Main Benefits Of Shopify Plus To Build Your eCommerce Online Business?

 

Comparatively Low Cost Of Entry

The starting price point for Shopify Plus is a flat $2000 per month, which then increases based on GMV. (0.25% of transactions through it), with the number of storefronts, you also utilize a key factor.

Once you start to hit the not inconsiderable turnover of $800,000 a month, then the cost does increase rather significantly up to a maximum of about $500,000 per annum. On a positive note, the prices quoted by them are the prices you pay, there are no tricks or hidden charges, that can catch you out such as hosting fees, maintenance costs or other issues some suppliers try to implement.

The only additional cost would be for using an external payment gateway, rather than Shopify’s inbuilt one, and for this there is a 0.15% transaction fee. Many merchants of this size will normally employ their own developer or agency, to personalize and tweak the site, or for other technically challenging issues, but if problems do arise, there is always an account manager from them to assist with the vast majority of problems that you might run into.

A Hosted Saas Platform

Hosting costs particularly for an operation of this size can quickly mount up, which is another benefit of this platfrm over Magento. The savings made from using a hosted platform can be utilized in other more profitable ways, to grow the company, such as product development or marketing. Another huge benefit of a hosted solution is that you no longer have the stresses and headaches of dealing with downtime or worrying if your hosting can cope with spikes in demand. There is no doubt that it is an appealing proposition with many inbuilt benefits.

Easy To Manage, Maintain and Update

As a business owner, you have many plates to juggle, and the last thing you need to concern yourself with are updates, upgrades and security patches. Shopify does all of this for you automatically in the background, removing a lot of the stresses and hassles associated with running a website.

As mentioned above, all users also benefit from their own Account Manager, who can assist with any technical issues, and even give some basic advice and guidance on growing the store. This is another significant saving as it can remove the need for external support or maintenance, that is mandatory on some opposing platforms.

With a simple, clear, clean and well-designed interface, order management, and small but important issues such as creating and editing categories was a breeze and was one of the standout features.

The Shopify Platform Is Designed To Grow With You

It has been designed from the ground up to be totally scalable. It copes easily with peak periods, and all of the technical aspects are dealt with in-house by the Internal technical team. This additional benefit is also included in your monthly license fee.

7-figure-ecommerce-business-insights

What Type Of Business Models Is Shopify Plus Suitable For?

Shopify is certainly in the growth stage, and at the time of writing is probably best suited to larger brands that have small and simple catalogs.

However, I fully anticipate that it will be developed, improving things such as category management, and multi-store options, making it appeal to a broader demographic of business owners and more complex requirements. It is not quite at the stage in its development of being a true competitor to Magneto or Demandware, although the use of third party plugins and workarounds are improving the situation on a daily basis.

The 7 Figure Cycle Recommend’s Shopify Plus or Magento – Why is That?

Although I personally don’t feel that the two systems are in direct competition, in most cases people, when they are just starting out with their 7 figure online business, look at Shopify after considering Magneto or deciding that they require a less complicated alternative. It is not really capable of dealing efficiently with complex stores, international stores, or B2B stores. These are Magneto’s areas of expertise, and it clearly shows.

With that being said, it can accomplish the vast majority of tasks, even if they have to rely on third party solutions, the only issue being a lack of flexibility on its behalf although the ease of operation counteracts that for the store owner in comparison to Magneto.

Magneto, however, excels in tasks such as visual merchandising, tiered pricing, the option of being able to manage different customer groups. It though does bring certain benefits to the table that Magneto doesn’t, such as easy Amazon integration, but the advantages they have are slight, and certainly not as important to large corporations as those of Magneto.

Summary

Put simply, if your requirements are relatively simple, and you want a system that is easy to operate, update and work with then Shopify would come highly recommended to be used to build your own 7 Figure online business. Compared to Magento for instance Shopify will require a lot less maintenance, very little development work, and much less technical knowledge and expertise. You will more info about the 7 figure business model here

Provided that your company does not have thousands of products to deal with, and is predominantly US based, then Shopify comes highly recommended to use for your 7 figure online busiess and Aidan Booth is recomending it as well.

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