eCommerce
Solution
Summary: Shopify is indeed an excellent choice for an eCommerce website builder. It is easy and has all the features required to set up your site. If you need help launching your Shopify marketplace, we are here to help you with all the information about Shopify marketplace startup costs and others.
Shopify stands as a stalwart, exhibiting astounding statistics to emphasize its dominance. It is expected to reach over 700 million buyers in 2024; Shopify’s global impact is projected to reach $319 billion in e-commerce contributions. This well describes its unparalleled performance in shaping the digital marketplace.
Shopify is no doubt an excellent option for starting an online business, but you must consider several different variables before you go ahead with the plan. It is often anticipated that operating an online store is relatively cost-efficient. Still, your budget depletes quickly when you encounter certain factors, such as your subscription, marketing, and product costs. Here, we have curated a detailed guideline to help you understand some expenses incurred when launching a Shopify marketplace startup. It offers you a fair idea about it.
What is Shopify Marketplace? How to set it up?
A marketplace refers to a business that extends exclusive options to multiple vendors to sell or borrow their products and enterprises. Clients enjoy advantages from these additional options, such as meager prices and convenience. It is also beneficial to vendors simultaneously as they can obtain more acknowledgment and clients. A marketplace is different from a typical eCommerce store as it comes with a wide range of advantages, such as no need to handle transportation and retrievals, and the result developed is something that comes with better credit for your clients.
Some of the examples of the marketplace are as follows,
- eCommerce marketplace
- Rental marketplace
- Service marketplace
- B2B marketplace
A Shopify marketplace is an independent stage in which buyers and sellers can connect directly. It operates online. The best thing about it is that there is no need for a warehouse as the database includes descriptions and photographs of merchandise. The marketplace also offers the highest level of the most advanced security features for eCommerce Extortion Detection. Hence, it always remains ahead of the competitors, guaranteeing the integrity of a deal for each side.
How Much Does A Shopify Marketplace Startup Cost?
Shopify has three plan options based on your business needs. The cost of launching a Shopify marketplace startup largely depends on the price plan you opt for. The three plans include,
- Basic Shopify
- Shopify
- Advanced Shopify
Let’s have a glance at the pricing plans,
- Essential: For solo entrepreneurs (USD 29/month)
- Shopify: For small teams (USD 79/month).
- Advanced: Growing business needs (USD 299/month)
- Plus: For more complex businesses (USD 2500+/month)
However, there is another affordable plan called Shopify Lite. It costs $9 per month, with a 30-day billing cycle. Credit card processing starts at 2.4 percent for each transaction. Here is a complete overview,
Shopify comes with a 14-day free trial, so after you figure out which plan is right for you, the new Shopify marketplace startup can be launched. All plans come with an additional cost of $89 per month if you plan to use Shopify POS Pro.
For a startup, you are good to go with a Basic plan. There is a credit card processing rate to be paid additionally. A 2% transaction fee is charged if you are a third-party payment gateway. If you are using Shopify Payments, the rate is per industry standards. Under the Basic plan, you can access online stores, shipping discounts, POS Lite, analytics, and more.
If you are confused about choosing between Shopify Lite and Shopify Basic, Shopify Lite is a great way to start your online business. If you already have a website or social media presence, you can make a lot of money with this solution by integrating certain things to sell on these sites.
As you see your business scaling up, opt for Advanced plans. The advantages include all-inclusive sales reports, lower credit card rates, and additional staff accounts. This will ensure that your business runs in a cost-effective and smooth mode. As we have explained the compelling reasons for selecting Shopify for your marketplace startup development needs, let’s check out the specifics without further ado.
Why is Shopify Best for Your Marketplace Startup?
Shopify is mainly used to create an eCommerce website, and there is no need to have extensive programming abilities to use it. Using simple devices and building an eCommerce enterprise backed by every feature you want for your eCommerce store. Now, let’s find out why it is the perfect option so far,
Hosted Solution: Shopify is a hosted solution running on the cloud, so there is no need for servers or databases.
Inbuilt Marketing Tools: Shopify store owners can use the built-in marketing tools to create, manage, and track their marketing campaigns.
24/7 Technical Support: Technical support is available 24/7 at Shopify to troubleshoot all the glitches.
Reduced errors and data duplication: Manual entry of data into various fields and forms can give rise to errors and duplication. Shopify includes automated data input solutions to fix such problems.
Payment Options: Shopify supports all the most popular methods for payment processing. Shopify offers payment methods, including no transaction fees and lower credit card rates through its payment gateway. To use this gateway, you don’t need a merchant account.
Reliable and Secure: Shopify is a global hosted service, so the network is monitored for cyber threats 24/7 to handle emerging issues.
Visually Appealing: Shopify comes with various professional theme kits, so developers and designers can create a one-of-a-kind and visually appealing online store.
There is a fixed Shopify marketplace startup cost for the store to go live, but at the same time, there are a few flexible prices. Let’s discuss them now,
How Much Would the Additional Development Cost for A Shopify Marketplace Startup Be?
Here are the variable Shopify marketplace costs that must be considered while deciding on the total project budget.
Shopify Domain
It is always essential to have a unique domain name as it plays a significant role in increasing your products’ visibility. A distinctive domain name adds authority and exposure to the brand. In other words, it is a prime factor in accelerating the business reach. You can buy a custom name for greater visibility. Based on the type of the name you select, the cost might vary from $11-$81. The ultimate price is determined based on the domain extension you choose.
Shopify Theme
The look and feel of the store determines the conversion rates. Hence, choosing a visually attractive theme for your website can make and break it all. In Shopify, you will have numerous choices to flip the store’s design, color, and layout. You can select from both paid and free themes at the Shopify website. Based on your need and budget, paid themes range from $150-$350.There is also the option to use the Shopify theme development services to help you create the perfect theme for your store.
Third-Party Apps
Third-party apps can be needed as add-ons to enhance the store’s functionality. You can have a wide range of free & paid apps offered by the Shopify App Store. The cost of paid apps ranges from $9- to $49, and some even exceed $350.
Custom Shopify Development Services
Last but not least, there will be additional costs if you want to hire Shopify experts or Shopify eCommerce development companies to build and personalize your storefront.
This initiative will allow you to grow your customer base.
Are There Any Other Expenses?
The expenditure incurred in setting up a marketplace and other eCommerce application types depends on the number of practical features and the time required to build the application by a Marketplace Mobile Application Builder. For Shopify, the expert price is based on the capacities, and we can calculate it based on three primary variables – Wireframing, Designing, and Development.
Wireframe
Here, a rough template or prototype model of the mobile application is developed to offer a basic idea about the application before the developers and the clients. The cost is around $700-$1,100.
Design
An application or website’s design is crucial in grabbing the customers’ attention. An eye-getting and intricate design would cost around $6,500 to $9,500.
Development
Lastly, the development cost is crucial in anticipating the total Shopify marketplace startup costs. The development cost is based on two variables – the number of practical features and the resources required. Based on these, the ultimate price to develop a marketplace application is around $40,000 to $90,000.
Wrapping Up
The Web/software agencies and businesses in various industry verticals must look for a passionate ‘go-to’ technology partner. It will help your business to stay ahead in this competitive eCommerce world with a scalable, feature-packed, and responsive online marketplace.