Make Money Online Now With Shopify
Shopify was founded by Tobias Albin Lütke, Daniel Weinand, and Scott Lake on September 28, 2004, and is headquartered in Ottawa, Canada. Shopify provides retailers with an online platform that enables users to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting. It focuses on merchant and subscription solutions and how to make money online now.
This online web-based software is used by retailers to run a business across all sales channels, including web, tablet, and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops.
CEO: Tobias Albin Lütke
Incorporated in: Canada (Federal)
Location: Ontario, Canada
Fiscal year: End Dec 31
Sector Technology Services: Internet Retail
Industry (SEC) Services: Prepackaged Software which interfaces with;
Microsoft • Oracle • Vmware • Activision Blizzard • NortonLifeLock • Adobe • salesforce.com • Ceridian HCM Holding • Electronic Arts • Nuance Communications.
Financial Performance from 2015 – 2018
|Annual (USD)||Dec 18||Dec 17||Dec 16||Dec 15|
|Net profit margin||-6.01%||-5.94%||-9.08%||-9.16%|
|Net change in cash||269.01M||57.66M||-26.06M||68.12M|
|Cash on hand||410.68M||141.68M||84.01M||110.07M|
|Cost of revenue||476.96M||293.05M||179.84M||91.98M|
|FMR (Formerly Lend Lease)||9.18M||$3.65B||-0.1%|
|Baillie Gifford & Co||6.04M||$2.4B||-0.3%|
|WCM Investment Management||4.76M||$1.89B||+1.2%|
|MS Morgan Stanley||4.31M||$1.71B||+66.5%|
|Capital World Investors||2.88M||$1.15B||+157453.5%|
|N Price T Rowe Associates||2.62M||$1.04B||-19.9%|
|Lone Pine Capital||1.81M||$720.67M||+31.6%|
This company continues to perform well financially. The company has strong backing with top 3 owners being Lend Lease, Bailey Griffith, and WCM Management.
How to Create Your Own Shopify Store Within 15 Minutes
- Sign Up with Shopify. Go To Shopify.com
- Start Setting Up Your Online Shop. …
- Choose a “Theme” or a “Layout” …
- Edit Shopify Settings. …
- Add Your Products to The Store (mobile storefront). …
- Get Your Online Shop “LIVE” …
- Add a Domain Name.
There is a video at the end of this article, explaining in detail how these steps are done. You can set up your own Shopify online store (mobile storefront) in less than 15 minutes. If you want to learn more about Shopify, then you can either sign up for their 14-day free trial.
Because Shopify is a hosted solution, you don’t need to worry about buying web hosting or installing software anywhere; the idea is that pretty much everything you need to build and run your store (mobile storefront) happens ‘out of the box.’
That said, you can customize a Shopify store (mobile storefront) to meet more individual requirements through the addition of apps — more on which later — or using custom code.
Shopify is a software as a service (‘Saas’) tool – this means that you don’t own it but rather pay a monthly fee to use it. As long as you have access to a web browser and the internet, you can manage your store (mobile storefront) from anywhere.
Shopify’s strong market position and very large user base should make the prospect of financial difficulties for the company less likely, which in turn makes the prospect of a store (mobile storefront) you host with them suddenly disappearing less likely.
There is also the ‘Shopify Plus’ plan to consider — this, as the name suggests, is an ‘enterprise-grade’ solution which is designed more with big businesses in mind; it offers advanced features regarding security, APIs, and fulfillment.
Shopify Pricing – How Much Does Shopify Cost?
Here’s a breakdown of the pricing for each plan:
- Lite Plan – $9 per month + a Buy button
- Basic Shopify Plan – $29 per month + 2.9% and 30¢ per transaction
- Shopify Plan– $79 per month + 2.6% and 30¢ per transaction
- Advanced Shopify Plan – $299 per month + 2.4% and 30¢ per transaction
- Shopify Plus Plan – pricing plans start around $2000 per month + 2.15% per transaction
Shopify’s pricing structure is on par with key competing products like Bigcommerce, Squarespace and Volusion; the main difference involves the ‘Lite’ plan really, which whilst not giving you a fully hosted online mobile storefront, does allow you to make use of many key Shopify features on another website for a very low monthly fee.
Some features which you might expect to find on entry-level plans — like gift cards and proper reporting — only become available when you opt for a more expensive one (or make use of a paid-for app). Other solutions, notably Bigcommerce, are considerably more generous with the entry-level feature set, offering a bit more of an ‘all-in-one’ approach.
Using a third-party payment gateway requires a bit of configuration – you’ll need to set up a ‘merchant account’ with a payment gateway provider. Depending on the payment gateway provider you use, you can expect to pay a percentage of a transaction fee, a monthly fee, or both. If you use a payment gateway, Shopify will apply a transaction fee as well (of between 0.5% and 2% depending on the Shopify plan you’re on — again, the fee gets lower as the monthly plans get more expensive).
Whether or not it works out cheaper to use Shopify Payments or a payment gateway will depend very much on the kind of payment gateway you’re thinking of using, and the Shopify plan you’re on.
These are: Australia, Canada, Denmark, Germany, Hong Kong SAR China, Ireland, Italy, Japan, The Netherlands, New Zealand, Singapore, Spain, Sweden, United Kingdom, United States of America (note however that Shopify Payments is not available to US territories except Puerto Rico.)
So if you’re not selling from one of those territories then you will have to use another separate payment gateway provider (meaning you’ll definitely need to factor transaction fees into the equation).
As mentioned above however, Shopify integrates more payment gateways than other competing products do (over 100 of them), so if you are selling outside of these countries, you should be able to find a payment gateway that’s suitable for your location is easy enough.
Shopify themes (Make Money Online Now)
Free templates are available. You can also use a paid-for or ‘premium’ theme — of which there are 64 (and again, each theme comes in a few variants). These range in price from $140 to $180, and as with the free themes, they are all fully responsive.
One thing worth bearing in mind when making a decision on theme is whether or not it is officially supported by Shopify. All the free themes are — but if you use a premium template, you may need to contact a third-party developer for any assistance you might need with installing or customizing it.
Shopify’s Sales Channels
The software lets you set up and manage a variety of what Shopify labels ‘sales channels.’ Some of the main ones include:
- An online mobile storefront: this is your main Shopify website.
- Facebook: a tab on your Facebook page where users can browse and buy your products.
- Messenger: you can sell directly to customers in Messenger conversations with them (as well as provide order and shipping notifications, and respond to customer inquiries).
- Buy Button: this channel allows you to embed e-commerce functionality – via ‘buy buttons’ – on any website or blog.
- Amazon: this allows you to manage your Amazon listings and Shopify products in one location.
- Ebay: this allows you to list your products on eBay using your Shopify store.
Quite a lot of other channels are available too (including Instagram, Houzz, and Buzzfeed).
Shopify – How to Make Money Online Now!
Shopify is one of the best hosted solutions for those wishing to create an online mobile storefront – and arguably the best for anyone who wants to use one product to sell online AND in a physical location. It’s also particularly good for users who are interested in dropshipping.
You will also need to understand the basics of marketing online and Search Engine Optimisation. It sounds scary but it’s not. Have a read of my article about SEO. HERE!
Finally, if you’ve tried Shopify before, do feel free to leave your thoughts and comments below!
Shopify pros and cons
I hope you’ve enjoyed reading our Shopify review! To sum up, these are the main pros and cons that I think you can expect to encounter if using.
- Shopify represents one of the cheapest ways to start selling online using a hosted solution on the Lite Plan.
- Works well with dropshipping.
- There are no transaction fees if you are happy to use the built-in payment processing system, Shopify Payments.
- It has a clean, easy-to-use interface.
- The Lite Plan’s ‘Buy Button’ allows you to sell products easily on an existing website.
- It provides a good range of free attractive templates.
- The point-of-sale options are excellent and help Shopify stand apart from its competitors.
- Shopify is financially ground parent business which makes it a relatively safe bet that the company (and thus your online mobile storefront!) is not going to disappear any time soon.
- You can extend Shopify’s functionality easily thanks to a huge range of third-party apps (although note that you will have to pay to use many of them).
- Shopify handles the creation and application of product categories really well.
- Multi-currency selling is possible, although you’ll probably need to rely on an app for this.
- The Shopify Buy Button allows you to use Shopify with an existing website built using another platform
- Shopify comes with a built-in blog.
- You can create AMP versions of product pages (albeit with the help / additional cost of a third-party app).
- Both iOS and Android apps are provided to enable you to manage your mobile storefront on the go.
- You can avail of a 2-week free trial of the product.
- Whilst you can create 100 variants of a product, these can only involve up to 3 product options.
- Some key functionality that you might expect to be provided out of the box requires the installation of an app (notable examples include facilitating digital downloads and reviews and ratings).
- Adding custom fields such as text boxes or file upload options is possible but complicated (or involves purchasing an app).
- Professional reporting functionality is only provided on more expensive plans.
- There is no longer an official Mailchimp-Shopify integration available.
- Shopify’s built-in payment processor, Shopify Payments, only allows you to sell from certain countries. If you want to sell from countries that are not currently supported by Shopify Payments, you will need to use a third-party payment gateway.
- There are transaction fees if you use a third-party payment gateway.
- There is no way to automatically ensure that product images are displayed using the same aspect ratio. This can lead to a messy presentation of your products unless you have cropped all your images in advance of uploading them to Shopify.
- When using a dropshipping app in Shopify, it’s hard to be confident that the goods you’re selling are ethically produced.
- Getting your site to be GDPR compliant where cookies are concerned will involve the use of a third party cookie banner app.
- The cheapest plan (the $9 ‘Lite’ offering) doesn’t permit you to create a fully-featured online mobile storefront.
- Phone numbers for Shopify Support are only available for certain countries.