Shopify store Exchange-Selling and buying online business stores

Within this global world, where the digital landscape is constantly transforming the way businesses operate. Online marketplaces and growing e-commerce stores, intensive use of artificial intelligence in business streams, and the aspirations of touching entrepreneurial waters have taken aback the world. That being the case, some people juggle with setting up their online business presence while others go for buying fully established and successful online stores. Later being the easiest for beginners- and Shopify store Exchange being one of the platforms to offer this chance!

This article intends to dig into the details of the Shopify store Exchange to elaborate on how it works and what can be done using this platform.

What is Shopify store Exchange?

Shopify store Exchange, Exchange Marketplace, or Shopify Exchange all refer to the same platform. Shopify store Exchange is a platform where one can conveniently sell and buy already existing online stores.

We will discuss the process of buying or selling online businesses or stores using Shopify Exchange in the later sections of this article.

However, the information worth mentioning here is that buying ready-made stores comes with its perks. Such as the following,

• Saves time and effort of developing an online store
• Provides the opportunity to optimize the existing business with existing traffic or clientele
• Offers the chance to pick and choose from types of a business you want to work on, such as;
• Ready-made stores with high traffic
• Readily available starter stores
• Automated drop shipping businesses
• Retail stores
• Print on demand

Apart from buying, selling your well-established or ready-to-use store online on Shopify Exchange is also great. Because it helps you with the following:

• Access to countless buyers
• Selling a business or store on your desired credit
• Secure and convenient transaction

How does the Exchange marketplace work?

Understanding the working mechanism of Shopify store Exchange is pretty straightforward. But a bit different for buyers and sellers. However, no matter how unversed you are, you can quickly sell and buy a store or business online following the steps mentioned below.

Shopify store Exchange: How to sell a store?

If you intend to sell a store using Shopify store Exchange, follow the comprehensive guide mentioned below.

• Thoroughly read Shopify Exchange Marketplace to identify if you meet the eligibility criteria.
• If you meet the required criteria, download the Exchange Application, create a listing of your store, and submit it.
• The listing entails all the necessary valid details of your business and the offer you are making, including your business story, performance, expenses, sales, seller’s advice.

• Creating a listing refers to the offer that, as a seller, you are going to make to persuade the buyer to bid on your offer.
• After submitting your listing, if Shopify approves of your listing, it will be public.
• Afterward, you will start hearing from buyers interested in accepting your offer or negotiating on it.
• Once you get an excellent offer or reach an agreement with a buyer after negotiation, accept the offer. Accepting the offer will notify the buyer to make the payment, an escrow transaction.
• After the transaction, upon notification, as a seller, you transfer the assets to the buyer. Meanwhile, a staff account is to be created for the buyer to inspect the store. Once the buyer has approved everything, it will be marked accepted in escrow.
• After all of this, escrow will release your money into your bank account and make the buyer the new owner of sold online business.

Shopify store Exchange: How to buy a store?

• Once you have read the above section, it will be pretty easy to understand how buying a store on the Exchange platform works. The following steps will further break it down for you.
• Choose the correct store you want to invest your time in. You can use the filters to narrow down the results or choose from categories provided on the Exchange Marketplace.
• Get in touch with the seller and probe any additional information if you want to regard the business.
• If you find the online store on sale reasonable, make an offer. However, you can still negotiate on the pricing. But once, the seller has accepted your offer. You will get a notification to make the escrow payment.
• Afterward, the seller will transfer you the assets, and you will get some time to inspect the store.
• Once you approve everything, you will become the store owner by sending money to the seller.

What Factors to consider while using Shopify store Exchange?

While using any online platform, there are specific protocols that one must follow to avoid any regretful choices. For example, online buying or selling  Shopify stores on Exchange are safe in payment transactions and all the scrutiny that it puts in while publishing listings.

However, the sellers selling online businesses do have some tricks to manipulate the listings. Therefore, while buying, one should put in some thorough research using other platforms to identify if the details in the listing conform to the data extracted from other sources. Such as keyword research to identify traffic data.

And as a seller, one must provide accurate information regarding the business and honest advice during the listing.