Shopify Exchange Marketplace Reviews and Guide

Reading Time: 7 minutes

It can be difficult to start an online business. You need to decide on a business name, store designs, products you want to sell, and marketing campaigns. If you’re a beginner, this can be frustrating. People came up with the idea of buying a Shopify store that is already proving to be successful. But buying a website can be like investing in real estate online. You need to carefully choose the right site and keep it up from the hundreds, if not thousands, of eCommerce stores on Shopify.

Shopify Exchange was created to allow these merchants to sell and buy their Shopify store. There are over 3000 eCommerce shops for sale. You can also purchase an existing store to help you start a business. This is a Shopify tool that helps eCommerce sellers build a successful business. Shopify Exchange may play different roles depending on where you are starting from.

This article is about Shopify Exchange Review: Ideal Marketplace for Selling and Buying Businesses. I will cover everything about Exchange, including my thoughts.

What is Shopify’s Exchange Marketplace and how does it work?

Shopify’s Exchange Marketplace allows merchants to create their eCommerce websites and sell them to buyers interested in purchasing from their eCommerce business. The Marketplace includes thousands of pre-made businesses, spread across many niches. This allows buyers to purchase from Shopify stores or browse drop-shipping companies that are available. Exchange listings will include reliable insights. These insights are also posted daily to show how much traffic the business has generated and the number of sales it has made.

Also Read  5 Cheapest Wholesale Clothing Suppliers In the Philippines

The Exchange app will allow retailers to list their online shops for sale, along with information such as traffic and revenue data. This information is pulled directly from Shopify. It is available to merchants of all sizes, from starter shops to established eCommerce businesses that offer variable pricing. The starter stores will cost several hundred dollars, as well as the businesses selling for more than six figures.

This is our own Service Offered by the Blog Author.

shopify dropshipping store set up

Shopify’s Exchange: The Pros and Cons

Pros

Shopify’s Exchange offers many benefits. We live in an era where online businesses are so common that buyers and sellers don’t even have to meet in person to make a purchase.

Convenience

Shopify Exchange offers the first benefit of convenience. It provides the documentation, time frames, and other resources that allow you to be as worry-free as possible while still ensuring transaction processing quality.

Time-saving

Shopify Exchange will save you time and money while allowing you to sell products quickly. Shopify automates listing and displays all relevant metrics to anyone who is interested. It’s a time-saver!

Wide Range of Stores

You can sell many different types of stores. Shopify’s Exchange will allow you to list all types of eCommerce websites, including drop-shipping and retail shops.

Secure Transaction

On Exchange, a buyer offers to purchase a business at the price they wish to pay. After accepting the offer, both buyers and sellers can now begin the payment transaction via Escrow using secure Store transactions. Exchange will be able to assist the sellers and buyers in transferring the store securely.

Also Read  Best Niche Dropshipping Products to Sell on Amazon

Cons

There is no perfect solution. Exchange may have similar problems.

There are a few reasons why the stores are being sold

Your eCommerce store is being sold for a reason that they are currently profitable. It could be that the product is not in demand by the majority or was seasonal, such as winter swimwear or winter sports gear. Shopify Exchange is a great place to start your search. There are many stores that are not currently open. Even though you may buy from a business that is profitable, it’s still important to reopen the store and pick up the pieces.

You can manipulate business metrics

Shopify’s Exchange has many fake metrics so your business metrics could be manipulated. In some cases, your website might be contaminated with multiple brands. You will need to use the Shopify Exchange Mrush or another app to analyze your site’s traffic to see if it is getting enough visitors per month to justify the metrics you currently have.

Shopify’s Exchange: The Buying Process

Shopify’s Exchange Marketplace lets you browse all businesses that are for sale by narrowing down your search to certain categories. These include business type and geographic location. Once you’ve found the one you like, you can start the buying process.

Overview of the Buying Process

The Buying Process Overview for Exchange. This might take you a while to understand because it can be complex depending on the business involved. You should follow these steps:

  • 1. Search to find the listing you are looking for or wish to try.
  • 2. Leave a message for the retailer.
  • 3. Make an offer to the seller when he/she responds.
  • 4. Wait until the retailer accepts the offer.
  • 5 Retailer completes an Escrow transaction.
  • 6. The notification will be sent to you informing you to accept the terms of the agreement and to make the payment.
  • 7. Payment has been approved by Escrow.
  • 8 All assets are transferred to you by the retailer.
  • 9. All assets are marked as received in Escrow.
  • 10 Start your inspection now.
  • 11. All assets are accepted by Escrow.
  • 12. Within 3 days, the Shopify Accounts team will transform you from a staff member to a store owner. Once the ownership transfer is complete, you will receive notification.
  • 13. From the Escrow transaction, the funds you have sent will be paid to the seller. The Escrow transaction is the final one. There will be no refunds or returns after that point.
Also Read  How to Buy a Shopify Store? Tips and Guide

Buyers’ Requirements

Exchange’s goal is to provide a safe and fair environment for all buyers and sellers. Exchange has established the following requirements for buyers. You could be banned permanently from the Exchange Marketplace if you fail to meet one of these requirements.

  • 1. Seller must be older than 18 years.
  • 2. If the seller is located in any of these countries or regions, Exchange will not work for them.
  • 3. Use Exchange Marketplace to not promote a product/service.
  • 4. You should not include your phone number, email address or other contact information in your listing. If buyers need to contact you via email, they will use Exchange.
  • Exchange always changes store ownership for you.
  • 6 Sellers and buyers should only communicate with you via Exchange
  • 7. All Listings must be Original and cannot be copied from Exchange Listings.
  • 8 All templates for online stores that are listed on Exchange must be original.
  • 9. These businesses that are listed on Exchange, but not other regular development online shops, will not be eligible to receive a commission.
  • 10. It is not recommended that a party initiate a payment transaction without Exchange’s authorization. Shopify won’t be able help you if a transaction is completed outside the Exchange Marketplace Escrow.com payment flow. It can result in you being permanently banned from Exchange. If you use Escrow.com to start a new transaction outside of Exchange, it will be considered outside the authorized Exchange payment flow. Then, buyers will have the official Exchange transactions, which get exchange-payments@shopify.com listed as the broker in the Escrow.com transaction.
Also Read  Why Does The Global eCommerce Business Choose Magento?

Shopify’s Exchange: The Selling Process

Exchange, as you may have known, has partnered with Escrow.com in order to ensure that payment, listing, and transfer processes are simple, smooth, and make it easier for Shopify users to sell their business online.

Fulfill Listing Requirements

Exchange currently allows Shopify businesses only to create live listings. You might not be able to sell as many Shopify businesses as you want, even if you have the ability to do so. Exchange does not have a minimum sales requirement. This is to allow you to list your business. There are still some requirements for listing your business on Exchange.

  • Only Shopify account owners can access the Exchange app and have it installed in a Shopify shop.
  • Shopify accounts must be on the paid plan. Shopify also includes the Shopify paused online shop plan.
  • The trial period cannot be added to your business. You must wait at least one day after you pay your first invoice to become eligible.
  • Shopify Payments requires that you have a current account. If your business is removed from Shopify Payments then it will not be possible to list it on Exchange.
  • Shopify Capital will not allow you to receive active financing.
  • Shopify Plus does not allow you to have your business. If you have one, contact Shopify Plus Support to discuss the possibility of negotiating your contract or dropping to an eligible plan.
Also Read  Salehoo Dropshipping Suppliers USA Verified List

Start selling

The Selling Process Overview on Exchange. It can be difficult for some people depending on the nature of your business. The steps below should be followed.

  • 1. You must meet the listing eligibility requirements. Also, make sure you’ve read the Exchange Marketplace guidelines.
  • 2. Get the Exchange Marketplace app on your device.
  • 3 Create a listing for you business and then submit it to be reviewed.
  • 4. Once your review has been approved, you can publish your listing.
  • 5 The buyer will send you the message.
  • 6 Answering their questions is what they need.
  • 7. The buyer will send you an offer.
  • 8. Accept the offer.
  • 9. Next, create an Escrow transaction within your Exchange app.
  • 10 The buyer will receive a notification to confirm their acceptance and to make payment to Escrow.
  • 11. A notification will be sent to you to transfer assets to your buyer.
  • 12. All assets are marked as received in Escrow.
  • 13. Buyer will conduct their inspection period.
  • 14. All assets are accepted by Escrow.
  • 15. After Escrow has disbursed the funds, it will take 5 business days for the funds to reach your bank account.
  • 16 In 3 business days, the Shopify Accounts team will grant the buyer the right to become the new store owner. The Shopify Accounts team will ensure that all billing and payment information are securely deleted during the process.
Also Read  How to Start and Integrate Dropshipping on Big Cartel?

Other requirements and guidelines

Exchange’s goal is to provide a safe and fair environment for all buyers and sellers. Exchange has established the following requirements for buyers. You could be banned permanently from the Exchange Marketplace if you fail to meet one of these requirements.

This is our own Service Offered by the Blog Author.

shopify dropshipping store set up
  • 1. Seller must be older than 18 years.
  • 2. If the seller is located in any of these countries or regions, Exchange will not work for them.
  • 3. Don’t use Exchange Marketplace to promote your product or service.
  • 4. You should not include your phone number, email address or other contact information in your listing. If buyers need to contact you via email, they will use Exchange.
  • 5 Exchange will always change the store owner for you.
  • 6 Sellers and buyers should only communicate with you via Exchange
  • 7. Listings must be unique. They cannot be duplicated from Exchange listings.
  • 8 All templates for online stores that are listed on Exchange must be original.
  • 9. These businesses that are listed on Exchange, but not other regular development online shops, will not be eligible to receive a commission.
  • 10. It is not recommended that a party initiate a payment transaction without Exchange’s authorization. Shopify won’t be able help you if a transaction is completed outside the Exchange Marketplace Escrow.com payment flow. It can result in you being permanently banned from Exchange. If you use Escrow.com to start a new transaction outside of Exchange, it will be considered outside the authorized Exchange payment flow. Then, buyers will have the official Exchange transactions, which get exchange-payments@shopify.com listed as the broker in the Escrow.com transaction.
Also Read  Kole Imports Dropshipping Reviews and Tips to Start

Exchange Service Fee

The service fee will be revealed in the Exchange app after the listing has been approved by the listing review process. This fee is the sum of the Escrow and estimated Exchange fees, minus the Escrow standard 10 dollar disbursement fee. The Exchange’s fees are based on the final sale price of the business. However, they can change if the seller accepts a lower or greater offer. Final, the Escrow transaction will show you the exact fees.

Exchange will charge a fee for the successful sale. This fee covers the Escrow and Exchange fees as well as any deducted proceeds from the sale. There are no additional costs for listing your business on Exchange. The fee is only applicable if your business has been sold through the Exchange payment stream. The service fee covers your hands-on support during your transfer. The secure payment system ensures that you are paid via Escrow.com.

The final Service Fee will be disclosed after you accept an offer and create a payment flow transaction. You are also the one that pays the Service Fee as you are the one selling the business.

Last Thoughts on Shopify Marketplace

Shopify Exchange – Ideal Marketplace for Buy and Sell Businesses – is the right place to start your eCommerce business. Shopify’s Exchange Marketplace can be used by both those who want to invest in a fully functioning business and those who just want to spend some time marketing their online business ideas. It is also a great place for finding a store that suits your needs and budget.

Also Read  Branded Jewelry Dropshipping Suppliers List to Sign Up

Keep in mind that Exchange may not be able to provide what you are looking for immediately. If this happens, keep checking the Exchange site because there are always new opportunities. If you’re ready to make the leap into eCommerce, this article will help you make the right decision and get started with Exchange.

Let us know if you have any questions. We are always available to assist you.