Are you looking to start a business but don’t know where to begin? Shopify is an e-commerce platform that makes it easy for entrepreneurs to set up and manage their own online store. But what percentage of Shopify stores are actually successful? In this blog, we’ll discuss the success rate of Shopify stores and how these stores are able to achieve success. We’ll also look at some key strategies that can help you increase your chances of success when setting up your Shopify store. So if you’re ready to learn more about the realities of starting an online business via this platform, let’s get started!
Shopify Success Rates
There is no definitive answer to the question of how many Shopify stores are successful. However, a number of surveys and studies have been conducted in an attempt to estimate the success rate of Shopify businesses.
One survey, conducted by eCommerce platform BigCommerce, found that 21% of Shopify stores surveyed were generating more than $1 million in annual sales. Another study, from WebFX, found that 14.6% of Shopify store owners surveyed reported earning more than $100,000 per year from their businesses.
It’s worth noting that these studies only looked at a small sample of Shopify businesses, so it’s possible that the true success rate is higher or lower than what’s been estimated. However, these studies do give us some insight into the potential for success with a Shopify store.
Why Some Shopify Stores Fail
Some Shopify stores fail because their owners don’t put in the necessary work. It’s not enough to simply create a store and add products; you need to market your store, drive traffic to it, and convert that traffic into sales. Without these key components, your store is likely to fail.
Other common reasons for Shopify store failure include poor product selection, high prices, and bad customer service. If you want your store to succeed, you need to offer products that people actually want to buy, at prices that are competitive with other stores. Finally, you need to provide excellent customer service so that people have a positive experience shopping with you.
How to Increase Your Chances of Success with Shopify
There is no one-size-fits-all answer to the question of what percentage of Shopify stores are successful. However, there are a few things you can do to increase your chances of success:
1. Do your research
Before setting up your Shopify store, it’s important to do your research and understand the platform and the ecommerce landscape. This will help you create a strong foundation for your business and avoid making common mistakes.
2. Find a niche
One of the best ways to set your Shopify store apart from the competition is to find a niche market and focus on serving that audience well. When you know who your target customer is, you can create a more targeted and effective marketing strategy.
3. Build a great product
Of course, none of this matters if you don’t have a great product to sell! Make sure that your products are high quality and that they fill a need or want in your target market. If you’re selling products that people love, they’ll be more likely to buy from you again in the future.
Conclusion
Shopify is an incredibly popular platform for creating online stores and has become increasingly accessible to a wide range of entrepreneurs. But with any business venture, there are no guarantees of success; it depends on how well you prepare and execute your plan. While we can’t give an exact percentage for Shopify store success, hopefully this article has provided some insight into the challenges involved in establishing a successful e-commerce store. With the right strategy and dedication, you could be one of the many Shopify business owners who have seen their dreams realized through hard work and resilience.
