According to a recent piece from Business Insider, entrepreneurs can sell their business on Shopify, and share both the perks and downsides of using the service via Shopify’s internal marketplace, where they can get up to one million dollars if they manage to find the right buyer.
Sounds interesting, eh?
Basically, besides the regular e-commerce thing, Shopify allows entrepreneurs to sell their businesses altogether to anyone who’s interested in buying something already established on the platform, even if the respective marketplace does not always reflect the true story, i.e. a full picture of revenue.
Which means, it can be hit or miss, but whatever. The whole thing happens on Shopify’s Exchange marketplace, where businesses for sale are listed, and the exchange allows people interested (the buyers) to connect with the sellers. The buyer can see Shopify verified data about the business’ average monthly revenue and sessions, and sellers can use the listing page to offer advice about what would be needed to make the business thrive as well as how much support they’d be willing to give after the transaction is complete.
Shopify encourages both sellers and buyers to conduct all negotiations on the Exchange messaging platform, to keep things safe and under control, and the transaction is completed via escrow.com, Shopify’s payment partner.
There are thousands of businesses for sale listed on the Shopify Exchange at any day, ranging from “small potatoes” drop shipping stuff which sell for $1000 give or take, to to subscription-box companies looking for at least $1 million.
The Shopify Exchange feature has been around for 4 years now, but it saw a big boost during the pandemic, but there are complaints from merchants who claim that Shopify doesn’t promote this Exchange thing enough on the platform, and there are discrepancies between the annual revenue provided on the marketplace and what a business truly earns are also common.