With the ECommerce market in the US alone according to Statista Research Department equalling a massive 3.53 trillion US dollars and along with other e-retail revenues projected to grow upwards of 6.54 trillion US dollars by 2022, it’s not surprising to realize that shopping online is one of the most popular online activities across the globe.
So how does Shopify fit into this? and for those of you either with a Shopify store – or thinking about starting your own eCommerce venture, you might be wondering whether it’s worth it, and more importantly, is a Shopify store profitable?
So let’s get started straight away on the definitive answer before we head into the details of whether Shopify is profitable for anyone with an existing store or those contemplating a dropshipping Shopify store.
is a Shopify store profitable? A combination of choosing a winning niche and the ‘ready to go’ storefronts can help you to maximize profits on Shopify. With 2 million people using Shopify as their main source of income, Shopify can prove a very profitable venture for those looking to start a dropshipping or ECommerce store.
So now you can see the short answer to your pondering question is a Shopify store profitable.
But to understand a bit more about this topic and for you to get a better understanding, let’s first start with why many entrepreneurs head to Shopify to start their eCommerce venture.
Click above for a brief video introduction to Shopify. Click below for how to set up a Shopify store
is a Shopify store profitable? - why Shopify?
Shopify handles both the eCommerce and point of sale sides of the process and enables you to totally build your store from the bottom up without being an expert.
Shopify if you lack technical skills
One of the chief benefits of Shopify is to let users without coding or design skills build an online store without the help of a developer.
This could certainly be a tad more of a direct line to running a profitable Ecommerce store than historically.
It used to be you needed skills to create a website from scratch yourself or had to hire someone who might then cut straight into your profit margins.
Shopify is a hosted solution, which means less work for the average store owner.
Although anyone familiar with HTML and CSS will be pleased to discover that the platform provides access to both.
Using Shopify there are no headaches relating to buying web hosting or installing software, which can help to increase profit margins.
If you are less ‘techy’ minded and simply want to get your marketing machine turning, then Shopify is a great choice for many ‘Newtrepreneurs’
Shopify offers you freedom of creativity
Shopify offers a lot to its customers in terms of different apps and customizable themes where you can really have free reign of your online retail space and get creative!
This is another way you could potentially see an increase in profits by using Shopify, as most of the tedious coding and storefront building has been done for you in double-quick time!
So you can concentrate on finding great profitable products.
Ok so now we understand a little better why it could be your best profitable move to join the ranks of those using Shopify.
Let’s now take a look below at many store owners who represent 20 percent of the current online store global market!
So who exactly is using Shopify for profit? Let’s discover more below.
Who uses Shopify for profit?
It’s surprising to find out that Shopify is not only profitable for fledgling companies and startups, but Shopify has been profitable for many of the below top-rated clients!
● General Electric
● Foo Fighters
● Tesla Motors
● Amnesty International
● Encyclopaedia Britannica
Some impressive names on this list, right? So not only will your Shopify store have a decent chance of bringing profit to your new venture, but you’ll also be rubbing shoulders with some big names!
So, to provide even more validity and information on the question “is a Shopify store profitable”, let’s take a look at a few Shopify statistics and find out how people are finding a profit in their Shopify venture and what you need to know.
How many people are making a profit on Shopify?
According to experts, more than 2 million full-time jobs are supported by stores on Shopify right across the globe from their data released in June 2020.
This was a huge step up from the previous year’s figures from October 2019 where Shopify reported 1.4 million users.
So how are people making money from Shopify and how is it proving itself to live up to the hype? According to Shopify’s blog, it’s possible to make selling globally as easy as selling locally.
So what’s the ‘word on the street’ about the profitability of Shopify? Let’s find out.
What is the ‘word on the street’ about Shopify?
Let’s see what those in the know have to say about whether by opening a Shopify store, it might be possible to make a healthy profit.
Anecdotally on sites such as Quora, it seems that many are indeed realizing the potential risk of Shopify. For example, one user says.
This user then goes on to say,
It seems that from this kind of social anecdotal evidence, that one of the keys to being successful and making a profit on Shopify could be down to the type of niche you choose.
So if you’re the type of seller who sells baby clothes alongside computer hardware and wondering why you haven’t made any sales on your Shopify store, well. You’re simply unlikely to build that all-important brand awareness that’s necessary to make good profits on Shopify.
Some other anecdotal evidence on social media also tells of how it’s possible to become profitable on Shopify by creating a ‘destination’ store for your customers.
It’s important to write engaging product descriptions, take unique and branded photos – and also write articles on creative ways to use these products for the best chance of a profitable business. Be dedicated, be inspiring, be modern, know your audience …and be attractive to that audience.
By showcasing your customers actively using your products, along with other ways of making your store stand out, Make your website a great shopping experience, and the ‘go-to’ place for all information related to your offering and products.
We have to remember, that Shopify is a platform, not a business mentor, and not really even a marketing partner. The harsh reality is that it’s a myth to think that simply opening a store, filling it with “some product you once saw” is instantly, and passively – going to make you rich.
The store you create will only bring profit if you have a good starting product, a brand awareness that people will want to be a part of, and the dedication and hard work required to promote your business relentlessly! Our advice, don’t open a Shopify store unless you intend to put your soul into it!
We hope this has been useful in answering the question – is a Shopify store profitable. If you need a guide on more areas to make money online, then check out the rest of our site for inspiration and guidance.
Make sure you check out our article on emerging ecommerce trends.