Many people wish to become the next Jeff Bezos but have no idea where to start investing or how much money they need to start a startup. Shopify Inventory Management is the answer for you.
Shopify is one of the well-known eCommerce platforms offering an easy-to-use interface with an affordable pricing scheme. It will always have you up and running the business in no time. But, you may wonder, “How much does Shopify cost?”
There is no ultimate answer to the above question, but we will break down various pricing plans and help you make the right choice.
How to Get Started With Shopify?
For Shopify, the higher the monthly fee, the lesser the processing fee. When you choose the Shopify pricing plan, you must find the optimal plan based on the niche you have selected and the sales target.
Plus, with four packages ranging from $29 to $2,000 a month with various features, from gift cards to personalized contacts, there is an obvious option for every niche. Let’s learn about the available plans.
The Basic Shopify plan is an excellent alternative for small startups as it’s the cheapest Shopify option with a $29 monthly fee. But, it comes with the highest processing fee of 2.9% for credit card payments.
As the name suggests, the Shopify Basic plan includes some of the best and sophisticated features like gift cards, reports, and the restoration of abandoned carts. It is an excellent plan for beginners, and with growing experience, you can always move on to higher plans.
The Shopify plan works great for growing eCommerce businesses that look to expand their operations with gift cards, reports, and restoring abandoned baskets for a cost of $79 per month. Such features allow business owners to sell greater with gift cards while recovering lost revenue by recovering abandoned baskets.
Access to reports provides you with valuable insights into the customer’s spending habits, and you can make better choices in your business. Plus, you get to enjoy a credit card processing fee of just 2.6%.
If you are looking to consider the Advanced Shopify plan, there is every possibility that you are having a large, established business and want to grow your business further. With the advanced reporting engine, you can develop custom reports that can be filtered by dimension, and it helps you find different ways to grow your business.
A major benefit is the operator’s real-time shipping information that guarantees you are offering carrier-based shipping prices at the time of payment. It helps you prevent cart abandonment, as one of its most common reasons is the customer encountering unexpected costs.
In addition, you will have the lowest processing fees at 2.4%.
Shopify Plus is the equivalent to a bespoke eCommerce solution at the corporate level. It eliminates the stress of order management as you need to worry about transaction costs.
Plus, you get a dedicated project manager at your disposal along with an account manager, negotiated Shopify rates, personalized support contacts, and early access to beta features.
You enjoy a 1.6% per transaction processing fee.
Finding Your Niche
If you want to set up an eCommerce site and appeal to everyone, think twice. One of the greatest mistakes that newcomers make is trying to be everything to everyone.
Big websites like Alibaba and Amazon can do so as they have reputations and vast stockpiles of resources to grow into other areas of the business world. As a startup on Shopify, you can’t afford to embark on them.
Follow Your Passion
Chasing money in the eCommerce business is one of the worst motivations anyone can have. If you are not one of those who are passionate about money, then you should find something that interests you. What you are passionate about is what you should make money from.
If you are good at something, you have more success at it. Think of what you like and use it as a rough indicator of where your Shopify business must start.
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Best Plan for Your Business
You may wonder which plan is best suited for you. The answer lies heavily in your business needs and what you want to do with the store.
You can use Shopify Basic if you are starting with the eCommerce site and want to get a grip on building the site. It offers enough for you to get started and get to know how to set up shop. It’s a good option if you are only selling a few products and starting a startup.
You can use Shopify to track your sales and improve the marketing strategies to earn more sales. The mid-tier Shopify pricing plan lets you report customer actions, and you can know what people are buying most to market them better.
You can use Shopify Advanced if you want more customized reporting and calculated shipping rates. It offers some more advanced features to help you sell more products.
Shopify costs range from anywhere between $29/ month to $2,000/ month. Though, it’s just the price of your Shopify subscription. Starting a dropshipping or eCommerce business has a relatively lower financial barrier to entry than brick-and0-mortar and other conventional industries. However, it still requires cash.
You can start your Shopify business for $100 (or less) to give yourself a shot at success and plan to invest something along the lines of $1,000 at least to cover marketing and other expenses.
Irrespective of your path, the good news is there’s a Shopify solution designed to meet your needs. Less time spent worrying about how you will sell the products will let you focus on what actually matters.
Want to learn more about Shopify Inventory Management and sales? Orderhive is the answer to all your queries. It offers you the best inventory management software for Shopify.
Dev Upadhyay enjoys writing on a variety of topics and takes pleasure in immersing himself in learning about new and exciting areas. He loves to binge-watch documentaries about science and society. Being a travel freak, he's very adventurous and fun-loving.