Truth be told, hundreds of thousands of businesses and individuals are already making a considerable amount of money on Shopify. Rest assured that Shopify is still profitable and a great way for you to make money online. The platform offers several ways for you to make money.
Right from opening a store to offering services for a fee, you will certainly find a way to turn your passion and skills into hard cash on Shopify. Some of the earning opportunities on this platform do not even require you to sell anything or have a huge starting capital.
The Shopify affiliate marketing program, for instance, will pay you a commission for every person you successfully refer to the platform. Throughout this guide, you will learn what makes Shopify stand out. Additionally, we will take you through four of the best ways you can make money on Shopify.
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Why Shopify? It Has Maintained a Steady Growth Rate
Shopify is one of the most popular and preferred eCommerce platforms by many businesses across the globe. As a matter of fact, the platform has become synonymous with eCommerce—nine out of every ten people are likely to mention Shopify when having an eCommerce discussion.
Launched in 2006, the platform had humble beginnings. Over the years, it has grown to become one of the largest eCommerce platforms in the world (with regards to the number of users, market share, and traffic trends).
Here are some of the key metrics and statistics that make Shopify stand out from other eCommerce platforms:
Sizeable Market Share
When all eCommerce platforms were ranked according to their respective market share, Shopify came third behind WooCommerce and Squarespace. According to these findings by Statista, Shopify controls a market share of about 10.98 percent.
Massive User Base
When all eCommerce platforms were ranked according to their respective market share, Shopify came third behind WooCommerce and Squarespace. According to these findings by Statista, Shopify controls a market share of about 10.98 percent.
Massive User Base
According to a mid-2020 press release by Shopify Inc., the platform supports more than a million businesses—about 1.75 million to be precise—across more than 175 countries. These include some of the most renowned brands like Staples, Allbirds footwear company, and Pepsi.
The platform also boasts of a large community of buyers. Based on their February 2021 press release, the number of online buyers on the platform increased by about 52 Percent from 2019 to almost 457 million in 2020.
Revenue Growth
One of the metrics you can use to ascertain the growth of any brand is the total revenue year-over-year. Shopify attained a 47 Percent total revenue increased year-over-year between Q1 2019 and Q1 2020. The company’s revenue for that quarter was $470 million.
As compared to 2019, Shopify’s revenue grew by about 86 percent to hit the $2,929.5 million mark in2020. Revenue generated by merchant solutions on the platform grew by 116% over the same period. Revenue generated by subscription solutions, on the other hand, grew by 41 percent over this period.
Increased Sales for Shopify Sellers
Businesses with stores on the Shopify platform recorded a remarkable increase in online sales in 2019. On average, online sales for Shopify businesses increased by about 50 percent. However, there is a huge disparity in sales growth between Shopify businesses and the global e-commerce market.
Other businesses not hosted on Shopify experienced a sales growth of only 21 percent over the same period. This trend may be attributed to several things, including Shopify’s innovative native tools, intuitive platform, and built-in marketing features.
This is to say that stores hosted on Shopify get considerably more sales than those hosted on other eCommerce platforms. You will find this sales volume to be pretty staggering, bearing in mind that it was recorded during the peak of the COVID-19 pandemic.
4 Of the Best Ways Make Money On Shopify You Need To Know
An increasing number of consumers are shifting to online shopping. You can tap into this potential via Shopify to make some money online. Do you wish to have an online presence for your small business or do you just want to cash in on your skills?
Get to know how you can leverage Shopify tools and services to make money online. Discussed below are the top four ways you can monetize the Shopify platform.
1. Start an eCommerce Store on Shopify
Think of Shopify as a robust, all-in-one, and highly-scalable eCommerce platform. In this regard, it has been helping aspiring entrepreneurs and existing small businesses set up an online store. Once set up, you could use your Shopify store to sell goods, produce, and even services online.
It is a relatively simple, and flexible, yet powerful storefront that allows you to set up your collections, products, and payment gateway solutions within a few clicks. What’s more, you can try Shopify for up to 14 days free of charge, with no credit card required.
Shopify will offer you a broad range of services and tools you need to start, manage, and expand your online business.
There are two different ways you could use your Shopify store to make money, including:
a) Dropshipping
Dropshipping is a business model that allows you to open an online store then sell products to buyers without ever stocking the items. When a customer places an order through your online store, you will need to contact a professional dropshipping sourcing and fulfillment agent.
The agent will handle your product sourcing and shipping needs to ensure that your customers get what they need in time. If you are considering using your Shopify store for dropshipping, this tutorial will help you get started.
b) Selling Your Products
Different businesses and individuals are using this eCommerce platform to sell a vast array of things. In addition to selling tangible goods, you could also use your store to sell online courses, experiences, digital products, and rentals.
If you wish to sell physical goods on your Shopify store, here are some ideas on what you can sell on Shopify.
Regardless of how you will be using your store, Shopify will offer you pretty much everything your need to get started. For instance, you will get access to powerful apps, actionable analytics, and award-winning support.
How Much Can a Shopify Merchant Make?
Despite the hype surrounding eCommerce stores, only 5% of the new Shopify stores are likely to succeed. Your earning potential ad a merchant on Shopify will mainly depend on how successful your store is. Holding other factors constant, the average sales revenue for Shopify store owners is about $72 per customer.
Based on statistical findings, the top 10% of Shopify merchants make more than $226 in revenue per customer. The bottom 10% of Shopify stores—ranked according to performance—have a revenue of less than $33 per customer.
On average, you should expect to make between $1,000 and $1,500 per month through your Shopify store.
4 Examples of Successful Businesses You Can Emulate on Shopify
Shopify is a popular and one of the most sought-after eCommerce platforms across the world. A considerable number of people and brands can attribute their success to Shopify. Well, it won’t be easy, but even you can establish a successful store and start making money on Shopify.
Success on this platform depends on many factors. However, learning from the successful businesses on Shopify can set you on the right path. Here are four of the top eCommerce merchants you can learn from:
Some of the most successful startup businesses in the world started in someone’s basement or garage. Such is the story of one of the largest UK fitness brands—Gymshark. The fitness and apparel brand was launched by Ben Francis in 2011—he was 19 years old back then.
Over the years, the enthusiastic CEO has grown the brand’s turnover tenfold. As of 2018, the company was reported to net about $128 million in annual sales. Gymshark chose Shopify Plus primarily because of its ability to scale on demand.
Get to know more about this brand and possibly replicate its strategy on your Shopify store.
This is a vegan direct-to-consumer cosmetics brand that was launched by Karissa Bodnar in 2015. She set out to produce cosmetic products that can be worn by people with impaired immune systems. This was after her friend succumbed to a rare form of cancer.
The brand seeks to empower women. The idea is to donate one of Thrive’s cruelty-free vegan products for every product purchased. The donated products go to women living with cancer or those who have been through domestic violence.
Such a business model is suited for today’s socially-conscious marketplace. According to a study by Cone Communications, 90% of millennials would gladly switch brands in favor of one that has a cause. This explains how Thrive grew from a small makeup startup to the multi-million dollar company it is today.
Get the inspiration you need from their Shopify success story.
MVMT Watches started from a very humble beginning—a simple crowdfunding campaign—to the fastest growing watch brand in the world. It is, without a doubt, a story any entrepreneur should look up to for inspiration.
The brand was co-founded by two college dropouts, Jake Kassan and Kramer LaPlante in 2013. MVMT Watches offers classically, high-quality watches at an affordable price. Right from the beginning, the company was a huge success, amassing $60 million in sales by 2016.
As a result, the co-founders were included in the 2017 Forbes 30 Under 30 List. Less than five years in business, the company had a revenue of more than $90m. The brand has also won Shopify’s Build-a-Business award under the “Jewelry and Crafts” category.
Get to know how MVMT Watches applies social selling strategies to earn new customers and speed up the purchase process.
Naja is an underwear company that makes eco-friendly underwear, bras, and swimwear. The company was founded by Gina Rodriguez and Catalina Girald. This brand mainly employs female heads of households and single mothers.
This is meant to empower such women. The brand also donates about 2 percent of its sales to aid sewing programs within local foundations. Naja currently employs about 60 people—most of who are women. With an estimated annual revenue of 2.9M, this is one of the Shopify success stories you may need to emulate.
Make Money Developing Shopify Micro-SaaS Apps
Rather than running a shop, you could also build a business around a Shopify application(s). Well, Shopify is not the only apps marketplace. However, the platform makes it very easy for you to monetize your skills. eCommerce sellers face different problems while running a store on Shopify.
Just build an application that solves one or several of these problems and you’ve got yourself a ready market. Additionally, Shopify is known to promote apps within various products. You will find the Apps store easy to navigate, even as a beginner.
When you sign up as an app developer, Shopify will offer you the tools you need to get started. For instance, you will have access to state-of-the-art documentation and APIs. You can then charge users a subscription fee to use your app.
Image Source: Shopify App Store
How Much Can You Make as an App Expert on Shopify?
The much you earn as an expert developer depends on different things, including your experience, skill level, and complexity of the project. On average, a full-stack freelance developer can charge between $61 and $80 per hour.
You could start at a $65-per-hour rate for easier store setups. This will add up to between $500 and $25,000 per project—depending on the level of customization required.
5 Successful Shopify Apps You Can Learn From
Here are some of the most successful Shopify software as a service (Salas) apps you should learn from:
This is a great application for drop shippers on Shopify. The app offers its users new entrepreneurs a safe way to start their businesses. Right from eliminating a bulky inventory in your business to the actual management of the business, Oberlo offers some of the best tools in the industry.
This app is meant to help Shopify store owners market their businesses more effectively. It helps its users understand their eCommerce data and make improvements to grow their revenue. The app features multi-channel marketing campaigns.
Klaviyo centralizes business data collection and storage, allowing store owners to offer personalized experiences to their customers. With this app, Shopify store owners get the technology, tools, and guidance they need to grow their brands.
Klaviyo currently has more than 70,000 subscribed members. This is a 110 percent increase from the number of users they had in 2019. Learning how they did it can help you grow your business on Shopify.
Loox is one of the best reviews and referrals applications that was exclusively developed for Shopify merchants. The app helps sellers on this platform to increase conversions and enhance their social proof.
To date, the app has helped more than 100,000 Shopify merchants to promote trust among their customers and drive business growth.
Printful is essentially an on-demand printing and warehousing solution targeting eCommerce merchants on Shopify. It helps Shopify store owners, especially drop shippers, transform their ideas into thriving brands.
They offer such services as custom printing, engraving, and embroidery. This integration allows Shopify merchants to come up with stunning designs for their businesses in just a few clicks. What’s more, they do not require upfront payments and do not impose minimum order restrictions.
With more than 1,000,000 registered users, Printful is certainly one of the brands you should look up to for inspiration.
Become a Shopify Expert, Freelancer, Designer, or Developer
Are you skilled in any of these fields? If so, you could make money pine by helping Shopify store owners solve problems within your area of expertise. A Shopify expert is a highly skilled and trusted community member on the platform.
Experts help merchants on Shopify to grow their online stores and are compensated for their services. You can bud a successful online business by offering top-rated and exceptional services. Shopify offers several fields of specialty for its freelance experts.
These include branding, sales, and marketing, development, content, and store setup. Just pick a field you are competent in and grow a business around it.
How to Become a Shopify Expert
To become an expert on Shopify, you first need to become a Shopify Partner. Thereafter, you will be required to meet a certain criteria for you to be certified as an expert in your field of specialty. For instance, you need to exhibit a remarkable record of success on Shopify.
They will consider the number of stores you have successfully helped on the platform, among other factors. You could present case studies or apps you have developed to demonstrate your expertise.
How Much Can You Make as an App Developer on Shopify?
Top app developers on this platform make between $1 million and $2 million a year in revenue. As a beginner, your evening potential is way below that. With Shopify, you could make money developing either themes or apps, as illustrated below:
- Building Themes
You can make money on Shopify by developing eCommerce themes for merchants on the platform. This opportunity allows you to make up to 70% of the sale amount for each theme sold. This can easily amount to about $11,000 per year.
- Developing Shopify Apps
You can also make money by developing an array of apps on the Shopify App Store. In this case, you will make up to 80% for each app you sell. On average, app developers on Shopify make about $2,000 a month.
Become a Shopify Affiliate
Lastly, but not least, you can make money online by referring people to the Shopify eCommerce platform. The Shopify Affiliate Program is meant for educators, entrepreneurs, content creators, and influencers on the platform.
With this program, you can make money for inspiring and teaching your audience regarding entrepreneurship with Shopify. This is a great opportunity to monetize your audience—earn a commission every time you successfully refer a merchant to the platform.
What you will find fascinating about this opportunity is the fact that the program almost sells itself. This is because you will be just riding on Shopify’s success and popularity to make money. To learn how this works, check out this affiliate marketing fundamentals course
How Much Can You Make with the Shopify Affiliate Program?
Whether you are a developer, freelancer, or expert on Shopify, you can make more money by referring people to the platform. For each paid customer you successfully refer to Shopify, you will be paid 100% of their first and second payments on the platform as commission.
For instance, successfully referring a Basic Shopify plan user will make you $58–$29 per month for two months. For all your enterprise referrals, you will get only 100%. In other words, you will get almost $2,000 for referring a Shopify Plus / Shopify Gold user to the platform.
Conclusion
Selling physical products is one of the most popular ways of making money on Shopify. Fortunately, it is not the only way to make money on this platform. You can make money by developing SaaS Shopify apps and extensions then charge interested users a subscription fee to use the app(s).
You can also become an expert and get paid for helping Shopify merchants establish and grow their online businesses. With the Shopify affiliate marketing program you will earn a commission every time you successfully refer a merchant to Shopify.
Alternatively, you could use your Shopify store to drop-ship different products that are on-demand. This does not require you to stock an inventory for the items you are offering on your Shopify store. All you need to do is open a Shopify store, find the perfect product niche, and get yourself a reliable dropshipping agent.
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