Shopify Exchange Lets People Gift A Business To Aspiring Merchants - pymnts.com

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Small business eCommerce platform Shopify’s new marketplace connects businesses for sale with entrepreneurs and offers a feature to let people Gift A Business to an aspiring merchant, according to a report in Small Business Trends on Friday (Nov. 13).

Gift A Business encourages people to buy an established eCommerce shop as a gift for small-business-minded friends or family. Shopify’s Exchange Marketplace portal is a digital bazaar that connects business sellers with up-and-coming entrepreneurs. 

The Gift A Business feature kicks off on Monday, Nov. 16 and will be available across the holiday season. Businesses on the exchange can start as low as $50.

“Every person who’s always dreamed of starting a business needed their first push. Maybe it’s a friend who believes in them or a parent who supports their dream,” said Nicole Martins Ferreira, marketing manager of the Exchange Marketplace. “We’re launching Gift A Business to encourage friends and family of potential entrepreneurs to support a person’s desire to pursue something bigger than themselves.”

Shopify’s Exchange Marketplace was launched in 2017 and has an inventory of more than 10,000 Shopify stores across a range of verticals — fashion, health, beauty, home, and more. 

Anyone who receives a shop through the program gets a complimentary starter pack with a business certificate and other tools.

Some of the current businesses for sale include a German cosmetics shop with an asking price of $500 and a reported $700 per month profit on monthly sales volume of $2,400. A shaving accessories business bringing in $87 per month on $350 in monthly revenues is asking $2,600 for its shop. 

Shopify recently partnered with Affirm to offer customers a buy now, pay later (BNPL) option.  Shopify’s BNPL product — Shop Pay Installments — aims to capitalize on the growing popularity of installment credit, which has gained even more traction because of the coronavirus pandemic. 

Direct-to-consumer (D2C) is another trend taking off amid the shift to digital shopping amid COVID-19. Since the start of the pandemic in March, channels to purchase consumer-packaged goods (CPG) surged 50.1 percent.

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NEW PYMNTS STUDY: CROSS-BORDER MERCHANT FRICTION INDEX – NOVEMBER 2020 

The PYMNTS Cross-Border Merchant Friction Index analyzes the key friction points experienced by consumers browsing, shopping and paying for purchases on global eCommerce sites. The report examines the checkout processes of 260 EU and U.S.-based B2B and B2C eCommerce sites from across 12 industries and highlights the key traits that can help merchants enhance their checkout experiences.

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Shopify Exchange Lets People Gift A Business To Aspiring Merchants - pymnts.com
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