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This question is about Shopify.
How does Shopify make money?
Shopify makes money through subscription fees, transaction fees, referral fees, hardware sales, advertising, and commissions from its app's marketplace. Here is a closer look at some of the ways Shopify makes money:
Subscription fees. Shopify offers merchants premium subscription plans. These plans vary in terms of features and price points. Users can gain access to a variety of features, including things like:
24/7 merchant support from Shopify
Different levels of staff accounts
Advanced reporting methods
The chance to sell on multiple platforms, marketplaces, and social media sites
Lower transaction fees
These are just a few features, but each plan has different benefits and uses for merchants. Premium plans start at $29 per month and cap out at $299 per month.
Transaction fees. Shopify also generates revenue by charging transaction fees. This happens whenever an order is processed on the platform. Transaction fees all depend on the specific subscription plan that a vendor has chosen.
For example, the Advanced Shopify subscription charges a transaction fee of 0.5% per purchase, while the Lite plan charges 2.4% per purchase.
Referral fees. Referral fees occur when Shopify promotes businesses to other businesses or clients. The fee amount varies and depends on Shopify's agreement with the specific business it is referring to.
Hardware sales. This is a smaller portion of Shopify's overall profits and applies to point-of-sale products. This includes various models of computers and other electronic devices. Shopify makes money when it sells these products to its merchants.
App marketplace. Shopify offers business to third-party developers on its app marketplace. These include apps for HR services, payroll, referrals, and many other B2B and business function applications.
The company pays a 20% commission on selling applications in its app marketplace. It also earns money from developers' bids on keywords that promote their offerings.
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