Merchants who want to sell their Shopify store will now have to use other marketplaces. The app, data and listings have all been deleted and are no longer accessible to merchants. Shopify warned users that all sales and store transitions needed to be finalized by November 1st. “There will be no exceptions for stores that are not sold by this time. This app will be fully decommissioned upon this date and will no longer be accessible to merchants”, said the software provider.
Why did they ever get into this? Flippa and others have this covered.
They got into it like all saas companies when the company was at “peace” and there was plenty of cash around to try new ideas. Toby’s getting killed by Jassey and the stock market right now so there’s no time for playthings.
For what it’s worth, selling online business is a low margin, high scam business where you’re competing against brokers and constantly in a quarterly GMV cycle. My advertised pricing is 4% take on $1-5m sale. It’s basically low value retail - the luxury market is covered by goldman sachs.
Shopify don’t have it in their DNA to run or compete in a marketplace like that. The exact reason why most software companies have always messed up their logistics acquisitions.
I’m the VP of product at flippa
Welcome @TonyXu! One of my favorite people in the space!
Thanks for dropping by.
My favorite quote:
Toby’s getting killed by Jassey and the stock market right now so there’s no time for playthings.
welcome @TonyXu! Appreciate you providing some inside baseball insights into the news.