This post was last updated on October 17th, 2022 at 10:16 am
In the current world of digitalization, businesses have decided and planned to create an online store. After the pandemic, you have seen massive growth in online sectors. Users are now preferring to shop online rather than visit outlets. According to Statista, in 2020 global eCommerce market crossed the two trillion US$ threshold. Revenues are expected to grow at a CAGR1 of 8.2% up to 2025, resulting in revenues of US$1,996.0 billion.
As a business leader, you might plan to develop an eCommerce site for your business. This guide will help you to know the estimated cost to create an online eCommerce store based on tech stacks, platforms, app type, and choosing the best resource for your development.
Furthermore, you can connect with any eCommerce development agency to discuss your online store development roadmap.
Factors Determining The Cost Of Developing An eCommerce Store In 2022
1) Website Design
One of the crucial factors that determine the eCommerce development cost is the type of website and design you want to choose. From essential to high-featured eCommerce, costs may vary between $20,000-$3,00,000 or even more.
Basic eCommerce Website
An essential website is meant for businesses that are starters and can maintain some basic functionality with these websites. These websites don’t come with many features and can perform basic operations. The development cost of these websites varies between $20,000-$50,000 or even more.
Mid-level eCommerce Website
If you have a good number of users and want to expand your business, a mid-level eCommerce website can be a great option if you integrate some moderate eCommerce functionality into these sites and scale your business. The development cost of these websites varies between $50,000-$1,50,000 or even more, depending on the website’s complexity.
High-Featured eCommerce Website
This is the right choice for you if you are a multi-level business and have large business segments. You can integrate all the latest features, functionality, graphics, and all eCommerce functions that are needed. As these websites are dynamic and can control many users, the development cost varies between $80,000-$3,00,000 or even more, depending on the online store’s complexity.
2) Desired Platform
When it comes to eCommerce stores choosing the right platform is equally important for us. You have three great options to develop your websites in WordPress, Shopify, or Magento.
All three platforms come with different pricing and multiple benefits that can help you to streamline your business. Including license fees, themes cost, and all other functionality, the cost varies between $50,000-$2,00,000 or even more, depending on the platform you choose for your online eCommerce store.
3) Back-End Programming
When you choose platforms like Magento, it requires backend programming to customize things according to your requirement. You can’t just purchase a theme or plugins and directly install them on the eCommerce site.
Thus, backend programming on your eCommerce site may cost you between $10,000-$1,00,000. The price may vary depending on the eCommerce development company you are choosing.
4) 3rd Party Integrations
When you think about custom designing, themes, UI design, and different plugins, 3rd party integrations play an essential role. From small businesses to enterprise organizations, third-party integrations may cost you between $20,000-$50,000.
5) Content Management System
A Content Management System or CMS is essential to any eCommerce website. It is a place where you manage the content of your websites. A good CMS integration with any eCommerce platform may cost you between $30,000-$1,00,000.
6) Hosting & Domain
You must choose the right hosting and domain name before you start to build an app and website to sell your eCommerce products. You should choose the right domain name as it will recognize your brand.
Millions of people will use your app and website, so make sure you choose the right hosting plan for your app data. You can get a domain name for as low as $500/year and a hosting plan for between $500/year and $12000 per year. Price may vary depending on the specifications provided by the hosting partner.
7) Website Maintenance & Support
Just developing your site and publishing it is not the final task. A website requires timely maintenance and support services to analyze the performance and rectify bugs. These analyses make your website performance better and keep it bug-free.
Apart from this, you can provide your customers with the updated version of your eCommerce site. Connect with the eCommerce development company to make this step mandatory. The cost of maintenance and support may vary between $5,000-$80,000/year, depending on the company.
If you are a business leader and thinking of expanding your business or shifting online, this is the right time. This post will help you with the eCommerce development cost based on the type of website, the platform you choose, and the online store’s complexity.