Before starting any new business, everyone calculates the budget to set up the business. The same rule applies to an online store as well. If you have even the basic knowledge of the IT world then you probably know what is Magento. So, this blog is about the cost of a Magento eCommerce store.
We will be discussing all the factors that affect Magento pricing such as editions, themes, extensions, and hostings. Keep in mind that any Magento development company India can’t provide exact costing without knowing the exact requirements of your Magento website.
Let’s tell you how much does an eCommerce website cost on an average today!
Elements that will Affect the Cost of Magento eCommerce Store:
As mentioned earlier, there are a lot of factors that will affect the Magento cost. Following is the list of these elements:
- Magento Hosting
- Development Cost
- Magento Theme
Before we start discussing each of these elements in detail, you should know how much does Magento cost. The platform comes in two major versions:
☛ Magento Community Edition
The Magento Community Edition is free. All you need to do is download and install it to set up your eCommerce store. Moreover, you can apply unlimited customizations to create the store as per your requirements.
☛ Magento Enterprise Edition
The Magento enterprise price begins at $22,000. Although this version comes with a huge price tag, it is no less than a box of unbelievable surprises.
We are not justifying the huge amount, just saying that it comes with a lot of customization options to make a brilliant Magento store.
Here are each of the factors affecting the cost of the Magento eCommerce store discussed in detail!
The cost of hosting a website is a crucial factor in the entire cost of the Magento eCommerce store calculation. We recommend you go for managed Magento hosting as it will take care of server management and security.
The advantage of choosing managed Magento hosting is scalability. You can scale up the server resources whenever you want. Scalability can come to your rescue when its peak time for your business and the average amount of traffic increases.
You will have to check out various hosting plans to choose a suitable one for your project. Your question how much does hosting a website cost cannot be answered precisely as it may vary.
Domain name is actually the store name. Therefore, you need to devote a lot of time to choose the store’s name and look for a domain name that will reflect your choice.
You need to make sure that the name is attractive and also easy to remember. There are two ways to get a domain name. Get a new domain name or purchase an Expired Domain name.
The option that you choose will have their own benefits and an impact on the final cost.
New domain names usually cost you around $10 – $15/year. On the other hand, an expired domain will cost you approximately $20 to $500. The domain cost is an essential part of your answer to the question of how much does it cost to open a store. Make the decision wisely!
Magento Development Cost:
You have three options for Magento development: hire a web development agency, in-house development team or a freelancer. Of course, each of these options has its own set of pros and cons.
☛ Web Development Agency
Hiring a web development agency is the most expensive of all options. But the high price tag is covered up with a high-quality product and professional approach. Moreover, an experienced team of developers will be working to convert your idea into reality.
These agencies charge you on the basis of their developers’ expertise and the value of their development portfolio. The cost of hiring a web development agency is anywhere between $25 to $200 per hour.
Freelancers are a somewhat cheaper option and you mostly get what you pay for. Furthermore, professional freelancers will also give support even after the website has been handed over.
The cost of hiring a freelancer varies on the basis of their skills, reputation, and region. The cost of hiring a freelancer ranges between $10 to $200 per hour.
☛ In-house Development Team
Many of the mid-scale and large-scale eCommerce businesses choose to have an in-house development team. The most important benefits are quick turnaround time and complete control over the development process.
The eCommerce website cost for Magento CE and Magento EE are almost similar. Ultimately, the overall cost of having an in-house development team begins from $60,000 to $120,000 per year.
It can be definitely said that the development cost forms a major part of the total development cost of a Magento eCommerce store.
Extensions are independent modules that will help you extend the functionality of the Magento platform. These extensions can be available for free or cost you thousands of dollars.
Before you purchase any extension confirm with the developers about version compatibility. There are chances that an extension might cause errors and affect the page loading speed.
So, it is recommended to include a minimum number of extensions. The average cost of these extensions is somewhere between $50 to $500.
Usually, the cost of custom-built extensions for Magento is more than custom-built themes. Just make sure that the cost of a Magento eCommerce store doesn’t cross your budget while investing a lot in extensions.
Picking the right theme is important because themes will represent the frontend and UX of your store. There are two options for you when it comes to themes.
☛ Choose from Pre-built Magento Themes:
If you are planning to buy Magento themes then you will have to spend somewhere between $0-$200 and more.
Many people choose to start with a basic theme and hire a frontend developer to customize it. Although this approach will give you the desired customization you need to know that a frontend developer will also cost you a substantial amount.
☛ Create Your Own Theme:
In the case of building your own theme, you will get what you pay for. For that, you will need a team of frontend developers with a precise idea of what you want.
The final cost of a customized theme will depend on the features and efforts that went behind in making your vision a reality.
Irrespective of whether your Magento store is small or huge, you will need support just in case things go haywire. Support activities and maintenance services are pretty much the same. Your vendor will usually provide both the services to you.
Customer support is also an important factor to consider. It is a diverse area with many channels and activities.
Generally, a Magento customer support specialist will cost you approximately $40,000/year. We guess one more factor in the cost of a Magento eCommerce store is sorted.
List of Brands that Use Magento:
Listed below are some famous brands that rely on Magento for their business. We hope these names give you some encouragement to go for Magento!
- Coca Cola
- Christian Louboutin
- Victoria Beckham
- Liverpool FC
In this blog, we have mentioned all the factors that will affect the cost of a Magento eCommerce store. It can be rightly said that Magento is a platform that can fit in the budget of any kind of retail business.
The approximate budget of a basic Magento eCommerce website ranges from $22,000 to $50,000. This is of course not the exact cost. The final cost may increase or decrease depending on the changes in factors that influence the final cost of development.
If you don’t have a technical background then hiring an eCommerce development company will make things easier for you. Even if you have the technical know-how a development company will be able to give you proper guidance on how to go about with your project. After all, a little guidance hurts no one right!
Do you want to discuss your eCommerce website ideas with a team of professionals? Are you looking for expert advice on implementing your Magento store? Our team of professionals is available on [email protected] to take care of your development needs!