According to a report by Statista, in 2022, retail e-commerce sales amounted to approximately $5.6 trillion worldwide and are expected to reach $8.1 trillion by 2026.
Whether you're a start-up or a well-established enterprise, you need an eCommerce website for your business. With marketplaces getting more competitive by the day and consumers becoming more focused on their convenience, online shopping is becoming more popular than it ever was.
Especially after COVID-19, when people have begun to rely heavily on buying products online, having an eCommerce website has become increasingly important.
Cost of Running a Website
You may be wondering, how much would a Boxing, MMA or Fitness Ecommerce Website cost. Here’s a detailed list of costs that you may incur while building an eCommerce website using eCommerce Website Builders:
- Website Development Costs
- Domain Name Costs
- Website Hosting Costs
- Cost of Add-Ons
- Payment Processing Costs
- SSL Certificate
- Website Developer Costs
Website Development Costs
If you are planning to go online, you need to have a website for your business. Website development for eCommerce is necessary. There are quite a few costs involved in designing and launching a website. Generally, some eCommerce stores may cost a couple of hundred dollars while others may cost tens of thousands of dollars.
If you are considering platforms such as Magento or Shopify, they are great platforms for website development for eCommerce stores. Magento is free to use whereas Shopify is a paid platform but they do offer a free 14-day trial period.
Magento is an open-source platform which offers its users customizable themes which they can use alongside free themes. Magento's open-source development fee starts from $1,800 and can be more than $10,000 whereas, Magento Commerce starts from $10,000 and can vary according to your needs.
Shopify development platform has many free and paid themes and it’s obvious that the paid themes are packed with more features. The average amount you would have to pay for a theme is around $120. The design complexity, features and detail you want on your website can bring your website development costs to $5,000 or more.
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Domain Name Costs
You need to purchase a domain name for your website and this price is paid every year. A domain name can cost anywhere from $2 to $20 per year. The price may vary as it depends on where you are purchasing it from and the extension, such as .com or .co.uk, you will be using with it.
Website Hosting Costs
After registering your domain name you need to find a web host. A web host handles the influx of traffic on your website and keeps the pages optimized for smooth usage.
Magento is a self-hosted platform so you need to find a web host for your website. For a self-hosted website, it can cost you anywhere from $10 to $50 per month. Magento Open Source hosting costs anywhere from $100 to $500 per month, whereas Magento Commerce hosting costs anywhere from $500 to $6,500 per month.
Shopify offers web hosting as part of its subscription. They offer 3 different monthly subscriptions, Basic for $19, Shopify for $49, and Advanced for $299. Web hosting is not included with the basic subscription.
Cost of Add-Ons
Websites don’t provide all of the features with just a subscription or for free, they give the option of Add-Ons. Add-Ons are provided by website-building platforms so that you can add custom features to your website and design it according to your needs.
Magento Add-Ons or extensions can cost anywhere from $50 to $500 depending on the extension. There are pre-designed features but if you want to build your own extension you can you can hire a team of developers who have knowledge about Magento.
Shopify has many Add-Ons, some are free while others require you to pay some amount to avail them. Shopify provides an outstanding feature: custom apps designed for your store primarily. If you choose to get a custom app, it can cost you about $5,000.
Payment Processing Costs
With an online website, you will be having online transactions, almost all of the payment processors charge some sort of transaction fee for the services they provide. Magento and Shopify also charge a small fee for online transactions.
Magento supports many payment providers, such as PayPal, Stripe, SagePay, and others. You would need to pay a fee to the developer for integrating the API for any payment processor you may choose. PayPal charges 2.9% + 30 cents for transactions which are over $10.
Shopify has its own payment providers but also supports other payment providers such as Amazon Pay, Braintree, Stripe, Skrill, and Coinbase. Shopify charges 2.9% + 30 cents for each transaction you would do through Shopify Payments. But if you are doing it through other gateways it will charge you 2% on each transaction.
SSL Certificate
An SSL certificate is a digital certificate of authentication for a website’s identity. The certificate can range anywhere from $20 to $70 yearly. This certificate will provide authentication for your website, it makes it more secure for your customers to visit and shop on your online store.
Website Developer Costs
When it comes to developing a website for your business you need to hire a developer who can help you with the development of your eCommerce website. A website developer may charge you $28 to $38 per hour. Which makes $ 6,720 to $ 9,120 monthly.
Related Article: How To Turn Your Fitness Website Visitors Into Revenue?
Total Cost for Building Your eCommerce Website
The overall costs for building your eCommerce website according to different website building platforms are:
Magento will cost you around $5,000 to $8,000 including the costs of hiring a developer and designing your overall website. This amount does not include the price for a website host.
Shopify can vary anywhere from $2,500 to $10,000 depending on the size and scale of your website.
Marketing Agency vs. Creating a Website Yourself
There are 2 approaches through which you can develop and market your eCommerce website. You can hire a marketing agency or create an in-house website development and marketing team. We will be comparing the salary stats for our eCommerce business of both:
Marketing Agency
| Marketing Activity | Agency Monthly Costs |
| Content Marketing | $3,600 |
| Paid Social Media | $4,200 |
| Blogging | $2,500 |
| Google Ads | $600 with $100 - $5,000/month ad spend |
| Search Engine Optimization (SEO) | $2,500 |
| Email Marketing | $600 |
| Total | $17,000 |
The total monthly cost of a marketing agency would be around $17,000 as it will be depending on many factors. We can estimate that our yearly cost could be around $204,000.
In-house Marketing Team
The cost of having your own in-house marketing team is as follows:
| Position/Specialist | Yearly Salary | Monthly Salary |
| Data Analyst | $80,343 | $6,695 |
| Web Designer | $65,557 | $5,463 |
| Web Developer | $82,633 | $6,886 |
| Marketing Manager | $113,582 | $9,465 |
| Copywriter | $51,700 | $4,308 |
| Graphic Designer | $47,561 | $3,963 |
| Social Media Manager | $53,386 | $4,448 |
| Total | $494,762 | $41,228 |
Conclusion
It’s safe to say that there is no average website cost. It will depend on the size and scale of your business. You can launch an eCommerce website for less than $20,000 or it can cost you more than $200,000. A great website will not only attract new customers but it'll also retain them.
Our recommendation would be to be generous when you are spending on your business website, as it will pay off in the long run and help make your business successful.
