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Absolute Design
Magento - Business Solution Partner Adobe Solution Partner

Can you afford to lose £250,000?

Posted by: Absolute Design

If your sales turnover is over £1m and your site is still on Magento 1, can you afford to lose £250,000 of sales?  This is the opportunity cost if you don’t act NOW.

Typically it takes three months to launch a new M2 site, so if you are forced to stop trading on M1, you could lose three month’s revenue.

Why you need to migrate to M2

As of June 30th 2020, Magento will cease supporting its Magento1 platform, meaning you are at risk of:

  • Hacking - your website could be open to attack because no further security patches will be issued
  • Loss of PCI compliance
  • Possible blacklisting from payment providers
  • Increased maintenance and support costs

Industry experts expect that payment providers will block payments on M1 sites as and when PCI compliance issues are discovered.

Why Migrate to M2

  • Highly secure
  • Proven technology
  • Future proof and can be expanded as your business grows
  • Better quality modules and latest third party SaaS integrations
  • It’s faster than M1 resulting increased conversion rates, increase sales and increased profit
  • Improved admin interface

Why Now?

In January 2020, you should be shortlisting Magento Partners to obtain estimates for migrating from M1 to M2, with a view of appointing in February. You also need to ensure they have the capacity to take on your project because of the volume of merchants moving from M1 before the June deadline.

Good Practice

When planning a new website platform Absolute recommend that you take the following into account:

  • Typical site build lead time is 3-4 months,  so you need to act NOW.
  • For sites turning over £1m+ per year, the total cost of ownership on M2 after 18 months is cheaper than the direct competitors, such as Shopify.
  • An M2 site can expand with your business.
  • You are not alone, from Absolute’s research, only 10% of historic M1 sites have so far moved to M2 and 72% are still to change platform*.
  • As the June 2020 deadline approaches lead-times are likely to extend as more merchants look to move to M2.
  • It is good practice to refresh your website every 3 or 4 years because the technology is advancing so fast. 

Remember you are at risk of losing £250 000 if you don’t migrate your site before June 2020.

What will an M2 Site cost? 

Here are some examples of recent Absolute builds with ballpark budgets:

How can Absolute help?

  • Absolute are an award-winning agency.
  • £85 per hour in house developers.
  • Absolute never outsource development.
  • Highly accurate estimates meaning no over charges to our customers.

*Subject to approval of iomart Commerce's finance criteria.