Magento 2 is finally here and it’s a doozy. It’s been pushed forward at breakneck speed thanks to a surprise acquisition of the ecommerce shopping cart by Adobe, which bought it for $1.68 billion in May of 2018.
This sudden influx of cash on hand has streamlined the production of Magento 2. It’s now available for end users, and there’s plenty to like. We’ve already covered some interesting Magento statistics in a previous article. But here’s everything we know about Magento 2 so far.
Magento’s Market Share
Magento 2 is relatively new, which means that its market share is on the rise, thanks mostly to the viral following of Magento 1. It’s a win-win for enterprise retailers that need a fast, reliable and secure system with plenty of customization options.
Because of the way that Magento 2 has been developed, it’s a great fit for medium to large retailers. This has helped it secure about 28% of ecommerce market share, making it one of the most widely used platforms out there.
Beefed-Up Admin Backend
Magento 2 has taken a different tone than its ancestor. Namely, you’ll find a beefed-up admin dashboard and control panel that’s far more user-friendly. As compared to Magento 1’s backend, which only the tech-savvy could grasp, Magento 2’s dashboard is modern, user-friendly and feature-rich.
The UX is optimized for merchants of all sizes, with special, additional features made available in the Enterprise Edition (requires a monthly fee). Simple things have been added, like bulk edits, for example, that give users far greater control and ease of product and listing management.
Updated admin menus with improved usability, easier product creation tools and improved content and image management are all earmarks for Magento 2 that make it superior over its predecessor and more attractive to non-technical users.
Notably, Magento 2 has striven to make a more usable ecommerce solution that doesn’t require that users shell out thousands on costly developers every time they need to update their online store.
Speed is Drastically Improved
Magento has always been a speedy service. Magento 2 builds on that by increasing average speed handsomely. Considering that just a one second delay in page loading time can decrease conversions by 7% or more, every millisecond counts when it comes to loading time.
The biggest update to page loading time in Magento 2 is the resolution of prevalent and nightmarish caching issues that Magento 1 exhibited. Instead, these problems have been permanently resolved, enabling Magento 2 platforms to process 600 orders per hour, as compared to Magento 1, which is only capable of processing around 467 orders per hour.
Compatible Payment Gateways
If you’re using a specific payment gateway, you’ll be pleased to know that Magento 2 is now able to work with the following:
- PayPal
- Braintree
- net
- WorldPay (Enterprise Edition)
- CyberSource (Enterprise Edition)
They will be adding some new gateways in the future, but these do comprise some of the best known, most reliable and securest of the bunch. Still, it’d be nice to see more added options for payment gateways in the future, something that is certainly yet to come.
You Can’t Port Themes
Magento 1 and 2 are different platforms with the same brand name. In most cases, you won’t be able to port Magento 1 directly to Magento 2. The good news is that a variety of data migration tools will be available soon that allow you to do this. In the meanwhile, you can plug ReadyCloud Magento CRM software into your original store, grab all your order and customer data, and take it with you to Magento 2.
While there are some data porting options, customization will certainly follow. Magento 2 themes are entirely different, with most retailers wanting to develop them from scratch. As time passes, and as the developer community grows, plenty of themes will be available to online retailers.
Limited Extensions Early On
As with any new community of its size, Magento 2 is light on available extensions but this is only a short-term issue. The dedicated developer community just needs a bit more time to create updated extensions for this new platform.
The issue here is that some retailers won’t want to make the move to a system without the extensions they are currently using being available from the get-go. A smart option, if you’re considering making the switch, is to look up your favorite extensions to see if they are available or in the works on Magento 2 before you decide. Some outstanding extensions such as Magento 2 shop by brand, Magento 2 auto related products, or Magento 2 reward points, are all solid considerations that can help your brand succeed on this new version.
Benefits of Magento 2 Enterprise Edition
Large-size retailers will assuredly benefit from Magento 2 Enterprise Edition. Unlike the Community Edition, which his free, Enterprise Edition is costly but feature-rich.
A few of the added perks include:
- Enhanced site management
- Enhanced catalog management
- Dynamic marketing & management features
- Customer loyalty programs
- Dedicated 24/7 support
If you’re considering using the Enterprise Edition, you will also want factor in its cost. Expect to pay around $22,000 per year for these added features.
Should You Switch?
Without a doubt, Magento 2 is superior to 1. But does it make sense for you to switch just yet? If you’re an enterprising retailer that wants more features and functionality and has a sizeable developer budget, it’s a no-brainer.
However, if you’re just getting started or have limited developer funds, you might be better off playing it safe and waiting for some updates first.
Magento Infographic
Need even more info about Magento 1 and 2? We’ve got you covered with this fast-fact infographic that you can use as a reference sheet.
