From time to time, Exchange listings are subject to manual review by the Exchange team. If your listing needs review, you'll be notified before publishing your listing on Exchange.
Listing reviews can take up to 72 hours to complete. The Exchange team will be checking your listing for a few things, including:
- Ensuring that you've included all the information that's needed to make your sale successful. To ensure that you meet this requirement, please see our section on what to include in your listing.
- Making sure that your business meets all of Exchange's seller guidelines.
If any changes need to be made to your listing, then you'll receive an email from Exchange within a few days asking you to make changes. Your listing is also assigned a Completeness Score based on the information that it contains.
If your listing is approved, you'll receive an email notification letting you know that you can now set a selling price and publish your listing.
Improving your Completeness Score
Your Completeness Score can be found in the Dashboard tab of the Exchange app after you've published your listing. The Completeness Score helps you to make sure that all necessary sections of your listing are filled out. Although it does not affect how visible the listing will be to buyers, some elements of listings tend to make them more successful. Adding these to your listing will increase your Completeness Score, which helps guide your listing towards finding a buyer more quickly.
Overall, improving your listing score involves more than just completing each section of the listing form. What's most important is including as much information as you can and taking the time to provide accurate and thorough details in each section. If you follow these tips, you'll see your score increase which will result in more inquiries from potential buyers.
How is the Completeness Score calculated?
There are many different factors that contribute to this score. The best way to improve it is to create a thorough listing. It will simply require some attention to detail and taking the time to create a thorough listing. Although creating a complete listing with all the information that's important to buyers may seem daunting, it will prove to be worth your time. Including assets in the sale, such as a custom domain and social media accounts, also helps to increase the Completeness Score. Listings with a higher score are proven to sell quicker.
Potential buyers do read your listing's description very closely before making the decision to contact or make an offer. The description is intended for information about the story of your business, what makes it successful, and why you're selling. For other ideas, see Best practices for Exchange listings. Exchange recommends at least 1,000 words total throughout your listing to help describe your business.
The Why you Started section
This section is important because it allows potential buyers to get a better understanding not only about the inspiration behind your business, but it also about you as the seller. You can write about why you chose the products you're selling, what your goal was for starting the business, and the market or niche you're targeting.
Add at least 5 sentences to all other written fields
It might seem like there are quite a few shorter questions involved in the listing form, but each question is important to potential buyers.
Add links to your social media accounts
If you're including a social media account in the sale, then be sure to add links to the accounts that are included. Having these links present increases your Completeness Score and could potentially increase the number of buyers who decide to contact you.
Include information about your profits
One of the most important questions potential buyers will have about your business is whether it's profitable. Whether you've been extremely profitable, or simply making a small amount each month from your sales, buyers of all skill levels want to have this information before contacting you.
Exchange listing review tips
- Make sure your numbers add up. Double check all of your stats, figures, and costs before you submit your listing for review. Carefully calculate your monthly profit margin and make sure your social media follower counts are accurate.
- Include all expenses in the Expenses list. This includes paid apps, domains, and money spent on advertisements. Be sure to factor these numbers into your average monthly profit calculations. You should also include all paid apps that have been uninstalled and paid ads that have been stopped to give the buyer an accurate sense of what they might need to spend.
- Separate the cost of paid apps from your subscription cost so buyers understand which expenses are optional.
- Fulfill all orders, including those that come in while your business is up for sale, before finalizing the sale.
- If Shopify has requested any identification documentation from you, then you must fulfill this request before your listing can be approved.
- Make sure your location is approved by Escrow.com.
- Write your listing in the language that you are most comfortable with. If you are looking for a buyer that speaks a certain language, then consider writing the listing in that language.
- Offer realistic post-sale support to your buyers. Include an end date and the method in which support will be provided, for example, offer support by phone or email for 6 months. Do not offer a "lifetime support," ask for a partnership or equity in the company, or say that you will charge for continued support.
- Use your full name in your account settings. If there are currently multiple people running the online store and the main name is set to something like Admin, then it should be changed to an owner's real name to avoid any confusion.
- Don't include any additional, personal contact information in your listing. This includes phone numbers, WhatsApp numbers, and Skype names.
- Don't duplicate of any other Exchange listing, including other listings you have already created.
- Don't promote any other services in your listing, or subsequent messages to buyers.
- Pay all outstanding invoices before listing your business for sale.
- If you aren't including assets such as logos, photos, or a custom domain, then make sure you state this and explain why.