Magento Commerce platform empowers merchants to use ecommerce components within their platform and offers them to convert their platform into an online store enabling new ways of monetization and enhancing their product’s credibility. To enhance their own services, Magento keeps on releasing small upgrades including bug fixes and security fixes. In the recent update, Magento launched a 2.4 version of its platform offering 30+ security fixes to create a more reliable platform. In the past, many magento ecommerce development companies had also suggested updating Magento commerce to enjoy improved performance and new features and to keep up with the market standards.
As per recent findings, it has come to light that regularly updating Magento Commerce might result in a lower total cost of ownership. Let’s take a close look at the reasons that drive the TCO down as we all know that the lower the TCO of a product the better it gets in the longer run.
But before that let us first take a look at What is TCO?
What is TCO and What does it include?
TCO is the sum of costs and all the expenses you have spent on creating a Magento-based solution. This typically includes licensing fees, hosting fees, DNS fees, and extra plugins or extensions fees. Hence, you need to audit your requirements to understand what type of services you are willing to spend your money on and how it’ll be beneficial for your product.
Evaluating TCO before launching any product will help you in minimizing the surprises while following the development process as well as helps you stay under your desired budget. The costing of the platform also depends on opportunity, for example, you find a platform that suits your current requirement but in the long term, not optimal to scale your business or if you decide to migrate from one platform to another as you found it cheap. This is known as opportunity cost and is evaluated by the loss you suffer due to your selection of one platform over another.
Reasons Why Magento Commerce Updates result in lowering TCO
Simplify the Upgrade Path
Performing regular Updates actually minimizes the overall efforts than asymmetrical updates, hinting a lower long-term cost and eventually minimizing the TCO. How? Let’s understand this with an example – Regular updating website allows your plugins as well as other components to function according to the new version. If not, you can always customize them to make them more compatible. Losing time of update or updating the version later when another version has been rolled out affects the compatibility of your components. You’ll have to spend more time on customizations to make your components function properly. On the top, there is another update waiting, increasing the overall efforts and unnecessary cost.
Security is the most important factor to maintain the customer’s trust. Hence, Magento spends a significant amount of time on enhancing the security of its platform. They keep on releasing security patches with every new update, allowing users to enhance the security of their solution. If not updated, the security of your solution is at risk as there are many bad actors who have probably figured out loopholes in the older version and act as a threat to your data.
Magento 2.4 has more than 30+ security bugs fixes and implements new features to improve security. One interesting feature recently added is 2 Factor Authentication, allowing merchants to add a layer of security over login credentials. In any case, if the security via credentials is compromised, attackers won’t be able to take control of the site. Hence, the regular update offers peace of mind in terms of security to both merchants and customers.
Feature First Approach
Regular updating your platform gives you an edge over your competitors, allowing you to use new features before them. You would’ve plenty of time to understand the feature’s functionality and use them as per your project’s requirement to deliver a better user experience.
Magento community in the recent update introduced in-store pickup, Adobe Stock Images support, ElasticSearch integration, and many such new features that let you gain a significant amount of advantage over your competitors and allow you to deliver a best-in-class experience.
Magento marketplace is growing significantly and that allows you to enhance your online store’s productivity. Magento development is also taking a leap in the future with these regular updates. Magento India is one such Magento 2 development company. It offers a comprehensive range of Magento development services including Magento Security Patch Installation, Magento ecommerce development, and lets you hire Magento 2 developers on a requirement basis. Get in touch with our experts to know more about Magento’s new update benefits and how it can help in lowering TCO.
1. What is Magento ecommerce development?
Magento ecommerce services is a platform built on open-source technologies that let you highly flexible, robust, and scalable online store and also allow you to manage the content and functionality of the store.
2. Is Magento good for the ecommerce platform?
Yes, as Magento is a highly secure and flexible platform, it fits best for developing an eCommerce solution. You’ll be able to develop a fully scalable, robust, and feature-rich solution on the Magento platform.
3. Is Magento 2 more difficult than Magento 1?
Yes, as Magento 2 is a little bit more complex than Magento 1, it is difficult to understand, especially in the front-end development zone. Even though, there are several Magento 2 tutorials launched by Magento Community to keep you up-to-date and help you with the functionalities.