Thirteen years after its launch, the Magento 1 ecommerce platform will reach end-of-life in June 2020. Industry analysts estimate that this will affect around 250,000 websites across the world – that’s more than 10% of global ecommerce stores. So if you’re running a Magento 1 based site, now is the time to take action.
While your Magento 1 site won’t automatically fail after June, it will no longer be supported. This means there will not be any further improvements or security patches for the platform and your site and data will be exposed to external threats that could compromise your business. What’s more, without Magento support, your site’s functionality is likely to rapidly deteriorate, which could result in poor customer service and lost revenue.
There are many significant security risks for organisations that fail to upgrade an unsupported Magento system before June 2020. Any software vulnerabilities will no longer be addressed with updates, leaving sites at the mercy of hackers. These threats are real – potential attackers know the vulnerabilities of Magento 1 sites and will target them. Possible risks include:
There are also compliance risks to consider, and the impact that security breaches could have on your customers. For example, if the checkout on your site is no longer secure, hackers may be able to access your customers’ data and payment details. This could leave clients susceptible to fraud – and your company on the wrong side of GDPR and data protection legislation.
Some b2b or b2c organisations currently running Magento 1 will of course look to move across to another Magento platform. But we speak with many companies that are taking this opportunity to review their ecommerce requirements in a wider business context.
These companies are thinking about the kind of customer experience they want to offer and how they can incorporate more personalisation, targeted promotions and real-time features like stock updates into their online offering. They understand the benefits of integrating their ecommerce platform with accounting systems such as Sage, Xero and Pegasus – and they’re asking us to help them gain competitive advantage with a best-in-class integrated ecommerce solution.
With the right technology partner to help you identify the challenges, explore the options and weigh-up the merits various ecommerce options, you can be confident of making the best choices as Magento 1 nears end-of-life.