Magento vs Wave: Side-by-Side Feature & Pricing Comparison
Our Harvard-educated consultants have implemented both Magento and Wave for Australian businesses. Here is what 12+ of experience has taught us about choosing between them.
Feature Comparison
Side-by-side feature ratings for Magento and Wave.
| Feature | Magento | Wave | Notes |
|---|---|---|---|
| Store customisation | For Retail & E-commerce that rely on strong store customisation, Wave is the more capable option in our assessment. | ||
| Product management | For product management, both platforms deliver a similar experience — neither has a clear advantage. | ||
| Payment processing | When it comes to payment processing, Wave pulls clearly ahead of Magento — a factor worth weighing if this capability is important to your team. | ||
| Shipping and fulfilment | When it comes to shipping and fulfilment, Magento pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team. | ||
| SEO and marketing tools | For Retail & E-commerce that rely on strong seo and marketing tools, Magento is the more capable option in our assessment. | ||
| Mobile commerce | For Retail & E-commerce that rely on strong mobile commerce, Magento is the more capable option in our assessment. | ||
| Invoicing | Magento has a notable advantage in invoicing. | ||
| Expense tracking | For Retail & E-commerce that rely on strong expense tracking, Magento is the more capable option in our assessment. | ||
| Bank reconciliation | When it comes to bank reconciliation, Wave pulls clearly ahead of Magento — a factor worth weighing if this capability is important to your team. | ||
| Payroll | When it comes to payroll, Magento pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team. | ||
| Tax reporting and BAS | For tax reporting and bas, both platforms deliver a similar experience — neither has a clear advantage. | ||
| Multi-currency support | Wave significantly outperforms Magento on multi-currency support, making it the stronger choice for businesses that prioritise this area. |
Store customisation
Magento
Wave
For Retail & E-commerce that rely on strong store customisation, Wave is the more capable option in our assessment.
Product management
Magento
Wave
For product management, both platforms deliver a similar experience — neither has a clear advantage.
Payment processing
Magento
Wave
When it comes to payment processing, Wave pulls clearly ahead of Magento — a factor worth weighing if this capability is important to your team.
Shipping and fulfilment
Magento
Wave
When it comes to shipping and fulfilment, Magento pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team.
SEO and marketing tools
Magento
Wave
For Retail & E-commerce that rely on strong seo and marketing tools, Magento is the more capable option in our assessment.
Mobile commerce
Magento
Wave
For Retail & E-commerce that rely on strong mobile commerce, Magento is the more capable option in our assessment.
Invoicing
Magento
Wave
Magento has a notable advantage in invoicing.
Expense tracking
Magento
Wave
For Retail & E-commerce that rely on strong expense tracking, Magento is the more capable option in our assessment.
Bank reconciliation
Magento
Wave
When it comes to bank reconciliation, Wave pulls clearly ahead of Magento — a factor worth weighing if this capability is important to your team.
Payroll
Magento
Wave
When it comes to payroll, Magento pulls clearly ahead of Wave — a factor worth weighing if this capability is important to your team.
Tax reporting and BAS
Magento
Wave
For tax reporting and bas, both platforms deliver a similar experience — neither has a clear advantage.
Multi-currency support
Magento
Wave
Wave significantly outperforms Magento on multi-currency support, making it the stronger choice for businesses that prioritise this area.
Pricing Comparison
General pricing information for each platform.
Magento
Open source free; Commerce from custom pricing
Pricing is indicative only and subject to change. We recommend contacting the vendor for a tailored quote based on your Australian business needs.
Wave
Free for invoicing and accounting
Prices shown are approximate and may differ based on your plan, team size, and billing cycle. Verify directly with the vendor for current AUD rates.
Pros & Cons
An honest look at the strengths and limitations of each platform.
Magento
Pros
- Scalable storefront that grows with your business
- Multi-channel selling from one dashboard
- Real-time webhook support for instant data sync
- Solid feature set for its price point
- Extensive integration ecosystem with 30+ connectors
Cons
- Large ecosystem can make choosing the right integrations overwhelming
- Complex data model may require expert configuration
- Transaction fees can add up at scale
- Onboarding documentation could be more comprehensive
Wave
Pros
- Regular platform updates and improvements
- Solid feature set for its price point
- Mobile-friendly interface
- Australian tax compliance built in
- Extensive integration ecosystem with 30+ connectors
Cons
- May require accounting knowledge to configure properly
- Add-on costs for advanced features
- Bank feed reliability varies by institution
- Onboarding documentation could be more comprehensive
Best For
Which tool suits which use case.
Choose Magento if you need
- ✓ Teams needing extensive third-party integrations
- ✓ Complex data models (orders, products, customers and more)
- ✓ Real-time data sync across platforms
- ✓ Multichannel selling
- ✓ Order fulfilment
Choose Wave if you need
- ✓ Teams needing extensive third-party integrations
- ✓ Education organisations
- ✓ Financial reporting
- ✓ Professional Services businesses
- ✓ Complex data models (invoices, customers, payments and more)
Expert Verdict
Our Harvard-educated consultants' take on this comparison.
Clever Ops Recommendation
Comparing Magento and Wave is a bit like comparing apples and oranges — they solve different problems. Magento handles your e-commerce needs, while Wave covers accounting & finance. The value of this comparison lies in understanding how they work together. Clever Ops specialises in connecting these kinds of complementary tools for mid-market Australian businesses.
Migration Notes
What to know about switching between Magento and Wave.
Migrating Between Magento and Wave
Clever Ops takes a low-risk approach to migrating between Magento and Wave. We run both systems in parallel during the transition, transferring customers in stages and verifying data at each step. Your team continues working in the existing system until the new one is fully validated. The process typically takes 4-8 weeks, followed by 3 months of hands-on support.
Magento vs Wave FAQ
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