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Best practices for revamping a Magento store and choosing custom vs template solutions

I’m managing a Magento store that has grown steadily over the past few years, and it’s starting to show usability and performance issues. Users report slow pages, navigation isn’t clear on mobile, and some content is hard to update. I want to improve the experience without hurting SEO or losing current data.

I’ve been considering the options:

Working with a Website Revamp Agency to analyze the current store, improve structure, optimize performance, and streamline navigation.

Hiring a Custom Website design and development agency to rebuild parts of the theme and integrate customized features.

Partnering with a Corporate Website design and Development Company if our needs become more complex (e.g., multi‑store, multilingual, API integrations).

Before I begin, I want to understand Magento‑specific best practices for:

Deciding between a full revamp vs. incremental improvements

When a custom development (vs template customization) makes sense for scalability

How to preserve SEO and existing data during redesign

Typical pitfalls when involving external agencies for Magento work

Questions:

What are the recommended steps for auditing a Magento store before undertaking a revamp?

Are there Magento tools/extensions that help with performance analysis and user experience tracking?

When should I consider custom development instead of sticking with Magento templates/themes?

How do teams usually handle migrations or redesigns without breaking SEO or losing historical data?

I’m using Magento 2.4.x and would appreciate answers focused on technical best practices and real‑world experience.

Thanks in advance