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Magento is an Open Source ecommerce web application launched on March 31, 2008. It was created by Varien, building on components of the Zend Framework.
Magento is an eCommerce platform, which means it is primarily used to create website stores so you can sell your products or services right online. It is one of the better known names when it comes to eCommerce platforms and has been around for quite a long time. It can easily be used to create an online only store or to create an online version of a traditional store. The platform is open source so developing plugins, themes or extensions is quite easy.