Updating Concrete 220.127.116.11
2. Can I updated without losing my current website?
3. At this point I know that I would need to build a new site from scratch, but I would still want to be able to edit present site, if possible.
4. Finally, in building a new ecommerce site, what version should I use and which theme would provide the most flexibility?
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There is plenty written about doing so in these forums and a bit more in the docs.
If you are also updating php, you will need to modify eCommerce as per