Magento is planning to discontinue support for Magneto 1 by the end of 2018, which will become increasingly difficult to support thereafter. We recommend you to be proactive about the migration and plan to move to the new Magento 2 platform before Magento 1 support ends. This migration process will begin with a discovery phase and lots of considerations about your requirements, so we recommend to initiate the discussions early to meet the timelines.

A lot of existing themes and extensions may not work on Magento 2. It is extremely important to reuse what we can, rebuild new features and migrate the data of the existing website. The concepts, the processes, workflows may be migrated. If an extension was used to provide some functionality, we may be able to purchase a like-for-like extension, or we may need to rebuild the functionality from scratch. Data migration is a great way to clean up and remove redundancy. The plan is to get the best of Magento 2 and make the transition as smooth as possible.