In my opinion (and I create a lot of shops on Prestashop) it works quite well. But...
1. You have to had not thousand of products. Importing catalogs of thousands of products from wholesaler won't work. You have to carefully find which products are selling.
2. You have to find market niche. There is hundred of thousands shops. Why client should buy with you? You have to had different products than others.
3. If you have the same products your customer experience must be exceptional. When you start you can't fight with the prices because you don't have enough money. Now everyone expects fast shippements, good customer experience, easy buying process, secure payments and things like that.
4. Get a marketing agency. For sure when you start and even have fast shippements, good customer experience etc. you need to find a clients. You will need facebook page, opinions on google and also google ads.
I know that the tips I wrote are general, but it's hard to write precise ones if I don't even know the industry you're thinking about. If you have any questions, please contact me.