Magento 2.0, launched in 2015, addresses the shortcomings of Magento 1 with significant improvements in both frontend and backend, enhancing user experience and operational efficiency for eCommerce businesses. Key features include a new interface, improved performance and page load times, a streamlined checkout process, and an easier-to-manage admin panel. The update reduces costs and effort associated with upgrades, making it a preferred choice for eCommerce owners looking to enhance their online presence.