Yes, Magento upgrade is performed in the same way as migration. Thus, install needed version and transfer all data from your existing store to the new one in a few clicks.
- Magento 1.x to Magento 1.x Upgrade: http://litextension.com/shopping-cart-migration/magento-to-magento.html
- Magento 1.x, 2.x to Magento 2.x Upgrade: http://litextension.com/magento-2-x-migration/magento-to-magento-2-migration.html
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