Entering global eCommerce is a pipe dream of many small and medium-sized companies. But now, the release of Shopify Markets really makes that dream come true and easier to access than ever. In this article, we will go over the basics of Shopify Markets and how it can help you sell across borders.
Shopify Markets runs as a global commerce hub with all necessary tools for merchants to grow and scale their business cross borders. From now, merchants of any size can set up, launch, and manage international operations with ease from a single Shopify admin.
Although Shopify has enabled online merchants to enter new markets with international domains and multicurrency, the release of Shopify Markets makes Shopify global by default. With Shopify Markets, there are no longer barriers that stop merchants from selling outside of their home country such as language translation, currency conversion, local payment methods, import taxes and so on.
Shopify Markets provides powerful tools to make it easier and more accessible for online merchants to sell globally. Let’s see how they can help your company get a piece of the international commerce pie.
Customers love shopping in stores with localized languages and currencies. So it will be great if you can give your international customers a tailored shopping experience for each market.
Shopify Markets enables you to convert to more than 133+ local currencies with Shopify Payments and round the prices up based on the latest foreign exchange rates. Rest assured that shoppers experience a consistent multiple currency experience throughout their buying process. The currency conversion feature makes your store more understandable and familiar to customers, encouraging them to make a purchase.
Businesses at any size should not ignore when expanding globally is to go local with the site’s language. A recent statistic from CSA research reports that 65% of more than 8000 global customers in 29 countries prefer content in their language when shopping online. And 40% of customers won’t make a purchase from websites in other languages. This shows the importance of local language that affects conversion rates as well as the likelihood of business success in international commerce.
In Shopify Markets, you can easily translate our store by using reliable Shopify translation apps. The language in your website will be converted automatically based on the customer’s country API detected.
Shopify team is developing native translation management support within Shopify admin. So you can kindly wait for that feature coming soon.
The last but not least step in the checkout process is to select a payment method. Customers tend to give up buying with unfamiliar payment services that they do not recognize and trust. Customers from different countries and territories will have different preferences in payment methods. Thus, if you can make international customers feel at home with local payment methods, you can win sales easier.
Shopify Markets offers many local payment methods so you can add them in your checkout at ease. By this way, your international buyers can quickly finish the checkout process with no worries or stress. From that, your sales will go up and the cart abandonment rate drops out significantly.
No one wants unclear additional duties, taxes, and other fees added in their checkout. This is an unexpected and not good experience for shoppers which may cause loss for your business such as parcel refusals chargebacks, etc
Shopify Markets is here to help you keep customers informed by collecting duty and import taxes at checkout. All costs will be clarified in the checkout so your customers have no confusion or suspects on any costs added in total.
Thanks to Shopify’s centralized commerce platform, you now can organize and manage your international business in the most convenient way for you. On a single dashboard, it is easy to view your whole international business in different markets.
Moreover, you can manage countries or regions as a group rather than a single country market. For example, group America and Canada in a single market and tailor present prices in local currency and payment methods to your buyers in that market. This helps to consolidate your strategies to be more efficient and save time duplicating the localization work.
Regarding selling globally, product prices are not simply translated to the same rate in currencies of your international customers. If you want to expand worldwide, don’t apply a pricing strategy for every market. Countries around the world have differences in buying powers, threats of substitutes, import taxes, number of competitors, etc. Thus, it is vital to adjust prices in specific markets.
Shopify Markets allows you to custom product prices per market and thereby take greater control of your pricing strategy. Moreover, you can set specific prices for select products in different regions based on your agreements with resellers or retailers in that region. Simply do it within the Shopify admin and by using a product CSV. Rest assured that you can preserve your profit in international regions.
This feature is super useful for businesses that own warehouses in different places around the world. With Shopify Markets, you can provide the right inventory on your online store based on the warehouse location that ships to a particular market.
For instance, you have 2 warehouses in China and America. If you set up the China warehouse ships to the Asia market, customers from Malaysia will only view the inventory in the China warehouse. This not only helps you manage inventory better but also optimizes the shipping costs.
According to data from million global Shopify merchants, you now can get valuable and actionable insights in various markets worldwide. With these insights, you can save much time researching a new market, enter it with no ambiguity and earn profit quickly.
Shopify Markers offers you a smart settings tool to monitor and optimize your business performance in the activated market. See your performance across markets so you can predict demand and set goals. Thereby, you can improve your store for the best performance result.
Grow and scale business globally is easier and more possible than ever with Shopify Markets. Most barriers that make merchants daunting in expanding abroad have been resolved significantly.
Shopify Markets is now available in the early access. If you need any help in starting your global business, simply contact us via live chat or send an email to [email protected]. Our team is more than happy to help!