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It was big news for Shopify sellers with international growth ambitions. With Shopify Markets, the Canadian e-commerce giant launches a new solution to simplify international online commerce. We took a look at what makes Shopify Markets special, what features Shopify Markets offers, and how you can benefit from Shopify Markets.
Shopify Markets as a central cross-border e-commerce platform
Not least by stating his intention to equip his “Shopify rebels” with proverbial weapons for the fight against Amazon, Tobias Lütke, CEO of Shopify, has underlined Shopify’s great ambitions in e-commerce. Now, with the launch of Shopify Markets, he is taking the next step to ensure international competitiveness.
Through its launch, online merchants will be able to identify international markets from a single Shopify store, optimize sales conditions, and make sales easily and effectively. With a few clicks, it will be possible to expand into new markets and manage them from a central dashboard.
Shopify Markets: What is new – what is better?
As already mentioned, with the launch of Shopify Markets, the e-commerce platform is trying to simplify cross-border sales for its merchants. In this way, the store system recognizes and makes it possible to respond to the cultural differences of online shoppers and thus to react to the wishes and characteristics of customers in foreign markets as well. In addition, more local and supposedly closer contact with potential buyers is made possible. Last but not least, improved analytical capabilities allow the implementation of a data-based international strategy.
But what are the new Shopify Markets features you can use?
Currencies with Shopify Markets
The introduction of Shopify Markets allows you to display prices in 133 different currencies. Displaying prices in the right currency can be a real game-changer for your international sales. After all, prices in the local currency increase conversion rates (1.4x conversion rate according to Shopify) and reduce sudden shopping cart abandonment.
A full 92% of online shoppers prefer websites that offer products in local currency.
The reasons for this are easy to understand, because the right currency…
- Is intuitively understandable for your customers
- Prevents unpleasant surprises and thus dissatisfied customers
- Promotes trust during the payment process
- Prevents uncertainty about exchange rates
- Prevents concerns about currency exchange fees
- Promotes a smooth payment process
Languages in Shopify Markets
The language of your online store is at least as important as the appropriate currencies. According to Shopify, 75% of shoppers want to shop on sites in their native language.
With over 24 different official languages in the EU alone, it is difficult to satisfy all customers. This is especially true as small details and nuances can often make a big difference when it comes to language. For quick translations, tools such as DeepL are available, but in the long term, work should be done with local translators. Shopify Markets provides a simple solution for 20 different languages. This makes the visitors of your online store feel almost at home. You will notice this in the conversion rates.
Domains with Shopify Markets
While language and currency are recognized by many online merchants as a clear influencing factor on purchase decisions, the influence of the domain is often underestimated. The TLD (top-level domain), for example, plays an important role.
The most frequently used TLDs worldwide are “.com”, “.in”,”.ru” “.org”, “.net”, “.ir”, “.uk” and “.de”. These TLDs have an often underestimated influence on the trust that customers place in the online shop. In addition, they play a non-negligible role in terms of SEO and rankings on Google and Co. Trust of the visitors and rankings are of course interdependent.
With the new feature, you can use “.fr”, for example, when selling in France, while using “.de” in the DACH region. This will improve customer trust, click-through rate, and thus rankings.
Collection of duties with Shopify Markets
The new Shopify Markets also allows you to automatically calculate import fees. This prevents a nasty surprise for your customers. Unexpectedly, additional costs during delivery can thus be ruled out. In most cases, such additional costs lead to a bad purchase experience and prevent a repeat purchase – not to even think about positive feedback and word-of-mouth.
Payment methods in Shopify Markets
One factor that many online merchants often underestimate is the importance of the different payment methods. These differ from country to country. If your visitors do not find their favorite payment method, they will leave the online store. In the worst case, an almost certain conversion is aborted and the shopping cart is abandoned.
With Shopify Markets, it is possible to offer your shoppers direct and secure methods that online shoppers trust.
Additional features of Shopify Markets
Customized markets
With Shopify Markets, it is possible to define relevant e-commerce markets and group different countries and regions. Among other things, this helps you choose a more efficient and tailored marketing strategy.
Automated market optimization and market analysis
Optimize your strategy for different markets based on extensive data. This allows you to recognize developments in different countries at an early stage and thus adapt your strategy. This also includes forecasting demand in the various markets to ensure appropriate objectives and planning.
Control of prices
With Shopify Markets, it is possible to manage prices between different e-commerce markets by easily being able to subdivide them. This gives you more control over your international pricing strategy.
Global inventory function
One of the features of the new solution that can be a real game-changer for many online merchants is the inventory feature. It allows online businesses to customize product offerings based on the location of the inventory warehouse. Alternatively, you can work with order fulfillment companies like byrd that have a fulfillment network in Europe. This way it is always possible to store adequate products geographically close to your customers.
Are you a Shopify merchant? In case you are thinking about outsourcing your logistics or switching your 3PL provider, byrd offers a seamless Shopify integration and an international fulfillment network.