Exciting news this week in the global eCommerce space – Shopify unveiled its latest and greatest innovation, a cross-border solution they’ve dubbed ‘Shopify Markets.’
With an average of over 27% of Australian Shopify store’s traffic coming in from overseas users in July 2021, there’s a growing demand for international shopping to be easier and more accessible than ever before.
Speaking directly to the pain points currently facing merchants wanting to go global (think currency conversion, local payment options, taxes and duties, and language translation just to name a few), Shopify Markets is set to make internal eCommerce the new standard.
Here’s what you can expect from this new innovation, and why working with a Shopify Markets Agency should be high on your to-do list.
What is Shopify Markets?
In Shopify’s own words:
“Merchants can use Shopify Markets to identify, set-up, launch, and optimize international markets—all from a single Shopify store.”
Making the AU$5.7 Trillion global eCommerce market accessible to businesses of any size, in any location, Shopify Markets offers a singular solution to merchants that streamlines what’s previously been a more complicated process of selling overseas.
“Shopify Markets is designed to lower the barriers and resolve the inherent complexities of cross-border commerce, allowing Aussie merchants of all sizes to easily tap into international markets and unlock the true potential of borderless commerce,” said Shaun Broughton, Shopify’s Managing Director for APAC.
Shopify Markets will be available in early access globally starting today, rolling out to all merchants in the coming months.
What are the benefits of using Shopify Markets?
Merchants who jump on board and embrace working with a Shopify Markets Agency early are set to reap the rewards, with the platform tailored at getting you up and running as quickly and effectively as possible.
• Enter new markets easily: Being a centralised hub for global eCommerce, Shopify Markets will inherently simplify the process of setting up and selling in a new country to take just a few clicks.
• One centralised view: Shopify Markets will consist of one main dashboard, that will give you a holistic view of your entire business. Segment out your activity by market (like a singular country) or region (a continent) and see how your business is performing both at home and abroad.
• Tailored experiences: Have you ever shopped an international website, and been put off by things not translating correctly (or at all) or having to do mental maths to convert the price into Australian dollars? Shopify Markets is set to make these frustrations a thing of the past. Here’s a view of the functionality you can expect:
– Local currencies, languages and payment methods that automatically set to the buyer’s country
– Pricing and price rounding rules per market
– Product availability per market
– Local languages
– Local domains with automatic SEO optimization
– Duties and import taxes on behalf of the buyer
• Scale, optimise and automate: Drawing on aggregated data from their 1.7 million merchants worldwide, Shopify Markets will present insights on any new markets that a merchant wants to consider to help them launch effectively. Plus, they’ll use this data to power their machine learning that will automatically set and optimise features like payment methods to drive the best conversion by market.
Looking for a Shopify Markets Agency? As Shopify Partners, we’re at the forefront of bespoke eCommerce design and development using the latest functionality of this powerhouse platform.