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What is Shopify Markets? The Complete Guide to Global Selling with Shopify

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The e-commerce marketplace is a truly global one. We’re talking about a $4.9 trillion worldwide market. Plus, we can anticipate that the e-commerce marketplace is only going to get bigger as the internet takes a stronger foothold throughout the world.

Fear not if you’re wondering how you can jump into the fray. We have you covered. In this article, we’re going to explore the Shopify Markets as the go-to tool to enter the global e-commerce market. 

What is Shopify Markets?

The Shopify Markets feature is a solution designed to help you sell internationally. With Markets, you can centralize all of the features needed to sell to multiple countries and scale internationally. But here’s the biggest feature of all: you can sell to multiple international markets from one Shopify store.

Previously, selling to multiple international markets required creating multiple Shopify stores. Selling to various overseas markets required specific language, currency, and shipping settings. As a result, multiple sites were needed to accommodate these various options.

Well, not anymore.

The Shopify Markets feature allows you to create and customize everything you need for a truly global e-commerce site from one Shopify dashboard.

When was Shopify Markets Released?

If you’re wondering about the Shopify Markets release date, it was first made available on February 11, 2022. As you can see, it’s hot off the press. It’s one of Shopify’s hottest new features, and it’s already causing a stir.

In essence, Markets is available to all merchants except for the following:

  • Some language features such as Brazilian, Portuguese, or Chinese
  • Domains that don’t target specific countries
  • Your primary domain doesn’t reflect your main market

Beyond these limitations, Shopify Markets are a great way to go international without spending a fortune building multiple sites.

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How to Sell PickyStory Deals with Shopify Markets

PickyStory now supports multi-currency selling using Shopify Markets, which means that you can sell bundles and other product deals internationally with PickyStory. Here’s how: 

1. In Shopify, set up your markets and set a currency for each individual market:

shopify checkout currency

2. Ensure that you have the geolocation app installed: 

what is shopify multi currency

3. In the geolocation app, enable either “recommendations” or “selectors” (or both) for your store:

how to sell in multiple currencies on shopify

4. Check your PickyStory deals. If you use “recommendations”, the currency will be automatically updated. If you use “selectors”, the customer can change the currency using the selector on the page:

shopify multiple currencies

That’s it! Your customers can now purchase PickyStory bundles and deals in whatever currency you have established for their location using Shopify Markets. 

What are the Top Features of Shopify Markets?

Let’s talk about Shopify Markets features. Markets centralizes the tasks needed to run a truly global e-commerce site into one dashboard. Previously, you would have needed to build individual sites for each country, including specific domain names. You also needed apps and themes that could support multiple languages and currencies. 

That changes with Shopify Markets features. Here’s a look at what you can expect:

1. Localize storefronts, calculate duties, taxes, comply with regulations, deal with cross-border requirements, and find more cost-effective shipping options.

2. Centralize various storefronts and sites into a single dashboard. Manage shipping, duties, and compliance from a single source.

3. Expand easily into new markets by customizing and localizing storefronts. There’s no need for complex coding or building new sites. Everything is ready straight out of the box.

shopify markets features
Source: shopify.com/markets

4. Build customer loyalty by tailoring the user experience to each market. Offer multiple languages, currency, and product descriptions in various languages.

5. Boost efficiency, inventory management, shipping, and customer service by streamlining all of your operations.

6. Translate content into multiple languages, deal in over 130 currencies, work with easy-to-use payment methods, and collect duties and taxes at checkout.

shopify markets release date
Source: shopify.com/markets

What are the Pros and Cons of Shopify Markets?

Let’s take a deeper look into the pros and cons of using Shopify Markets.

Advantages of Shopify Markets

#1: Using Shopify Markets simplifies currency conversions for international shoppers. 

According to Shopify, roughly 92% of consumers would much rather purchase in their local currency. Shopify Markets facilitate currency conversion by displaying prices in your chosen market’s local currency. Please note that Shopify adjusts prices using the latest exchange rates. So, you set your prices in USD, and Shopify Markets take care of the rest.

#2: Using Shopify Markets simplifies language translation

Based on Shopify data, we know that three-quarters of consumers would rather purchase items in their native language. Like local currencies, localizing your storefront with local languages enhances customers’ overall experience. This feature allows you to increase your conversion rates, drive revenue, and boost your profitability.

shopify markets vs global-e
Source: thedigitalfutur.com/shopify-ecommerce/

#3: Using Shopify Markets boosts your SEO

Search Engine Optimization (SEO) is a crucial factor in making your e-commerce visible to the world. By localizing your content, you can boost your SEO ranking for specific markets. In particular, using localized domains helps boost your e-commerce site’s SEO ranking. 

For instance, using a com.de extension for Germany increases your visibility in Germany. Using a traditional .com extension works, but it won’t be as effective as using a localized domain name.

benefits of shopify markets
Source: endertech.com/blog

#4: Using Shopify Markets allows you to capitalize on local payment methods

Local payment methods may include specific credit cards, payment processors, and apps. Please note that localizing payment methods is critical. For instance, 82% of US consumers prefer using credit cards. In Europe, approximately 80% of folks prefer digital wallets. In the Netherlands specifically, paying via bank transfers is the preferred method.

#5: Using Shopify Markets allows you to collect duties and taxes automatically

Shopify Markets facilitate collecting duties and taxes. This situation can become a true headache for international merchants. Luckily, Markets takes care of the nitty gritty. The best part of this Shopify Market feature is that it provides upfront pricing, shipping, and tax information to customers. As a result, you can expect an increase in your sales conversion and a reduction in your cart abandonment rate.

Disadvantages of Shopify Markets

#1: Some Shopify Markets features are available only on the Pro version

Shopify Markets has two main tiers: the Shopify Market app and the pro version. Some features, such as extended payment methods, guaranteed duties, prepaid shipping fees, tax, and duty compliance, fraud protection, underwritten exchange rates, and restriction management, are available only in the pro version. 

#2: Shopify Markets can get pricey

Using Shopify, Markets can get pricey due to fees. Here is a look:

  • 2.00% fee per order due to currency conversion (1.5% in the US)
  • Fees for local payment methods are included in Shopify transactions
  • 0.85% fee per order when Shopify calculates taxes and duties

Shopify offers bundled pricing for its pro features. So, it’s worth considering the specific Shopify Markets features you need to take advantage of bundled pricing. Shopify provides you with a specific quote for its subscription packages. Log in to your Shopify account to consult the various pricing options. 

Not all Shopify Market features are currently available

There are various Shopify Markets features set to roll out at some point. Here’s a look:

  • Product availability by market
  • Prepaid duties and shipping
  • Market-specific fulfillment

On the whole, Markets is a great alternative for e-commerce sites looking to go global. Subscription and processing fees are ultimately more cost-effective than needing to build multiple sites and storefronts to suit every international market.

Who Can Use Shopify Markets?

In essence, anyone can use Shopify Markets. However, this feature may or may not be relevant to you, depending on your specific business needs.

You ought to consider using Shopify Markets in the following situations:

  • You manage multiple storefronts in various languages and currencies
  • You serve customers in various regions and countries
  • You have localized domains and e-commerce sites
  • You have dispersed teams in various locations
  • You have trouble dealing with taxes and currency conversions
  • You need specialized payment solutions for each country or region
  • You need to create tailored shopping experiences for all of your customers
  • You are a fast-growing business looking to scale

Suppose you’re planning to sell internationally, but aren’t quite there yet. In that case, it’s best to use any of Shopify’s standard plans and then upgrade to Shopify Markets. Many of the Shopify Markets features work on a pay-as-you-go basis. This situation means you can easily adapt to your growing business needs with additional features.

Shopify allows you to upgrade your plan at any time. This situation allows you to make the leap when you’re ready.

Shopify Markets for Global E-commerce

Now, more than ever, expanding into international markets is possible thanks to e-commerce. However, traditional global e-commerce options are not the most attractive. When you choose a traditional global e-commerce approach, you must deal with the following:

  • Building individual sites for each country or region you serve
  • Develop specific tools for import duties, taxes, and applicable fees
  • Manage currency conversion
  • Produce multi-language content
  • Localize websites to provide customers with a tailored experience

In short, there is a significant amount of legwork that goes into going international. These issues become much easier to deal with thanks to Shopify Markets.

When we think about Shopify Markets vs. global e-commerce, it’s easy to see that Markets is a viable alternative you don’t want to miss.

Many of Shopify Markets features charge you on a per-transaction basis. While fees can add up, you’ll only need to pay when you make sales. In short, high fees means high sales. It’s certainly worthwhile when you consider the amount of revenue you stand to make.

If you’re still planning to go international, consider using Shopify Markets to plan your expansion carefully. Plus, you can easily grow into new markets without breaking the bank. Shopify Markets is, indeed, a solid option for any e-commerce site looking to expand beyond their current market.

Grow your sales with high-performing deals.

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  • Topics: Shopify How-To

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