In July 2021, over 27% of all traffic to Shopify stores came from international buyers.
But that doesn’t mean selling internationally has been easy.
From currency conversion nightmares to juggling dozens of third-party apps just to execute a single cross-border transaction, international sellers have experienced quite a few growing pains.
Amid all the cross-border retail drama, one thing is clear. As e-commerce becomes increasingly global, merchants and brand owners need new ways to make international selling simpler.
And that’s where Shopify Markets comes in.
If you’re ready to expand your business into new geographical markets without the stress, Shopify Markets might be the answer to your prayers.
Let’s take a closer look at exactly what this new service is and how it can help growing merchants streamline international selling.
The scoop on Shopify Markets
- What is Shopify Markets?
- When did it launch?
- Where is itavailable?
- In which countries is Shopify most popular?
- How do I enable Shopify Markets?
- What are the potential benefits of Shopify Markets for merchants?
- Is Shopify Markets worth it?
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What is Shopify Markets?
Shopify Markets is an e-commerce platform solution that helps Shopify merchants manage global commerce.
Think of it as a centralized hub that includes all the tools you need to sell internationally.
With Shopify Markets, you can find, create, launch, and optimize your brand across international markets, all from a single Shopify store — enter praise hands here! 🙌🏾
But what about those pesky growing pains we mentioned earlier? How can sellers overcome serious operational issues when selling to an international audience?
Luckily, Shopify Markets has come up with several ways to streamline cross-border selling. But before we get into the nuts and bolts, let’s answer some common questions sellers have about Shopify Markets.
Want to learn more about the biggest selling opportunities the world has to offer? Check out our Guide to Cross-Border Ecommerce for the full scoop on the biggest online retail markets worldwide!
When did the service launch?
Shopify Markets launched globally in September of 2021.
Before launch, merchants interested in global commerce had to create new stores for each location they wanted to target.
Not only was this process expensive and draining, it also came with a host of risks, including:
- Duty and import tax complications
- Language barriers
- Inconsistent product availability
- Shipping delays
- And more
But here’s the good news. Since the launch of Shopify Markets, merchants don’t have to waste time on redundant, manual processes or expose their business to unnecessary risks.
With Shopify Markets, online retailers can take advantage of tools that automate and streamline international selling every step of the way. (More on each of these below!)
Where is Shopify Markets available?
While Shopify is working hard to make Markets available to all stores, you might find yours is temporarily ineligible for access.
If your store doesn’t have access to Shopify Markets yet, it could be due to one of the following reasons:
- Your primary domain targets a different country than your primary market
- You’ve translated your store into a variation of Portuguese or Chinese (head to this resource for more information about regional language variants)
- Your store uses a third-party checkout solution that processes transactions outside of Shopify
- You use international domains — and at least one of your domains doesn’t target a country or region
Note: If your store doesn’t have access to Shopify Markets — and you believe it should — reach out to Shopify Support for help.
In which countries is Shopify most popular?
In April of 2021, about two-thirds of Shopify stores were based in the Americas. Roughly 17% were based in Europe.
While Shopify is most popular among English-speaking countries, the e-commerce platform offers a variety of international currencies, price conversions, payment methods, and languages to attract shoppers from all over the world.
How do I enable Shopify Markets?
To enable Shopify Markets, head to your Shopify admin, click Settings, and then Markets.
Next, click Add Market and enter a market name.
Then, click Add countries/regions and choose the places you’d like to include in your new market.
Finally, click Done, and then Save.
Wondering how many markets you can add? Break out the champagne because you can add up to 50 markets — not including your primary one.
If you need to target more than 50 markets, you can group countries or regions with similar strategies into multiple-country markets.
For instance, if you have similar targeting strategies for Mexico, Canada, and the US, consider nesting them under a North American market.
The top 5 benefits of Shopify Markets for sellers
Shopify Markets can catapult your store into global commerce without the need for countless tools.
Let’s explore some of the top benefits of using Shopify Markets.
- Improve international sales with automatic optimizations
From analyzing churn rates to combing through customer data, improving sales across a variety of new markets can feel like a full-time job.
But with Shopify Market’s smart settings, you can automate performance monitoring and optimizations to give your sales strategy a boost.
In other words, instead of manually tracking and implementing best practices within each market, Shopify will do the heavy lifting for you.
- View all of your markets in one place with a centralized dashboard
Possibly the best thing about Shopify Markets is the ability to operate all of your international sales processes under one centralized hub.
As mentioned above, you can turn on new markets and open your store to international customers in just a few clicks. You can then manage these markets in one centralized dashboard for a complete view of your business.
Hooray! Say goodbye to the avalanche of third-party apps. 👋🏼
- Lower abandoned checkouts with instant currency conversion
Did you know that 92% of shoppers prefer buying on sites that price in their local currency? In fact, 33% of shoppers are more likely to abandon purchase if pricing is in US dollars only.
Shopify Markets solves this pain point with its International Pricing Configuration.
With this feature, it automatically converts your prices into the local currency of any given market.
Shopify Markets also offers in-depth pricing control so you can tweak your pricing according to each market strategy. Customization at its finest.👌🏽
- Give shoppers peace of mind with automated duty and import tax calculations
Shoppers want the full picture before heading to checkout. They don’t appreciate a jump in price at the last minute, and they definitely don’t appreciate late deliveries.
With duty and import taxes varying by country, it can be challenging to give shoppers the right price before they head to checkout.
Shopify Markets gives shoppers peace of mind with automated duty and import tax calculations.
With this feature, shoppers can easily see the total cost before purchase, pay duty and import taxes at checkout, and avoid shipping and other product-related delays.
If you’re confused by VAT rules, you’re not the only one. We’ve got the A to Z of VAT, plus tips for how to manage it stress-free when selling abroad.
- Tailor customer experiences across all regions
Here’s the deal. Even if you could open 1,000 markets on Shopify, if each market shared the same customer experience strategy, would you see success?
Probably not. Even large chains like McDonald’s and Walmart rely on customization to build loyalty with their clients across the world.
Just like you can get peaches and mango pie at McDonald’s in Hawaii and specialty “pan dulce” (Mexican sweet bread) at Walmart in Mexico, Shopify also tailors customer experiences by market.
And the reason for that is simple. Tailored experiences build trust and connection. They show customers how much a brand truly cares about their wants and needs.
In fact, Shopify has reported 1.40x higher conversion rates in storefronts with customizations, such as local languages and currencies.
Now let’s get to the skinny on those customizations.
Shopify Markets can help you personalize customer experiences by:
- Customizing product availability by market
- Allowing buyers to shop using local currencies and payment methods
- Automatically displaying the right currency and language based on buyer country
- Allowing you to create region or country-specific domains
- Customizing pricing and price rounding rules by market
- Automatically adjusting inventory according to product availability in each market
What else should you know about Shopify Markets?
Since the offering is a relatively new solution, it’s important to educate yourself on its nuances, rules, and best practices.
While there aren’t any major challenges, limitations, or drawbacks that we know of yet, we recommend testing the waters before diving in head first.
For instance, start by opening one or a few new markets and slowly nurture your customers in each segment.
Keep notes for each market and be on the lookout for potential roadblocks and solutions.
Depending on the number of locations and sales volume, you may want to create a team dedicated to helping you operate international sales smoothly.
Is Shopify Markets worth it?
If you’re ready for global expansion, Shopify Markets could be the secret sauce you’ve been waiting for.
But as with any important business decision, it’s best to weigh the potential risks, benefits, and return on investment (ROI) before jumping in.
And speaking of ROI …
Whether you sell internationally on Shopify, Amazon, or another platform, our multicurrency Digital Wallet makes cross-border transactions both easy and ROI-friendly.
With a truly borderless payment solution, merchants can receive, keep, and send money in different currencies using the Mid-Market Rate (MMR). Pretty awesome, right?
Learn more about our Digital Wallet, here.