Shopify Markets- What’s new?

by VitaminCommerce
March 2, 2022

Shopify Markets will revolutionise international eCommerce. With the introduction of their new functionalities, Shopify Markets will become more accessible for merchants to sell their products across the globe.

With the face of eCommerce constantly changing, 2020-21 saw a new blurring of boundaries between multi-platform shopping and international selling. Shopify is now well-known for its seamless multi-currency offering, allowing merchants to sell in 133 different currencies around the globe. The dawn of Shopify Markets further enables the rise of international ecommerce. Essentially, Markets offers a trampoline to international sellers which allows merchants to move with ease from Advanced to Plus.

So what's new?

Shopify Markets means merchants can reach new markets and customers globally in a few instant clicks. They can scale their stores faster and control their business dashboard using one centralised dashboard. Merchants will be able to better track their store’s KPIs, goals and easily compare them with their competitors, A/B test their ads and in return personalise their marketing strategies. Shopify has even made an optional smart setting to optimise operations & monitor their store performance automating updates along the way to increase sales on real-time data.

The latest updates are:

1.Currency conversion

Enabling for over 133 local currencies. Displaying prices in the correct currency for each consumer is fundamental to that personalised journey and promotes trust. 92% of online shoppers prefer websites that offer their products in their local currency to avoid any unnecessary confusion.

2. Local payment methods to build trust

One important aspect of online shopping that merchants often look past is the value of the different payment methods. As these differ from each country, consumers from each location have their own preferences. Most visitors will abandon their cart if their trusted payment method is not available. Prior to this exciting update, merchants could only provide localised payment methods via multiple stores or using Shopify Plus. Now with Shopify Markets, it will soon be possible to offer secure payment methods that shoppers trust.

3. Duty and taxes automatically calculated at checkout

No one likes nasty surprises, that includes your customers. Shopify Markets now automatically calculates import fees at the checkout stage. Surprise additional costs can be forgotten and customers can have a smooth experience with merchant stores. Unexpected fees and shipping costs are an integral element of abandoned carts as customers feel played due to the lack of transparency along their shopping journey. By removing additional unexpected costs merchants rule our negative experiences and ensure positive feedback.

4.Language translation

According to Shopify, 75% of shoppers want to shop on sites in their native language. Shopify Markets provides a simple solution for 20 different languages. Prior to Markets, the number of languages a store could be translated into for normal plans (up to Shopify Advanced) was a maximum of 5. The number has increased ensuring consumers feel more at home at your store. The experience feels tailored and personal to your visitors.

5.Custom domains for local SEO

Before Markets, stores could access international domains although to get the maximum benefits from these they’d have needed separate stores linked to the international domain. Now with Markets, merchants can utilise the best SEOs for the local stores.

6.Custom prices and catalogues

Merchants can now have separate catalogues for each location. These now support a plethora of options for stores like localised pricing, such as higher or lower entry prices or even product availability based on locations. This means merchants will soon be able to manage their stock levels and SKUs separately for each location. Using Shopify Payments gateway enables maximum flexibility.

7.Customised storefronts

Personalised stores are essential for great user experiences. Merchants will be able to manage their own content on each storefront and paired with the international domains, SEO metatags and localised payment methods, stores will now have a fully customisable storefront to expand their features and sales. This is a leap forward as previously such customisation was only available to Plus users for $2k PCM minimum and is now available to Advanced users for $299 PCM.

8.Locations Control

Managing locations will be simpler due to the centralised platform and separate catalogues within the same account. This was previously a perk solely available to Plus and other plans only through manual management of locations and multi-origin shipping.

In a nutshell, Markets will allow for a real global reach to every out-of-the-box merchant. More than a million merchants will have standardised and simpler access to international clients in a few clicks, streamlining the experience for everyone and making drastic changes to improve Shopify Advanced merchants stores too. Essentially, Shopify Markets offers solutions to the most significant pain points of international selling. Without needing third-party apps and utilising a single dashboard merchants now have increased power over their store with access to hundreds of millions of customers. Your Shopify transformation is a click away.