What are Shopify Marketplaces?
Shopify is a full-service commerce platform that allows you to launch, grow, and manage a business.
Our commerce expertise and leadership arise from the experiences of millions of merchants on our platform. Their successes enable us to forecast and build the right features to not only power commerce today, but also to shape and define the industry’s future.
The ability to sell anywhere in the world is one of the primary benefits of selling online. The international market provides merchants with new opportunities to broaden their reach and sell more products. Global ecommerce sales are expected to reach $5.545 trillion in 2022 and to rise year after year. Unfortunately, international ecommerce has a reputation for being difficult to enter.
Many sellers have limited their business to within their own country due to language, currency, logistical barriers, tax laws, government regulations, and other issues.
Shopify, on the other hand, has launched an innovative global ecommerce solution that enables merchants to easily sell their products in international markets. We’ll go over Shopify Markets and how it can benefit you.
Create a marketplace with Shopify
With Shopify’s Marketplace Kit, you can add commerce to any platform. This set of APIs and documentation enables you to integrate with Shopify and create specific commerce features or a world-class marketplace on any surface.
Recognizing Shopify Markets
Shopify Markets is a cross-border management system that assists merchants in more efficiently selling their products in the global market. It is a significant update to the Shopify ecosystem, which was created to revolutionize the global ecommerce market.
Sellers who wanted to sell their products globally in the past had to rely on other marketplaces or even third-party retailers. That has all changed with the launch of Shopify Markets.
Selling internationally has never been easier. Without the use of third-party tools, Shopify Markets allows you to sell directly to global consumers.
From a single platform, you can manage, strategize, and convert international customers.
Shopify Markets allows sellers to customize online shopping experiences for different buyers all over the world. Markets can be curated by business owners to target specific regions or countries, and you can also group several regions or countries together to simplify your expansion efforts.
This means that sellers can reach new customers and markets all over the world with just a few mouse clicks. They can scale their businesses more quickly and control their markets with a single centralized dashboard. Sellers can more easily track their store’s KPIs, compare it to competitors, A/B test their ads, and personalize their marketing strategies.
Shopify has even developed an optional smart setting feature to optimize operations and monitor store performance, automating updates along the way to increase sales based on real-time data.
Shopify Markets Advantages
Getting into international selling has always been difficult for many sellers due to the logistical, currency, and language issues that inevitably arise. Dealing with currency exchange rates and translating content into multiple languages is a time-consuming and costly process. Shopify Markets, on the other hand, includes a plethora of features that help to streamline these processes.
Languages
Shopify Markets allows sellers to translate their entire store in order to provide global customers with a native linguistic experience. It is critical to translate your product details and content into the visitor’s native language in order to break into new markets. Even if the content is of poor quality, 65 percent of shoppers prefer the site to be in their language. Shopify Markets uses third-party translation apps to fully translate your store, which means that every page, from product pages to checkout pages, will be translated to the customer’s native language.
Currency Exchange
Currency conversion used to be a major undertaking. Your international store visitors are unlikely to go to the trouble of converting your store’s currency into their own.
Fortunately, Shopify Markets claims to support 133 local currencies, and everything is automatically calculated, so customers know exactly how much they are paying for your products. You will also be paid in your home currency.
Furthermore, Shopify Markets offers international secure payment methods to meet local expectations. As a result, it removes the guesswork from international purchases, leading to increased checkouts. In fact, 92 percent of customers prefer to buy from sites that provide prices in their native currency, and 33 percent of American customers will abandon the site if the pricing is not in US dollars.
Shipping, Duties, and Sales Taxes
If you sell internationally, your customers may be charged additional duties, sales, and import taxes when their shipments arrive. Before proceeding with the checkout process, every international online shopper wants to know exactly how much a product will cost.
One of the most difficult challenges for global ecommerce stores is to charge these additional fees before the shopper clicks the purchase button. As a seller, you must be aware of any duties or import taxes that may impact the total cost of their order.
Shopify Markets automatically processes this data and notifies the user how much duty and import taxes are due at the time of checkout. Your customers will see the total cost of the item so they are not surprise by any additional charges.
SEO and Domains for Specific Regions
Shopify Markets can provide localized domain names associated with a country or language to provide international visitors with a native experience, making them feel right at home on your storefront. Localized domain names can increase customer trust that they are viewing a relevant, localized version of your website. As a result, customers will be more likely to trust your site and pay in their own currency. The feature will include language defaults and domain-specific pricing.
Inventory Control
You may choose to have inventory locations all over the world, depending on your fulfillment strategy. You can assign specific suppliers to specific customer regions; merchants can tailor their products to customers in various regions based on where their inventory is located.
For example, you could have two warehouses: one in France and one in the United States. Visitors from Europe will only see inventory from the French location. Because shipping costs vary, it may not be profitable for you to ship products from your US warehouse. This also ensures that stock levels are properly manages and that certain products are not oversold when you have multiple warehouses in different markets.
Analytics and Smart Settings
Shopify Markets allows vendors to define relevant market areas for their store by forming a single country market or grouping multiple countries together. Depending on the nature of your industry, managing regions as a group rather than individually may be more viable, allowing you to deliver strategies more efficiently without having to duplicate work for each individual market.
Conclusion
International selling is the way of the future for ecommerce. Brands that are unable to sell globally or expand beyond their local or domestic region will miss out on many potential opportunities.
Merchants can now easily manage their storefronts and strategize their business in various markets around the world. Finally, it’s great news for merchants, and every seller should understand how to take advantage of the power of Shopify Markets.
If you require additional assistance with your Shopify store or marketing, please contact Kreationsites, and our expert web designers and marketing specialists will gladly assist you.
