Shopify Markets, a new function to promote the internationalization of small online stores
Achieving effective internationalization is the goal of any brand. However, it is quite a complex process , especially for small businesses that do not have the resources or equipment to drive this type of growth.
In response to this growing need, the Canadian Shopify launches Shopify Markets, a tool designed to boost international trade in a centralized and automated way that will help small businesses have an impact within the global market without great financial efforts: with this new This function stores based on Shopify will be able to manage from the same place which products, at what prices, in which currencies and with which payment methods to sell in each market.
Shopify Markets, a tool to boost international sales of small businesses
For this year, more than a quarter of the businesses that manage their store through Shopify make most of their sales internationally. In India alone, 9649 stores is international in nature , so cross-border sales are of particular importance in business growth and development. On the other hand, although the platform allowed sales to external buyers, in order to sell businesses internationally, they had to do so through third-party platforms or marketplaces.
With Shopify Markets, sellers can expand their reach to new markets and easily sell anywhere in the world through a centralized hub within the same platform. This creates a unique growth opportunity for businesses.
“It is a great opportunity for Spanish businesses to take advantage of this trend through the use of Shopify Markets. With this new implementation, we are helping to remove the complexity of international selling and giving entrepreneurs around the world the opportunity to harness the true potential of borderless commerce, without the challenges of currency conversion or localization, for example. . We are making trade better and easier for everyone everywhere“- Shopify Representative.
This is how Shopify Markets works
Its main functions include converting product prices to more than 133 local payment currencies, thus adapting to the economy of each of the different markets. It also offers the option of translating the content of the stores , building a more fluid and comfortable experience for consumers.
Depending on the country in which it is sold, it offers the possibility of automatically calculating the duties and taxes to be paid . These will appear on the payment screen, clarifying the final value of the sale to ensure transparency during the purchase process. Added to that is the integration of local payment methods , something that will help drive conversions as consumers know and trust them.
Finally, it has several local domains with automated SEO optimization so that stores can more easily integrate into new markets. This is in addition to another series of customizable functions and the analysis of performance and information on different countries, which helps to improve strategies for internationalization.
When and how will Shopify Markets be available
This new tool is not yet deployed for all Shopify users, although it is expected that it will be released globally in the coming months. At the moment it is enabled for some sellers and it is possible to request early access from any country through the Shopify website for the tool . The functions will be released depending on the plan that the seller has enabled in their Canadian platform account.
All Shopify plans will have the following features:
- Manage appearance: how to sell in each market from one place.
- Sell in 133 currencies thanks to Shopify Payments.
- Provide local payment options with Shopify Payments.
- Being able to sell in up to 20 different languages.
- Set country domains to optimize search
- Access smart settings to optimize market operations.
Similarly, those businesses that have Advanced Shopify or Shopify Plus plans will include additional features such as the following:
- Estimate and collect customs and import taxes at the time of payment processing.
- Set custom prices for each market with Shopify Payments.
- Customize catalogs and online stores accordingly to the market.
- Manage the order preparation centers based on the different markets.
The small print
Shopify will apply some fees for international sales transactions:
- 2% per order when converting currency.
- 0.85% for each order when calculating taxes with Shopify Payment and 1.5% when doing it through other means of payment.
- Different charges according to the type of local payment used by consumers, which can be validated on the platform.