Shopify is making it easier to optimize ecommerce stores for international markets all from a single Shopify site.
Up until now, if a business wanted to reach a global market, they’d have to sell on a marketplace or through another retailer.
A new solution called Shopify Markets removes the need for a third party and allows businesses to sell directly to international consumers.
With Shopify Markets merchants can sell outside of their home country without having to worry about complexities like currency conversion, language localization, providing local payment methods, and duty and import taxes.
All cross-border tools are available to Shopify merchants right out of the box.
With Shopify Markets, you can:
Easily enter new markets
Create tailored experiences for each market
Customize variable such as:
Local currencies and payment methods
Pricing and price rounding rules per market
Product availability per market
Local domains with automatic SEO optimisation
Automatically show the right currency / language based on buyer country
Duties and import taxes on behalf of the buyer to eliminate surprise costs at product delivery
Gain access to actionable insights and smart settings for each market
Manage everything from a single place
Shopify store owners can target single country markets, or create custom markets by grouping multiple countries together.
Shopify Markets is available in early access globally as of September 14, and will roll out to all merchants in the coming months.
Features will vary according to your plan. These are the features included with all Shopify plans:
Manage how you sell to each market from one place
Sell in 133 currencies with Shopify Payments
Provide local payment options with Shopify Payments
Sell in up to 20 languages
Set up custom domains to optimize for search
Smart settings that optimize market operations
Those on Advanced Shopify and Shopify Plus plans get these additional features:
Estimate and collect duty and import taxes at checkout
Set custom pricing per market with Shopify Payments
Customize catalogs and storefront per market
Manage fulfillment locations per market.
Note that additional transaction fees apply when selling internationally.
Merchants can apply for early access today, or wait until it rolls out to all Shopify store owners at a later date.
Shopify Stock Soars
Shopify Markets is billed as “the future of international commerce” and it appears shareholders are convinced of its potential.
Shares of the Canadian ecommerce company soared on the Toronto Stock Exchange (TSX) following the announcement of Shopify Markets. It’s now ranked as the second-most valuable stock of the year.
The Ottawa Citizen writes:
“Shopify’s September to remember continued this week when it grabbed the No. 2 spot on the Toronto Stock Exchange’s list of its 30 top-performing stocks over the past three years.
The Ottawa-based e-commerce powerhouse’s share price has risen 846 per cent in that span, good for second on the 2021 TSX30 list behind Aura Minerals’ growth of 1,125 per cent.”
Also contributing to Shopify’s rising stock is a multiyear partnership the company made with Yotpo, a marketing service that handles direct-to-consumer marketing like SMS, referrals, emails, and more for digital brands.
It is said that Yotpo will aid in accelerating product development which should drive further growth for Shopify.
Featured Image: Dennis Diatel / Shutterstock