Shopify Markets And Your Brand

Shopify Markets is a new way to access the global eCommerce market. It has been designed to allow merchants to create sales opportunities in various countries, with features that offer ease-of-use. This is a separate component to Shopify Plus, and it currently doesn't require a license fee. The idea is that you can have multiple stores, servicing multiple locations, to maximise your reach and engagement.

What Can Markets Offer You?

This is a back-end service run through Shopify, it will let merchants see which territories they can expand into. Potentially they will then be able to set up and launch into those new locations, and continue to manage them through a 'single store'. We've already posted blogs about language apps such as Weglot, and Shopify Markets includes this type of technology. It allows a localised customer experience, such as having the website in their native language, using native currency and geolocation detection.

Prior to Markets being launched Shopify did (and does) allow you to have many worldwide locations for your brand... but it means having multiple stores, and managing each one individually, rather than the ease of having a single 'umbrella' store to run things from. Many long-time merchants have been eagerly awaiting this new Markets option!

The Markets feature initially launched in February 2022, and Shopify are making sure that merchants understand this is just the first iteration. As with any new service, it will take some time to get tested under real-world use, but if you are wondering whether your brand would benefit, here are some key points to consider:

Operations – manage different locations from one centralised store whilst still maximising your business opportunities when it comes to sales and engagement.

Markets admin – An overview of conversion rates and sales will be provided per market territory, as well as a percentage of your brand's overall sales. The dashboard will show you recommendations that point you in the direction of all the different functions that you can utilise.

Pricing by market – with Shopify Markets you won't have to upload CSVs for each location to get your customer pricing. You will be able to manage all of this from the main dashboard. You'll even be able to see the final price that customers will view (once your changes have been updated).

Localisation – it will bring a more familiar way for 'foreign' customers to interact with your business. Translation of text, local currency and a personalised feel will allow people to browse more comfortably.

Duty and Import Taxes – This is a feature that Shopify have been working on for a while now! With Markets, you'll be able to make sure you collect the right amount of duty/tax at check out. Simple.

Payment methods – Each country has it's preferred payment method, and so Shopify Markets has been designed to encompass more and different payment methods. Yet another way it is making purchasing easier for the consumer, and making your eCommerce store more desirable.

Is there more to come?

Shopify Markets has only just been launched (relatively speaking) and Shopify are assuring customers that there are definitely more features waiting in the wings. In-admin translation management will allow merchants to manage and fine-tune their own translations for a particular market. This means that content in the store will appear more natural to the reader, rather than 'robotic'.

Custom storefront content will allow the merchant to replace different aspects of their storefront based on seasonal sales, events and offers. Custom product catalogues by market will mean that merchants finally will have control over which products are sold in which location! Currently this is not an option, but users will be pleased to know a fix is on the way.

Should I Use Shopify Markets?

Although we can provide you with the benefits of the Markets feature, we can't make the decision for you. If you are a brand that is looking to diversify, or scale up your operations and you have had interest from a global market – then Shopify Markets could be your next step forward. Similarly, if you are a larger business and you currently run individual stores for multiple locations, you may wish to switch over to Markets to streamline your working practices.

As always, this is something new and exciting to be aware of! Keep an eye out for further articles and announcements from Shopify. If you're not quite sure right now, you can always set a reminder in your calender to revisit the option in the next quarterly meeting.