Expand Your Global Business Presence with Shopify Markets in 2024

The explosive growth of eCommerce has ushered in an era where online sales are not just local but increasingly global. With a significant 22% of total worldwide eCommerce transactions occurring cross-border, it’s clear that there’s a substantial opportunity for brands looking to tap into this lucrative market. As we step into 2024, any forward-thinking brand needs to formulate an international growth strategy, a theme central to our discussion, “Expand Your Global Business Presence with Shopify Markets in 2024”

Our insights reveal a compelling fact: about 30% of the traffic to your online store originates from international markets. Historically, converting this international traffic into customers has been a challenging task, especially for merchants with limited resources. Expanding your business to include new regions traditionally meant grappling with increased operational complexities and risks. Moreover, crafting a seamless buying experience that caters to customers using different currencies and languages was an added challenge.

In response to these challenges, Shopify developed Shopify Markets. This innovative platform is specifically designed to enable merchants to sell effectively in multiple countries from a single online store. Shopify Markets empowers you to broaden your business reach globally by facilitating the addition of new markets, converting visitors into loyal customers, and streamlining management through your Shopify admin dashboard. As your business scales, Shopify Markets offers valuable insights, helping you to identify new growth opportunities, refine localized buying experiences, and enhance your international selling strategy.

Localized Online Store Experiences to Boost International Sales

Shopify Markets is instrumental in creating bespoke buying experiences for customers in various countries or regions. It allows them to shop in their local currency and language, use familiar payment methods, and more. Providing a shopping experience that feels familiar and trustworthy is key to driving conversions.

Embracing Local Currencies for Increased Conversion

Displaying product prices in local currencies is not just a nice to have but a necessity for international customers. Our data underscores this, showing that conversions can increase by up to 40% when prices are listed in the customer’s local currency. Shopify Markets, in conjunction with Shopify Payments, seamlessly converts prices into over 130 international currencies based on current exchange rates, ensuring consistency across your store’s pricing.

Breaking Language Barriers

A global survey involving 8,709 consumers across 29 countries revealed that 65% prefer content in their language when shopping online, and 40% are unlikely to purchase from websites not in their language. Our data reflects a 13% relative increase in conversions when stores are translated into the customer’s language. Utilizing Shopify’s Translate & Adapt app along with Shopify Markets, you can automatically translate your store into up to two languages for free and add or edit additional translations as needed.

Tailoring Content for Different Markets

Beyond mere translation, Shopify’s Translate & Adapt app lets you customize content to resonate more deeply with local customers. You can ensure your store stays culturally, seasonally, and regionally relevant, even in markets sharing the same language, by adjusting spelling, vocabulary, and messaging.

Optimizing Domain Management for International Reach

Using international domains boosts your store’s search engine visibility, attracts new customers, and enhances conversion. Shopify Markets simplifies setting region-specific domains, automatically creating subfolders for each new market. For instance, your main market could be at example.com, while a Canadian market could be at example.com/en-ca or a specific country code top-level domain like example.ca. Shopify Markets also sets the right SEO tags to ensure international buyers find the appropriate domain in their search results. In cases where auto-redirects are not feasible, such as in the EU, the Geolocation app can prompt customers to select the correct market based on their location.

Local Payment Methods for Enhanced Conversion

The choice of payment methods can significantly influence purchasing decisions in different regions. Offering local payment methods familiar to international customers can dramatically impact conversion rates. For instance, integrating Bancontact significantly boosted conversions with Belgian buyers. Shopify Markets simplifies the addition of major European payment methods to your checkout, helping reduce cart abandonment.

Transparent Duties and Import Taxes

Uncertainty about additional duties or import taxes can deter international buyers. Shopify Markets addresses this by collecting duties and import taxes at checkout, providing clarity on the total cost, and reducing delivery surprises.

Fine-Tuning Operations for International Growth

Shopify Markets streamlines the process of entering new markets by implementing the right currency and domain subfolder automatically, making it easier for international customers to find and browse your store. Data-driven recommendations guide strategic and efficient market entry.

Customizing Pricing and Product Offerings by Market

Each market may require a different pricing strategy. Shopify Markets enables you to adjust prices for specific markets to account for factors like shipping costs. You can also customize your product offerings for different international markets, considering factors like licensing agreements, regional regulations, and local buyer preferences.

Efficient Order Routing for Global Markets

As we look towards the future, Shopify is set to launch smart order routing to optimize your delivery process. This feature will allow prioritization of fulfillment locations based on stock availability or proximity to the customer, ensuring a faster and smoother delivery experience.

Launching Shopify Markets Pro for Comprehensive Global Expansion

For brands needing more comprehensive features, we introduce Shopify Markets Pro, an all-in-one cross-border solution facilitating entry into hundreds of markets. Built on the foundations of Shopify Markets, it includes additional features for risk management, fraud protection, and enhanced payment methods, all integrated with Shopify’s robust localization tools.

In conclusion, global commerce is not just a future trend but a present reality. Shopify Markets is designed to make international success accessible to everyone. As we delve deeper into 2024, let’s embrace the opportunities and challenges of global expansion, leveraging the power of Shopify Markets for international growth and success.