Expand Your Business Globally with Shopify Markets
Table of Contents:
- Introduction to Shopify Markets
- Benefits of Shopify Markets
2.1 Domains and SEO
2.2 Localized Currencies and Pricing
2.3 Optimizing International Pricing Strategy
2.4 Localized Content and Catalog
- Shopify Markets Pro
3.1 Simplifying International Operations
3.2 Offloading International Tax Filing and Remittance
3.3 Mitigating Financial Risk
- Pricing and Transaction Fees
4.1 Shopify Payments Requirements
4.2 Transaction Fees for International Sales
4.3 Duties and Import Taxes Calculation
- Setting Up Shopify Markets
5.1 Adding and Managing Markets
5.2 Customizing Shipping, Payment, and Taxes
- Conclusion
Introduction to Shopify Markets
Shopify Markets is a feature that enables Shopify store owners to sell their products worldwide. By enabling Shopify Markets, store owners can assign different settings to different countries and regions, allowing for a customized selling experience. In this article, we will explore the benefits of Shopify Markets and how it can help businesses sell globally.
Benefits of Shopify Markets
Shopify Markets offers several advantages for businesses looking to expand their reach internationally.
Domains and SEO
With Shopify Markets, businesses don't have to worry about domain and SEO complexities. They can have localized and unique domains depending on the market they are targeting. Whether it's using top-level domains, subdomains, subfolders, or a combination of each, Shopify Markets allows for flexibility in domain setup.
Localized Currencies and Pricing
One of the significant benefits of Shopify Markets is the ability to convert prices based on exchange rates to the local currency. This feature, available when using Shopify Payments, simplifies international pricing by automatically applying rounding to boost conversion rates. Businesses can also set percentage adjustments or custom prices for products in each market, optimizing their international pricing strategy. Additionally, taxes can be automatically included in the prices, following the expectations of customers and regions where such inclusion is standard.
Optimizing International Pricing Strategy
With Shopify Markets, businesses can strategically adjust their product catalog for each market. This flexibility allows them to remove items that have import restrictions in certain countries, ensuring a smooth international selling experience. By tailoring their product offerings to different markets, businesses can cater to specific customer preferences and increase their chances of success.
Localized Content and Catalog
Shopify Markets provides businesses with the ability to translate their store into multiple languages and customize the content of their storefront based on regional or cultural aspects in each market. By offering localized content, businesses can create a more personalized shopping experience for customers, increasing engagement and conversion rates. Moreover, businesses can choose which products are available for purchase in different markets, allowing for better control over inventory and demand.
Shopify Markets Pro
Shopify Markets Pro takes the international selling experience to the next level by further simplifying operations and minimizing complexities and risks.
Simplifying International Operations
With Shopify Markets Pro, businesses can offload tasks such as international tax filing, registration, and remittance to Shopify. This feature removes the burden of managing cross-border sales and ensures compliance with international tax regulations.
Offloading International Tax Filing and Remittance
Businesses using Shopify Markets Pro can simplify their tax obligations by having Shopify handle the calculation and remittance of duties and import taxes. This feature is particularly helpful for advanced and plus plan merchants, providing them with accurate and hassle-free tax management.
Mitigating Financial Risk
Shopify Markets Pro offers protection against currency fluctuations and financial risks associated with refunds. By underwriting exchange rates, businesses can avoid potential losses caused by currency changes between the time of purchase and refund.
Pricing and Transaction Fees
Shopify Markets is available to merchants worldwide on basic, Shopify, advance, and plus plans. However, specific requirements and transaction fees apply for international sales.
Shopify Payments Requirements
To take advantage of localized currencies and payment options, merchants need to use Shopify Payments. Other payment providers may not offer these features.
Transaction Fees for International Sales
For international sales, there is a 2% fee or 1.5% fee in the US per order when currency conversion is involved. Fees for using local payment methods are included as part of Shopify Payments. International processing payments have a 0.85% fee per order.
Duties and Import Taxes Calculation
Please note that the calculation of duties and import taxes is currently available for advanced and plus plan merchants. This feature ensures accurate tax calculations for international sales and helps businesses navigate the complexities of international trade.
Setting Up Shopify Markets
Adding and managing markets within Shopify is a simple process that allows businesses to tailor their selling experience to different countries and regions.
Adding and Managing Markets
To add a market, store owners can navigate to the Shopify dashboard settings and open the markets section. Shopify may recommend specific markets based on website analytics. Markets can be divided into primary markets and additional markets, allowing for granular control over settings and offerings.
Customizing Shipping, Payment, and Taxes
Once inside a market, businesses can customize various aspects such as shipping options, payment settings, taxes, and more. Shopify Markets provides businesses with the tools to ensure a seamless buying experience for customers in different markets.
Conclusion
Shopify Markets offers a comprehensive solution for businesses looking to sell globally. From efficient management of domains and SEO to localized pricing, content, and catalog, Shopify Markets simplifies the complexities of international selling. For businesses that require even more advanced features, Shopify Markets Pro is available, providing additional support for tax filing, currency risk mitigation, and international operations. With the right setup and strategy, Shopify Markets can help businesses expand their reach and maximize their global sales potential.
Highlights:
- Shopify Markets simplifies the international selling experience for Shopify store owners.
- Domains and SEO are made easy with localized and unique domain options.
- Localized currencies and pricing allow for seamless transactions and boosted conversion rates.
- Optimizing the international pricing strategy by customizing product offerings for each market increases success rates.
- The ability to translate the store and customize content ensures a personalized shopping experience.
- Shopify Markets Pro further simplifies international operations and minimizes risks.
- Offloading international tax filing, registration, and remittance to Shopify frees up businesses' time and ensures compliance.
- The underwriting of exchange rates mitigates financial risks associated with currency fluctuations and refunds.
- Pricing and transaction fees apply for international sales, with specific requirements for localized currencies and payment options.
- Shopify Markets allows businesses to easily add and manage markets, tailoring the selling experience to specific regions and countries.
FAQ:
Q: Is Shopify Markets available to all merchants?
A: Yes, Shopify Markets is available to merchants worldwide on basic, Shopify, advance, and plus plans.
Q: What are the transaction fees for international sales?
A: For international sales, there is a 2% fee or 1.5% fee in the US per order when currency conversion is involved. Fees for using local payment methods are included as part of Shopify Payments. International processing payments have a 0.85% fee per order.
Q: Is the calculation of duties and import taxes available for all merchants?
A: The calculation of duties and import taxes is currently available for advanced and plus plan merchants.
Q: Can I customize shipping, payment, and taxes for each market?
A: Yes, Shopify Markets allows for customization of shipping options, payment settings, taxes, and more for each market.
Q: How does Shopify Markets Pro differ from Shopify Markets?
A: Shopify Markets Pro offers additional features such as offloading international tax filing, registration, and remittance to Shopify, as well as mitigating financial risks associated with currency fluctuations and refunds.
