Shopify Markets to help leverage cross-border commerce opportunities

Shaun Broughton, Managing Director Asia Pacific at Shopify

Shopify desires to help independent Australian brands expand and reach customers globally amid a global ecommerce market forecast to reach nearly US$5 trillion this year.

The leading global commerce platform has effectively launched Shopify Markets, a centralised hub with all the tools needed for merchants to manage global commerce.

Merchants can use Shopify Markets to identify, set-up, launch, and optimise international markets. All of these interesting aspects can be achieved from a single Shopify store.

Shopify powered cross-border commerce for merchants with international domains and multicurrency that empowered merchants to generate $20bn in cross-border sales in 2020.

Shopify Markets to leverage global markets

Its well known that Australia’s appetite for international commerce is only growing.

In July 2021, 30% of all traffic to Shopify stores in Australia came from international buyers, with close to 30% of Australia merchants like Penny Skateboards already selling cross-border. 

For merchants, selling outside of their home country can be a daunting task.

Currency conversion, language localisation, local payment methods, duties and import taxes act as barriers to effectively trading globally, especially those who don’t know where to start.

Shopify is solving that and making the platform global by default with Shopify Markets, a centralised hub with all the tools needed for merchants to leverage global commerce.

Shaun Broughton, MD APAC at Shopify said, “We are proud to power more than 100,000 Australian retail businesses and support them through every step of their business life cycle.”

“The pandemic lockdown regulations have pushed Australian merchants to reimagine the possibilities of retail and bring forward their plans to sell into new overseas markets.”

“Shopify Markets is designed to lower the barriers and resolve the inherent complexities of cross-border international commerce and allows Australian merchants of all sizes to easily access international markets and unlock the true potential of borderless commerce.”

Benefits of Shopify Markets for merchants 

Enter new markets easily

Merchants can enable new markets and open their business to more global customers and then manage these markets from a central dashboard for a unified view of the business.

Increase conversion with tailored experiences for each market

Shopify has observed from insights that the conversion rates for store fronts with localised languages and currencies is up to 1.13 times and 1.40 times higher, respectively.

In an attempt to facilitate merchants in delivering uniquely meaningful experiences to their customers across regions, Shopify Markets will help merchants easily customise these aspects.

  • Local currencies and payment methods
  • Pricing and price rounding rules per market
  • Product availability per market 
  • Local languages 
  • Local domains with automatic SEO optimisation
  • Automatically show the right currency / language based on buyer country
  • Taxes on behalf of the buyer to eliminate surprise costs at product delivery

Optimise cross-border operations with actionable insights

Insight will help merchants determine where, when, and how to most effectively sell in a new region based on aggregate data from Shopify’s more than 1.7 million merchants globally.

Shopify Market’s smart settings facilitate merchants to automatically optimise their business for the best results, without requiring a dedicated international operations team.

Merchants won’t need to track popular local payment methods in each market. Shopify knows what converts best, and will automatically surface the best payment methods at checkout.

Save time with a central global management platform

Merchants can seamlessly create localised storefronts from one store and manage all cross-border commerce in the Shopify admin with tailored consumer experiences in each market.

Whether that market is a country, like the United States, or a region, like all of Europe.

Merchants will have a unified view of their entire business and monitor how their business is performing in activated markets courtesy of Shopify’s centralised commerce platform.

Shopify Markets will be available in early access globally, rolling out in the coming months.

Nathan Reid, Head of Ecommerce, Absolute Board Co said, “Our international business has expanded at a rapid pace over the last 12 months with the introduction of different iconic brands into new markets, driven by strong international demand for skateboards.”

“Shopify enabled us to scale and sell into global markets with speed and precision, cutting through many of the complexities that have historically impeded cross-border trade.”

“With these impediments effectively taken care of by Shopify, we were able to focus on delivering the localised ecommerce experiences that consumers really want.”