Currency & Pricing. 💵
Evidence suggests that offering support for local currencies can reduce cart abandonment rates, as customers find it easier to understand the true cost of what they’re buying. Shopify Markets offers a staggering 133 currency options, giving customers confidence by allowing them to purchase products in their native currency.
As for pricing, previously, using Shopify’s multi-currency feature, you could display products in different currencies, but prices would simply be converted using foreign exchange rates, leaving your international pricing at the mercy of Forex fluctuations. Shopify Markets allows merchants to set pricing for individual markets, ensuring you can price according to local conditions and to accommodate international shipping fees.
Much like currencies, research shows that stores able to display content in native languages create greater confidence amongst customers, as well as allowing stores to communicate more clearly to even more site visitors. Shopify Markets gives merchants the ability to implement different languages across localised versions of a storefront. Languages can be set to dynamically change depending upon the location of visitors.
While Shopify Markets itself does not provide translation, it is able to closely integrate with translation apps, as well as providing an easy way to implement translations sourced from an external translator.
Inventory Management. 🚚
Managing stock becomes more complicated across borders. While you may have stock of a particular item in your UK warehouse, you could be out of stock in your Australian warehouse. If an Aussie customer places an order, and your online store says it’s in stock based upon your UK supply, shipping that item to the other side of the planet could be prohibitively expensive.
Shopify Markets Intelligently distributes inventory across the world, ensuring stock is correctly allocated according to the country customers are ordering from. For example, if you have a North American warehouse in the United States, Shopify Markets can ensure US customers only see stock availability based upon that warehouse, rather than the stock available in your UK warehouse. This simplifies the process for both you and your customers, as stock is evenly distributed across the markets you operate within, ensuring you don’t oversell or create unnecessary shipping costs.
International Domains. 🌍
Alongside currency and languages, localised domains are also an integral piece of the confidence building puzzle. Like those other elements, research again shows that localised domains make customers feel more comfortable purchasing from an online store. A local domain name, such as .de for Germany, or .fr for France, can give customers the impression that you have a real presence in their country, and by utilising the power of Shopify Markets, our Operations team can work closely with you to determine which countries you'd like to create domains for. All of your SEO tags will follow suit, ensuring customers see a truly localised version of your site in search engines.
Payment Methods. 💳
Many countries use card payment and banking systems that are substantially different to those used in the UK and Europe, causing additional complexity when taking orders from international customers. Shopify Markets gives you the ability to offer a wide variety of payment methods from around the world, integrating them into your store seamlessly.
Tax and Duty Fees. 💰
Doing business abroad brings with it a confusing variety of rules, regulations and costly taxes for each country you operate in. Shopify Markets can take care of these for you. Automatically calculate duty fees and taxes at checkout, ensuring the customer has maximum clarity on the overall price they’ll be paying before placing their order. This prevents the potential for any hidden fees after purchase, while also saving you the time of keeping track of them.