Shopify Markets: Manage B2B & Global Businesses in One Place

Are you a Shopify merchant aiming to scale your store globally? With Shopify Markets, you can efficiently manage your Shopify B2B and B2C retail stores through a single dashboard.

Sounds exciting right? Join us as our Shopify development company explores what this new solution is all about and checkout the live demo of how we implemented it for our clients.

What is Shopify Markets?

Shopify Markets is a feature designed to simplify international selling for Shopify store owners. It comes as a solution which is a part of the Shopify summer editions 2024 to introduce the Shopify multi store functionality without the extra need for custom solutions. It also provides the tools and resources needed to manage multiple markets from a single account, making it easier to expand your business beyond borders.  

What are the Top Shopify Markets Features?

In the past, businesses needed to create separate websites for each country, complete with unique domain names. Let’s explore some of the Shopify markets features. This platform centralizes all the essential tasks required to manage a global e-commerce site within a single dashboard.

— Set up Shopify B2B Marketplace

Shopify Markets help you customize pricing, offer bulk discounts, and integrate local payment methods to streamline transactions and enhance the buying experience for your wholesale customers.

— Set up B2C Retail Stores

Shopify Markets allows you to create customized B2C Shopify multi store tailored to each region’s preferences. You can offer region-specific products, ensuring your store resonates with shoppers worldwide.

— Expand your business internationally

It further simplifies global expansion by managing currencies, Shopify markets languages, and tax compliance from a single platform.

— Different Products and Prices per Market

When expanding globally, brands often need to offer specific products or prices in regions. Shopify Markets provides the flexibility to adjust product availability & pricing strategies for various marketplaces.

— Shipping, Taxes, and Duties

Shopify provides customizable options for shipping and tax display per country. Practices vary, so you can choose whether to show prices with or without taxes on product pages.

How can Shopify Markets Elevate Your Business?

Expanding your online store with Shopify Markets offers several advantages:

• Tap into new customer bases by tailoring your store to different markets.
• Provide a seamless and personalized shopping experience, boosting customer satisfaction.
• Grow your business with inbuilt Shopify multi store setups.
• Stay ahead of competitors by adapting quickly to market demands and trends.

How to Set Up Shopify Markets?

In this section, we’ll guide you through the essential steps to configure your store for international markets.

Step 1: Access Shopify Admin

• Log in to your Shopify account.
• From the admin panel, navigate to Settings and then click on Markets.

Step 2: Create a New Market

• Click on Create Market.
• Enter a name for the market based on the region or countries you are targeting (e.g., Europe, Asia-Pacific).
• Further, select the countries you want to include in this market. You can also choose individual countries or entire regions.

Step 3: Set Market Preferences

• Shopify Markets Languages: Choose the languages you want to offer for this market. However, Shopify can auto-translate store content if needed.
  Now, your Shopify store consists of 3 different language preferences:
  — Default Language
  — Translated Language
  — Account Language

• Local Domains: You can also set up local domains or subdomains for each market to improve SEO and provide a localized experience 

Let’s say you want to break into the Australian market:
With only the primary domain, your URL can be “yoursite.com/en-au”
Meanwhile, the Domain or subdomain option lets you create a custom market URL, so your URL could be “au.yoursite.com”

Step 4: Configure Currency & Pricing

This new feature moreover allows you to manage currency and pricing with ease. It includes features like:

• Currency Conversions: Firstly, choose from over 130 regional currencies to set your preferred currency for transactions.
• Automatic Conversion Rates: Access real-time exchange rates to compare your native currency with others globally.
• Price Rounding: It basically auto adjusts your storefront prices to prevent unattractive decimal pricing, ensuring a cleaner presentation.

Step 5: Adjust Import Duties & Taxes

Shopify Markets simplifies the process of collecting duties and taxes during checkout. 

• To activate this feature:
  — Firstly, open the “Duties and Import Taxes” section in the dashboard > Enable the feature > Select specific countries where you want to collect duties.

Once set up, Shopify will automatically calculate and include the necessary duties and taxes for your specified marketplace during the checkout 

Step 6: Customize Delivery & Shipping

Furthermore, Shopify Markets provides flexibility in setting up and managing shipping rates across various regions. Here’s how to do it:

• Manage Rates: Firstly, go to the “Delivery and Shipping” section and click on “Manage Rates” to set shipping rates for different regions.
• Customize Rates: Use the “Add Rate” button to adjust delivery fees for new markets. You can basically opt for your own rates or use an app for calculations.
• Set Shipping Speed: Adjust shipping speed according to your business needs & eventually set delivery prices.
• Add Conditions: Further, use “Add Conditions” to customize shipping based on item weight or order price.

Step 7: Review Payment Methods

Shopify Markets generally auto identifies preferred payment methods for each region

— The payment methods are basically region-specific. If you create a market in the United Kingdom The payment methods will automatically sync with popular payment options in the UK.

Checkout Shopify Markets in Action

In this section, we share our experience integrating Shopify Markets for our clients, showcasing the expertise of our Shopify experts. Our team has successfully activated Shopify Markets for various businesses, helping them expand into the international marketplace. We’ve included a brief demo to illustrate how this tool can enhance your global e-commerce strategy by simplifying currency management, language localization, and market-specific settings.

Everything You Need to Know About Shopify Markets Pro

Shopify Markets Pro is an enhanced version, designed to simplify international selling for merchants. It also integrates with Global-e to manage international tax compliance, duties, and shipping logistics, allowing merchants to focus on growing their global presence. It further allows merchants who use the platform to sell to 150+ markets more easily.

• International Tax & Duty Compliance: In partnership with Global-e, Shopify Markets Pro acts as the merchant of record, handling tax registration, remittance, and local payment methods, streamlining international sales operations.
• Guaranteed Foreign Exchange: Lock in exchange rates for 30 days, providing stability and protection against currency fluctuations during international transactions.
• Local Payment Methods: Offer a wide range of additional local payment options to accommodate customer preferences and reduce cart abandonment.
• Fraud Protection: Enhance security with advanced measures to safeguard against fraud in international transactions.
• Restrictions Management: Automatically remove restricted products from the catalog when selling in countries with specific regulations, ensuring compliance.
• Shipping: Partner exclusively with DHL Express for markedly efficient international shipping, benefiting from potentially favorable terms and pricing.

Frequently Asked Questions

Wrapping Up Shopify Markets

Shopify Markets basically simplifies the complexities of global expansion, allowing you to focus on growing your business and delighting customers worldwide. Whether you’re managing B2B or B2C interactions, Markets empowers you to deliver a tailored shopping experience that resonates with customers worldwide.

If you’re further interested in integrating it into your Shopify store, we’re here to help. Our team of Shopify experts can guide you through the process of how to set up Shopify Markets, ensuring a seamless transition that optimizes your store for international success.