Shopify Markets Pro: Streamlining Your International Sales Operations
What are the benefits of Shopify Markets Pro compared to Shopify Markets? Learn about all of them in this simple article.
Head of Growth
After the successful launch of Shopify Markets in August 2021, a robust toolkit designed to localize shopping experiences and boost international sales by tailoring brands to resonate with local users in each country, Shopify has taken a significant leap forward. The platform allows brands to configure various elements, such as products, prices, domains, currencies, languages, and content, all from a single storefront.
Since its inception, Shopify has been committed to empowering brands with a comprehensive suite of cross-border management tools. These tools facilitate the identification, establishment, launch, optimization, and management of international markets, consolidating various functionalities into a unified store. This strategic move has, in part, diminished the prominence of Shopify Plus Expansion Stores.
Continuing its dedication to enhancing global commerce, Shopify has rolled out successive updates and improvements to Shopify Markets, striving to deliver effective solutions. One notable extension of Shopify Markets is Markets Pro, introduced in the United States in 2023 and poised for further expansion into other countries in the near future.
What is Shopify Markets Pro
Shopify Markets Pro is a game-changer in simplifying the process of entering new international markets, offering a seamless pathway to expand your brand on a global scale.
Packed with a comprehensive range of features, Markets Pro addresses the intricacies of cross-border selling, including compliance with local regulations, handling taxes and duties, and streamlining international shipping.
Powered by Global-e, these features empower businesses to scale and optimize their international markets directly through the Shopify admin. By leveraging Shopify Markets Pro, Global-e takes on the role of the merchant of record. This means they assume legal responsibility for selling products to customers in different regions or countries. As a result, businesses can offload the burdensome tasks of tax registration, tax remittance, acceptance of local payment methods, and management of shipping and fulfillment arrangements.
Shopify Markets Pro Features
Now, let's delve into the distinctive features of Shopify Markets Pro that make it a standout solution for businesses aiming to navigate the complexities of international markets with ease:
International Tax & Duty Compliance
A pivotal feature of Markets Pro is its partnership with Global-e, assuming the role of the merchant of record. This relieves brands from the operational complexities associated with tax registration, tax remittance, acceptance of local payment methods, and the management of shipping and fulfillment arrangements in multiple countries. Global-e consolidates orders into a single invoice, simplifying operations for brands engaged in selling abroad.
Collect Taxes & Duties
Unlike Shopify Markets, where only Advanced and Shopify Plus plans offer duty and tax estimates during checkout, Markets Pro revolutionizes this aspect. Brands can now automatically calculate and collect duties and taxes during checkout, eliminating uncertainties associated with fluctuating estimates. This streamlined process ensures customers pay their taxes and duties upfront, providing a smoother and more transparent experience for both brands and customers.
Guaranteed Foreign Exchange
In the realm of international sales, Shopify Markets Pro introduces a significant advantage with its foreign currency rate lock feature. While Shopify Markets exposes brands to the risk of fluctuating exchange rates during transactions, Markets Pro ensures that the same exchange rate remains in effect for 30 days after an order is placed. This guarantees stability and protection against potential losses resulting from currency value fluctuations.
Adding more Local Payment Methods
In the domain of Shopify Markets Pro, businesses gain the exclusive capability to integrate an array of additional local payment methods in various locations. Unlike Shopify Markets, which relies on Shopify Payments and offers local payment methods through Stripe, Markets Pro takes it a step further. This feature empowers customers to make purchases using their preferred payment methods, fostering trust and minimizing the likelihood of abandoned carts. For instance, brands can seamlessly incorporate payment options like Klarna for specific countries, enhancing the flexibility and convenience of the purchasing process.
One of the standout features of Markets Pro is its enhanced security measures against fraud on international orders, a feature absent in Shopify Markets. This added layer of protection ensures businesses are safeguarded in the event of fraudulent activities occurring during international transactions.
Navigating the complex landscape of international regulations, Markets Pro automatically removes restricted products from the catalog when selling in a destination country where the product is restricted. This proactive approach ensures compliance with local regulations and prevents any issues related to the sale and shipment of prohibited items internationally.
While Shopify Markets offers flexibility in choosing preferred shipping providers, Markets Pro requires exclusive collaboration with DHL Express for international orders. This strategic partnership enhances the efficiency of international shipping processes, potentially leading to more favorable terms and prices.
Limitations of Shopify Markets Pro
Recent launches often bring inherent risks, and Shopify Markets Pro is no exception. Despite its partnership with the well-established Global-e, the fact that the responsibility for Shopify Markets Pro lies with Shopify itself and its relatively short time in the market means there are not enough testimonials to assess the solution's effectiveness and, ultimately, withstand the test of time.
Additionally, at present, the solution is exclusively available in the United States. This limitation means that brands from other countries do not yet have access to this solution. As an alternative, these brands may choose to work directly with Global-e.
How much does Shopify Markets Pro cost?
Shopify Markets Pro comes with a transaction fee of 6.5% of the total order value and a currency conversion fee of 2.5%. These fees contribute to the comprehensive set of features and benefits that Markets Pro provides for streamlining global operations and enhancing cross-border selling.
However, to get a detailed breakdown and the latest information on Shopify Markets Pro costs, it is recommended to refer to the official Shopify website or reach out to Shopify support for the most accurate and up-to-date details.
In essence, Shopify Markets Pro represents a strategic alliance between Shopify and Global-e, streamlining the complexities of global expansion and allowing businesses to focus on delivering exceptional products and services to an international audience. This innovative solution marks a significant advancement in cross-border commerce, providing a comprehensive toolkit for brands to thrive in the evolving landscape of e-commerce on a global scale.
Shopify Markets Pro represents a significant breakthrough and an invaluable tool for many brands seeking assistance in expanding their international sales. However, as brands contend with ever-growing sales volumes, they have the option to work directly with Global-e. This choice allows them to benefit from the expertise of the Global-e team, receive personalized pricing that may be more competitive, and gain access to a range of advantages. If you want to delve deeper into Global-e's capabilities and how it goes beyond Shopify Markets functionalities, we recommend reading our article: 'Going Beyond Shopify Markets: How Global-e Elevates Your International Sales'.
We trust this article has offered valuable insights into Shopify Markets Pro for you. And if you engage in Shopify Markets Pro, ensure you don't lose customer who encounter an incorrect shopping experience. Choose Orbe, a reliable geolocation app, to avoid potential issues and enhance your customer's journey.