The pandemic has changed the way businesses operate and how consumers do their shopping. The increase in ecommerce activities, in particular, calls for innovations for companies that are lagging behind in terms of technology and consumer needs.
Shopify is a company that has stepped up to aid in scaling ecommerce operations. In 2021, the platform not only invested in and partnered up with direct-to-consumer (D2C) service Yotpo to accelerate product development and growth, but also unveiled Shopify Markets.
The platform makes it easier for businesses to sell products internationally. With Shopify Markets, merchants can open their shops and manage different markets more easily. The optimization of cross-order actions allows for an overall view of a business, further contributing to management capabilities.
Additionally, merchants can provide different markets with customized experiences. Customization for local currencies, for example, are available. According to Shopify, business storefront prices can allow for over 133 local currencies in order to amplify the ease at which international customers can be reached.
This is in addition to providing customers with direct and secure payment methods with which they are familiar. Another advantage that businesses should take note of is the domains feature, which allows for an ecommerce store to show up for international customers alongside the correct currency and language.
As for duties collection, the platform allows for the automatic calculation of import fees at checkout. This leads to more clarity in terms of product and additional costs, mitigating any surprises..
According to eMarketer and Insider Intelligence, cross-border commerce slowed significantly as consumers opted to purchase from local businesses. Moreover, shortages in the supply chain slowed down international business operations. However, the opportunity for this type of commerce is growing.
Shopify receives a significant portion of its business thanks to international shoppers. Insider Intelligence and eMarketer noted that in July 2021, more than 27% of Shopify’s traffic came from outside of the United States.
The popularity of cross-border ecommerce shoppers in the United States will increase by 4.5% in 2022 as well, according to Insider Intelligence and eMarketer. This will be equivalent to about 2.9 million.
As the pandemic continues on, merchants need to stay up-to-date with the latest technological advancements. Becoming familiar with and utilizing new tools and platforms can bring a company to the future.