Markets | Shopify Editions Summer '24

Summary

Shopify introduces Markets, a unified command center for business expansion, streamlining cross-border, B2B, and in-person selling from a single admin interface. This tool simplifies the management of multiple market configurations, offering tailored buyer experiences without the need for multiple stores or inventory splits. With Markets, businesses can customize catalogs, themes, and pricing for different regions, enhancing decision-making and growth opportunities, all while reflecting these customizations in the Products section for a holistic business view.

Takeaways

• 🌐 Markets is a new central command center for managing cross-border, B2B, and in-person sales within Shopify admin.
• 🔧 Previously, business configurations were scattered across the platform, requiring extensive knowledge of Shopify settings.
• 📊 Markets provides a unified view for understanding and making decisions on business expansion efforts.
• 🛍️ It allows for highly customized buyer experiences tailored to each market without the need for multiple inventory or data synchronization.
• 🇬🇧 For example, expanding into the UK involves creating a new market region and customizing the catalog for UK buyers.
• 👥 Customizing the store's team can be done to better suit the audience of a specific market.
• 📈 Markets introduces new features for Shopify POS users, such as setting specific catalogs for retail stores with different pricing and stock.
• 🏢 For B2B businesses, Markets simplifies the expansion into new regions and enables customization of the store theme for each B2B market.
• 📊 Markets offers a holistic view of the business, allowing for both a broad overview of all markets and a detailed focus on individual market performance.
• 🎨 The customizations made for each market in Markets are reflected in the Products section, enabling preview of the specific products and prices for any market.
• 🚀 Markets opens up significant growth opportunities for businesses at any stage, from new cross-border sellers to established enterprises in multiple markets.

Q & A

What is the purpose of the new 'Markets' feature in Shopify admin?

The 'Markets' feature serves as a central command center for managing cross-border, B2B, and in-person selling from a single place within Shopify admin, streamlining business configurations that were previously managed in different parts of the platform.

How does the 'Markets' feature simplify the management of business configurations?

It consolidates the management of multiple disjointed experiences into one central place, eliminating the need to navigate through complex Shopify settings, which were previously likened to requiring a 'PhD in Shopify Settings'.

What kind of insights does 'Markets' provide for business expansion efforts?

'Markets' offers a holistic view of all expansion efforts, enabling businesses to make better decisions by understanding and viewing their efforts in one place.

How can 'Markets' customize buyer experiences for different markets?

It allows for incredibly customized buyer experiences for each market from a single store, without the need to split inventory or keep data in sync across multiple stores for the same business.

Can you give an example of how to use 'Markets' to expand into a new region like the UK?

To expand into the UK, a user would create a new market and add the UK as a region, then customize the catalog for the UK market, including product pricing and availability, and tailor the store's team to suit the UK audience.

What new feature for Shopify POS users is introduced with 'Markets'?

A new feature allows Shopify POS users to set specific catalogs to manage pricing and publishing for their retail stores, enabling them to customize pricing for different store types or stock specific items at certain locations.

How does 'Markets' benefit B2B merchants looking to expand into new regions?

B2B merchants can more easily expand their wholesale business into new regions with 'Markets', and they can now also customize their store theme for each B2B market.

What kind of overview does 'Markets' provide for a business's operation in various markets?

'Markets' provides both a broad overview of all key markets a business operates in and the ability to zoom in on individual markets to see their performance and the customizations made for each.

How are the customizations made in 'Markets' reflected in the Products section of admin?

The intentional work done to customize buyer experiences in 'Markets' is reflected in the Products section of admin, where users can preview the exact list of products and prices that a specific buyer in a specific market would see.

What growth opportunities does 'Markets' unlock for businesses of different sizes and stages?

'Markets' unlocks growth opportunities for businesses ranging from new ones selling cross-border for the first time, to those in a rapid scale phase expanding into B2B, opening up retail stores, or enterprises already operating in hundreds of markets.

How does 'Markets' help a business grow towards its future vision?

'Markets' brings together the entire business, providing a unified platform to manage and grow towards any future vision by simplifying the management of cross-border, B2B, and in-person selling efforts.

Outlines

00:00

🌐 Introducing Shopify's Markets: Centralized Expansion Hub

Shopify introduces 'Markets', a unified platform for managing cross-border, B2B, and in-person sales. Previously, business configurations were scattered across the platform, leading to a complex and disjointed user experience. Markets streamlines this by offering a central location to oversee and understand all expansion efforts, empowering businesses to make informed decisions. It also facilitates customized buyer experiences across different markets from a single store, eliminating the need for multiple inventories or data synchronization.

🇬🇧 Expanding to New Markets: Customization and Control

The script details the process of expanding a business into new regions, using the UK as an example. With Markets, businesses can create a new market, customize their catalog, and adjust pricing and availability to cater to local buyers. Additionally, businesses can tailor their store's team to better serve their target audience. The feature also extends to in-person selling, allowing businesses to set specific catalogs for retail stores, manage pricing, and control product availability in different locations.

💼 B2B Expansion and Customization for Shopify Plus Merchants

Markets simplifies the expansion of wholesale businesses into new regions for Shopify Plus merchants. It enables customization of store themes for each B2B market, providing a tailored experience for different business segments. This feature is particularly beneficial for enterprises operating in multiple markets, as it offers a holistic view of the business, allowing for strategic decision-making based on market performance and customizations.

📊 Comprehensive Business Overview and Growth Opportunities

Markets provides a comprehensive overview of a business's operations across all key markets. It allows businesses to zoom out for a broad perspective or zoom in for a detailed analysis of individual market performance. The customizations made for each market are reflected in the Products section of the admin, enabling businesses to preview the exact product list and prices that buyers in specific markets would see. This tool is designed to unlock growth opportunities for businesses at various stages, from new cross-border sellers to established enterprises.

Keywords

💡Markets

Markets is a newly reimagined central command center within the Shopify platform designed to streamline the management of cross-border, B2B, and in-person selling. It is the focal point for business expansion efforts, providing a unified interface to oversee and control various aspects of a business's growth strategy. In the script, Markets is presented as a solution to the previously disjointed and complex Shopify settings, offering a more accessible and powerful tool for business owners to make informed decisions about their expansion.

💡Cross-border selling

Cross-border selling refers to the process of selling goods and services to customers in different countries. It is a key aspect of business expansion and is central to the Markets feature in Shopify. The script emphasizes the ability to customize catalogs, pricing, and availability for different regions, such as the UK, to cater to the specific needs and preferences of buyers in those markets.

💡B2B

B2B stands for 'business-to-business,' which is a type of commerce where one business sells to another. The script mentions that Markets simplifies the process of expanding a wholesale business into new regions, allowing for customization of the store theme for each B2B market, which is crucial for tailoring the buying experience to the needs of different business clients.

💡In-person selling

In-person selling is the traditional method of selling products directly to customers face-to-face, often in a retail setting. The script introduces new features for businesses using Shopify POS, allowing them to set specific catalogs for managing pricing and publishing for their retail stores, which enhances the in-person selling experience.

💡Customization

Customization in the context of the script refers to the ability to tailor the shopping experience for different markets or buyer segments. It is a core feature of Markets, allowing businesses to adjust their product offerings, pricing, and store presentation to better serve specific audiences. For example, a business can customize its catalog for the UK market or set different prices for U.S. outlet stores.

💡Inventory sync

Inventory sync is the process of keeping product stock levels consistent across multiple sales channels or stores. The script highlights that with Markets, businesses can manage their inventory from a single store without needing to keep data in sync between multiple stores, which simplifies the management of stock and reduces the potential for errors.

💡Shopify admin

Shopify admin refers to the administrative interface of the Shopify platform where store owners manage their online stores. In the script, it is mentioned as the single place where all business configurations related to Markets are managed, centralizing the control of cross-border and B2B selling, as well as in-person transactions.

💡Expansion efforts

Expansion efforts are the strategies and actions taken by a business to grow and extend its reach into new markets. The Markets feature in Shopify is designed to give businesses a holistic view of their expansion efforts, allowing them to make better decisions and track the performance of their key markets.

💡Shopify POS

Shopify POS is the point-of-sale system offered by Shopify for in-person transactions. The script discusses how Markets integrates with Shopify POS to allow for specific catalog settings for retail stores, enhancing the functionality and customization options for brick-and-mortar businesses.

💡Shopify Plus

Shopify Plus is a premium plan designed for high-volume merchants and企业提供 enterprise-level solutions. The script mentions that Shopify Plus merchants will find it easier to expand their wholesale business into new regions with the help of Markets, which offers them advanced customization capabilities for different B2B markets.

💡Growth opportunities

Growth opportunities refer to the potential for a business to increase its size, revenue, or market share. The Markets feature in Shopify is portrayed as unlocking new avenues for growth, whether for new businesses venturing into cross-border selling, businesses in a rapid scale phase, or enterprises already operating in multiple markets.

Highlights

Markets is a new central command center for managing cross-border, B2B, and in-person selling from a single place in Shopify admin.

Previously, business configurations were managed in different parts of Shopify, leading to disjointed experiences.

Markets provides a unified view to understand all expansion efforts and make better business decisions.

It enables customized buyer experiences for each market without needing to split inventory or sync data across multiple stores.

Markets allows businesses to expand into new regions like the UK by creating new markets and customizing catalogs.

Businesses can customize their store's team to better cater to the audience in specific markets.

Shopify POS users can now set specific catalogs to manage pricing and publishing for retail stores with Markets.

Markets makes it easier for Shopify Plus merchants to expand their B2B wholesale business into new regions.

Customization of store themes for each B2B market is now possible with Markets.

Markets offers a holistic view of the business, allowing users to zoom out and see all key markets or zoom in to focus on specific market performances.

Customizations made for each market in Markets are reflected in the Products section of admin, allowing preview of products and prices for specific markets.

Markets unlocks growth opportunities for businesses, whether new, in rapid scale phase, expanding into B2B, opening retail stores, or operating in multiple markets.

Markets brings together the entire business, helping it grow towards any envisioned future.

Markets simplifies the process of managing complex business operations by centralizing settings and providing a unified interface.

The platform reduces the need for extensive knowledge of Shopify settings, making it more accessible for business owners.

Markets supports a wide range of business models, from cross-border to B2B and in-person selling, enhancing flexibility and scalability.

Transcripts

Meet the new and totally reimagined Markets,

a central command center for expansion for all your cross-border

B2B, and in-person selling,

all from a single place in Shopify admin.

Up until now, all of these business

configurations have been managed in different parts of our platform,

which meant managing multiple disjointed experiences

and basically needing a PhD in Shopify Settings.

Markets is now the central place to view and understand

all your expansion efforts, giving you the ultimate power

to make better decisions for your growing business.

It also enables incredibly customized

buyer experiences for each market, all from a single store,

without having to split inventory or keep data in sync

between multiple stores for the same business.

So let's say, I want to expand my business into the UK.

I'll create a new market and add UK as a region.

I'll start by customizing my catalog

for my UK market, making sure that the product's

pricing and availability

is what I want to service to my UK buyers.

I can also customize my store's team

to be just right for my UK audience.

Next, let's talk about updates for selling in-person.

One of the most exciting new features for businesses using Shopify POS,

is that now with Markets, you can set specific catalogs

to manage pricing and publishing for your retail stores.

So, I could mark down my prices for all U.S.

outlet stores, or only stock my best sellers at my New York flagship store.

And for Shopify Plus merchants selling B2B,

it will be easier to expand your wholesale business into new regions.

And now you will be able to customize your store theme for each B2B market.

Markets gives you a

holistic picture of your business, whether it's zooming out,

seeing all the key markets your business operates in.

Or zooming in, focusing on how your key markets are performing, and viewing a quick

snapshot of the exact customizations you have made for each market.

What's more, all of the intentional work you did to customize your buyer experiences in Markets,

will also be reflected in the Products section of admin.

You can preview the exact list of products and prices

that a specific bio in a specific market would see.

With Markets, we have unlocked incredible growth opportunities.

Whether you're a brand new business selling cross-border for the first time,

in a rapid scale phase, expanding into B2B,

opening up a retail store or an enterprise operating

in hundreds of markets already, Markets brings together your entire business

and helps you grow towards any future you can imagine.