Tips for Increasing Profits from Your Multi-Currency eCommerce Site
How to get the most out of your multi-currency eCommerce site
Adding multi-currency to your eCommerce site’s features not only broadens your customer base, but also helps make customers’ buying decisions easier. Showing your international eCommerce customers prices in their native currency makes them more comfortable purchasing items from you because they understand what the actual cost is. Most U.S. customers wouldn’t know off the bat how much 20 Yen is in relation to a dollar without having to look it up. By then, you have probably already lost their interest. By showing customers prices based on their location or currency selection, they are automatically shown a price that they are able to easily understand. Implementing a multilingual and multi-currency eCommerce site helps you take your online business to the next level.
To ensure that you get the most out of your multi-currency eCommerce site, it needs to be able to handle currency conversions correctly. It is best not to use a third party for currency conversion because they could hold your money until conversion rates change in a way that benefits them. It is best to integrate your site with an automated currency conversion module that can instantly calculate the conversion. The module can do all the conversion work for you while ensuring that you get paid the right amount.
Structuring Prices and Discounts
Another way to get a better return on investment from your multi-currency site is to change your conversion rates and pricing strategies to better suit your foreign customers. Arranging for the price to be rounded off to a number that customers are more familiar with after it is converted will make the price more customer friendly. When dealing with discounts, advertise them in the way that is most attractive. In U.S. dollars, it may sound better to state that an item is 15% off, while in pesos it may be more appealing to say that it is 50 pesos off. Knowing how to make prices sound most attractive will help you get a great ROI in both domestic and foreign markets.
Sell in Less Competitive Marketplaces
An additional advantage of running a multi-currency eCommerce site is having the opportunity to sell in less competitive marketplaces than in your home country. You may find that many of your competitors don’t offer multi-currency options for customers, which would automatically make yours more attractive. Your price may also end up being cheaper than competition in other countries which could help you dominate the market. By doing your research before starting to market and sell in different regions, you may be able to find multiple places where your goods will be highly sought after and perhaps the best deal around.
Use a Powerful System
Finally, the best way to get a higher return on investment from your multi-currency eCommerce site is to use a powerful eCommerce platform with multi-currency modules or capabilities. The system that you choose needs to be able to handle customs, duties, and taxes, preferably incorporating them into the price that customers pay when they are checking out so there are no hidden costs. Also, the eCommerce platform that you use needs to be able to tie into yours and third party systems, such as FedEx or UPS, seamlessly to help your business run smoother and more efficiently.
Clarity Can Help
At Clarity, we understand the issues and costs that come with adding multi-currency to your global eCommerce site. Our team at Clarity has helped numerous clients implement a multi-currency eCommerce site and see an excellent return on investment. Our eCommerce platform, Clarity eCommerce, is able to handle international businesses and all that that entails. With extensive international eCommerce experience, Clarity is a trusted partner to help your business expand into the global marketplace. To find out more about developing a multi-currency site or to schedule a consultation with one of our experts, call or click to contact us today!