The Benefits of Integrating Many Currencies Into a Single Payment Gateway
Take Your eCommerce Business Global
At Clarity Ventures, we provide a state-of-the-art platform that will let customers automatically calculate the prices of products in various currencies, eliminate fees that are associated with exchanging currencies, view descriptions that feature their native languages and determine the costs of international shipping. By allowing buyers to shop using their local currencies, a business can substantially increase conversion rates and may also increase the number of page views each visitor provides. Additionally, familiar currencies can boost the average duration of each user's session and may increase the amount of products the consumer will purchase.
Reducing Abandoned Carts
According to several studies, customers are much more likely to leave a webpage if the company’s prices feature a foreign currency. A recent survey suggested that 13 percent of participants will not make any type of purchase if another nation's monetary symbol is listed. Allowing users to shop using a familiar currency increases brand trust and perceived website safety, thus greatly reducing the amount of abandoned carts.
The exchange rates of currency consistently fluctuates, yet the value of a currency rarely changes during the weekends. The worth of each country's money depends on numerous factors, such as political news, the growth of a nation's economy, the number of individuals who invest in a currency, interest rates and the demand for precious metals in each country. A payment gateway should regularly update currency exchange rate, and every product's price should be rounded to a figure that customers commonly see. For example, a website should list a cost of $129 if an item has an actual converted currency price of $128.38. Even if the real cost is lower than the rounded figure, several studies have indicated that patrons are more likely to purchase a company's product when a website lists a familiar, relatively standard price.
Avoiding Extra Costs
If a customer uses a foreign currency to make a purchase, a bank will typically charge fees that are equal to 2 percent or 3 percent of the order's total price. Furthermore, many financial institutions have security systems that will issue an alert as soon as a client utilizes money that is produced in another nation. Allowing consumers to shop using their native currency eliminates any surprises in cost.
eCommerce platforms can integrate tools that automatically calculates the costs of delivering a product to any international location. In general, eCommerce websites should provide more than five shipping methods and contain the logos of at least three carriers. Additionally, several studies find the availability of same-day shipping can increase a company's revenue by over 15 percent.
How Currencies Can Affect Company Growth
According to multiple comprehensive reports, the growth rates of businesses that allow customers to use local currencies will typically exceed the rate of expansion of most companies by more than 15 percent. By accepting numerous currencies, a business can augment the average price of orders and reduce the percentage of customers who consider refunds. A recent analysis also showed that the availability of local currencies can even decrease the percentage of buyers who request customer service. Additionally, offering localized prices in various international companies will increase brand recognition and trust, so consumers are more likely to make repeat purchases.
Considering International Taxes
When a website lists taxes that are foreign to international customers, potential buyers will abandon their carts and leave the site. Once a visitor selects a currency and a language, the website should only show taxes that are relevant to the guest's geographic region. Additionally, each listed tax may feature a link that leads to a page with a description of the tax. Clarity Ventures can provide a platform that evaluates taxes in more than 10,000 areas. Moreover, our cutting-edge enterprise platform is able to automatically calculate the taxes that are associated with each purchase in real-time.
At Clarity Ventures, our eCommerce platform determines each visitor's geographic region, and the web store will automatically feature the language and the currency of a customer's location. Additionally, the web store can instantaneously show products and services that are particularly popular in each guest's region, which leads to increased company trust and more purchases.
An enterprise eCommerce web store should feature a disclaimer indicating that all refunds can be impacted by changes in a currency's market value. The site may feature a tool that lets buyers calculate the current values of products that they want to return. Furthermore, a business should only allow a customer to receive a refund within 30 days of a purchase so that exchange rates are not significantly impacted if a customer wants to return an item.
Clarity eCommerce provides detailed analytics that will indicate the percentage of customers who have used a specific currency, changes in currency exchange rate, the amount of visitors who prefer each language, and the revenue that patrons in every geographic area are providing. Moreover, the reports can determine the percentage of a region's visitors who leave items in a virtual cart, and merchants may use a tool that automatically offers a promotional code to guests who have abandoned the cart.
Evaluating Several International Markets
During 2015, 47.9 percent of China's citizens had consistent access to the Internet, and one study showed that approximately 52 percent of the nation's residents will regularly utilize the Internet by 2017. Within the next five years, China's customers will annually spend more than $1 trillion online.
In Europe, approximately 73.5 percent of individuals use the Internet. During 2015, the continent's residents spent around $174 billion online. The continent contains 50 countries, and although 19 nations officially use euros, 28 currencies are utilized throughout Europe.
Every year, the Republic of Korea's residents make online purchases that have a cumulative cost of $36.7 billion, and 80.8 percent of the country's inhabitants have consistent access to the Internet. Furthermore, an analysis suggested that approximately half of the Republic of Korea's citizens own more than five credit cards that may be used internationally.
Clarity Can Help
Clarity’s cutting-edge eCommerce system allows your business to accept a wide variety of payment methods, and in order to tremendously boost your company's global sales and brand recognition, our experts can implement international currency integrations, shipping and tax integration, and customs and duties integrations. To receive a free consultation or price quote, call or click to speak with one of our eCommerce professionals today!