Clarity eCommerce Multicurrency – A Complete Guide

Multicurrency Conversion for Successful eCommerce

Let’s say you’re shopping online and you find a shirt you want to buy. You’ve read the reviews, double checked the sizing and color and add the shirt to your card.

You are about to proceed to the payment section, but a message appears— “Your currency is not supported.” Disappointed, you decide to continue your search for a new shirt elsewhere, that does support your currency.

These kinds of messages can be very disappointing and even frustrating to consumers. But it’s also disadvantageous for the eCommerce platform owner, who loses sales and potential customers.

Therefore, in order to have a successful eCommerce business, especially an international one, you need a customer-friendly, inclusive payment system that can convert multiple currencies within the platform.

Complete Multicurrency Transactions

That’s what Clarity eCommerce Framework™ was built for—making sure that consumers and businesses have everything they need to be successful. We make foreign currency payments easy with our platform’s multi-currency conversion tools and integrations.

You’ll have access to a state-of-the-art eCommerce platform that automatically calculates the prices of products in different currencies while doing away with the fees associated with currency exchanges.

Multicurrency platform abilities allow your customers to shop in their local currency, increasing sales. Your customers will also spend more time on your platform when they see that a familiar currency is supported, and this also tends to draw in more sales.

Capabilities of Clarity eCommerce Multicurrency

Clarity’s eCommerce platform integrations for multicurrency capabilities enable many features for eCommerce marketplaces. Here’s a list of multicurrency capabilities.

Unique Experience for Each User

In essence, you have an in-built selector that can be placed at the header of the website. It can either display the currency name or sign and can sometimes go with a country selection for eCommerce multilingual capability.

This essentially creates a unique experience for each user based on their location. It also means that the contents are dynamically generated using both multilingual and multicurrency capabilities.

To achieve this, the UI is designed to allow for a dynamic selection of currency values for the products.

You need to translate the product pricing information from the base currency pricing information to the pricing information of the new currency being selected by the user. Once this is set, the pricing automatically updates in the UI whenever a currency is selected.

Improved Data Accuracy and Data Automation

When it comes to currency data acquisition and management, Clarity is capable of giving a fast and accurate solution. There are different ways in which this can be approached.

You can have a look at external APIs and call it to get the exact currency data at any time. Also, you can pull data to check for changes in currency value regularly, say every ten minutes, while the rest of the website pulls from this cash value and updates the entire system.

Consistent Price Information Across All Transactions

Another consideration with multicurrency is persistent pricing across the marketplace. Your underlying currency and price should be consistent at each stage, whether at the catalog, sales order, invoicing, or even order history.

There should be a proper reflection of the price at any time and at any point in the transaction in whatever currency is chosen.

Get Detailed Reports

Clarity eCommerce Framework™ offers comprehensive analytics with multicurrency integration.

This indicates the percentage of users that have used a particular currency, the exchange rate changes, amount of visitors based on preferred language, and your revenue based on geographical area.

Benefits of Multicurrency Integration

These capabilities for multicurrency integrations offer several opportunities for increasing your business’s effectiveness and revenue.

Let’s take a look at some of the benefits of integrating multicurrency on your site.

Reduced Abandoned Carts

Studies have shown that customers are likely to abandon their online cart once they realize that the pricing is not in a currency they know or use. The fact is that a lot of people will not purchase if they find out that the company pricing is in a different country's currency.

This means that allowing your users to shop in their local currencies increases brand trust and in turn reduces the number of abandoned carts.

Real-Time Data

Exchange rates are constantly changing. While this is dependent upon many factors, our multicurrency payment gateway updates its currency exchange rate regularly.

This allows for real-time data to be updated to the platform so that currencies can always remain up to date.

Remove Extra Costs

When customers purchase things using a foreign currency, their banks usually take a fee of around two to three percent of the total amount.

Enabling customers to shop in their local currencies eliminates the extra charges they would incur. This increases customer satisfaction with your eCommerce platform.

International Shipping

With multicurrency integration, you can automatically calculate the delivery costs of products to any international location.

It is important to state here that eCommerce platforms should strive to provide more than five shipping methods for their customers. Furthermore, you should leverage availability of same-day shipping as it vastly improves customer retention and company revenue.

Accelerate Your Success with Multicurrency

There is no doubt that multicurrency is an essential part of any website looking to excel in the international market. It doesn't end here—there is a lot you can achieve with multicurrency, including insurance on bulk transactions.

Multicurrency is a big deal for the international eCommerce marketplace that can provide every user with its local currency option while making a purchase. Coupled with all this, Clarity's A-grade multi-currency integration accepts various payment methods and is capable of integrations for international currencies, shipping, taxes, customs, and duties.