Customs, Duties & Taxes Oh My!
What to Consider When Planning for Multiple Currency
First is simplicity. Not for you, but for your customer, as this is what really matters. If you want to increase multi-national sales, use different international currencies. Ultimately, the easier and less confusing the online transaction process is for your prospective consumers, the more likely they are to become bonafide customers. They want to know exactly what they're paying for an item. If you can't show them that, most likely someone else will.
Ideally, all the complicated processes and calculations of pricing that includes strategy, taxes, shipping, customs and duties are tallied instantly on the back-end to where all the customer sees is the attractive final checkout price. The simplicity of pricing on the consumer end and the convenience of the platform are key for increasing consumer purchases in your web store. The right multi-currency eCommerce integration to enable you to do this will be custom built. Why? Because your business is unique and so are your customers. You're both used to processes specific to your organization or your industry. Try and jam this into a pre-packaged platform and you lose simplicity. You lose sales.
There are two key benefits to a custom built solution. The first is outlined above. You can tailor your multi-currency integrate eCommerce solution, platform shopping cart or checkout specifically to your target market and customer. The more you can hyper-segment your platform for your most valued target audience, the more they will convert and create value for you. A custom built e commerce solution can also be retrofitted to integrate with all the CRM and ERP programs you already love. The second reason your multiple currency online store should be custom built is that third party platforms cost money over time. This is not only to build and integrate with your website; they also take a percentage of each transaction. If you're moving a lot of volume or have a lot of transactions, this eats in to your profits very quickly and will become more expensive for your organization over a relatively short period of time (which is why I'm hesitant to say the 'long run').
Ultimately, when entering a new market, whether it's multi-country web commerce or a city nearby, the most important thing you can do to be successful is to do your research. After that, hire people who have done their research and have worked on the products you're seeking on previous, successful occasions.