This can't be stressed enough. Know the culture, study your local competition in a unfamiliar geographic territory, and you'll avoid sluggish sales. Some cultures and collectivistic vs. individualistic, more prone to give or more prone to take advantage, buy groups of items in different bundles (For example: Germany- beer, sausage, potato, sauerkraut. Southern US- beer, potato, fried chicken, green beans. If you're selling potatoes or beer in these places, pay close attention), or stress utility messaging over pleasure messaging.
These are just a few of MANY, MANY pricing strategies to take into account. You should also take
that come with them when calculating global pricing strategies. There are many more important cultural nuances to take into account that will cause you to tweak or custom tailor your pricing for different global markets. How money is exchanged between nationals of different countries is a major factor in an effective asp.net shopping cart built for E Commerce between nations.
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.
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 multicountry 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.
Accepting Foreign Currency: Key Takeaways