As more and more people shift to online shopping, businesses strive to keep up with the demand and satisfy the market. Customers today are not confined to stores in their location; you can quickly develop a customer base and a following for your brand in another country. That is if your website has the right structures in place.
Customers are more likely to use credit cards in their transactions online, and they will be more eager to complete a sale if a website supports their preferred payment method, currency, and language. It is why you must have an e-commerce solution that offers multi-currency support.
The value of multi-currency support
Having multi-currency support enables you to provide payment options that your shoppers use locally. Customers in other nations usually have to pay in U.S. Dollars or Euros, which could deter them if they do not normally transact with these currencies.
Some payment solutions offer shoppers the ability to pay in Australian or Canadian Dollars, Swiss Francs, Danish Krone, British Pounds, Japanese Yen, and many others, on top of USD and Euros. Providing this to your customers also gives you additional benefits.
1. Supporting multiple currencies fosters customer loyalty
When you use multi-currency support, you help customers avoid the extra fees they incur from currency conversion. When they see these additional charges, it might cause them to issue a chargeback or request a refund. Transparent pricing will help you get repeat sales, and eliminating additional charges will make your products an attractive option.
Being consistent in your pricing will help you win the trust of your customers. A rounded number is more convincing; if your customers see 25.00 USD instead of 24.79, they are more likely to complete the sale.
2. Multi-currency support is convenient for both parties
Besides giving customers the ability to pay in various currencies, you also provide them with various payment methods. In countries like China, where WeChat Pay and Alipay are the most widely-used payment channels, this is invaluable.
Multi-currency pricing is also convenient for the retailer. You won’t have to worry about complicating your store; a payment page builder lets you do this through a simple, intuitive interface.
3. Multi-currency solutions ensure purchase completion
Shopping cart abandonment goes hand-in-hand with customer retention. A multi-currency platform minimizes chargeback rates and refunds since they display and charge the same prices. Furthermore, customers will appreciate the effort you’re taking to show figures in their local currency.
You can also calculate currency exchange rates and account for market fluctuations by adding a buffer percentage for cross-sells. Doing this allows you to control sales in other countries and lets you secure your profit margin. It can also help you compute for discounts.
Your e-commerce platform will benefit from having a multi-currency display. However, you should vet your e-commerce partner properly. They should be able to support your business when it opens its doors to the international market and understand that companies have different requirements, which are informed by their target market and its location.
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