With the development of eCommerce, its possibilities have become almost unlimited. The most exciting thing about eCommerce is that it doesn’t have any borders. No matter what country a customer resides, they can do shopping all over the world from the couch. According to data shared by Pitney Bowes, the number of consumers who prefer to purchase cross-border is 70%.
But there are some problems buyers face while shopping online, these are different currencies. Customers have to conduct currency conversions in order to understand the final cost of products. That’s a burdensome and time-wasting process, which can discourage shoppers from completing a deal. Agree, it doesn’t sound exciting.
Fortunately, thanks to Multi-Currency Auto Switcher you are able to break the boundaries and enter the global market with your Shopify store.
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When to Use Multiple Currencies in Your Online Store
You have already taken a stand at the local market and get a stable revenue. Moreover, you have many loyal buyers supporting your brand. Don’t you think about expanding the frontiers? If you answered “yes”, then the next step in the development of your company is to become part of the world market, to extend your business and to maximize international sales. To make it real you have to apply the use of Shopify multiple currencies in your store.
Benefits You Get with Multiple Currencies
Hardly any shopper will buy without knowing the price. According to Statista, 13% of online buyers abandon an online store in case prices are presented in foreign currencies. So, there is a greater probability that customers complete a sale if they’re allowed to pay in the currency of their comfortable using. By giving your buyers such an opportunity, you get the following benefits:
- Maximizing international sales and creating a more competitive brand. Not all online stores offer to buy in multiple currencies. When you provide your shoppers with such an option you increase your competitiveness in comparison with other merchants. As a result, it leads to a boost in the number of followers and international sales.
- Increasing the number of customers and revenue as a result. According to Securion Pay, 67% of consumers make international purchases because of more attractive prices. So, by implementing multi-currency you increase chances that international consumers will buy from your store.
- Differentiating your business from your competitors.
- Avoiding cart abandonment and improving the number of sales and conversion rates. There’s hardly any customer who likes surprises when it comes to payment. When all the prices are displayed in accordance with real-time currency rates, everything is transparent. So, customers won’t come across extra charges at the check-out and more likely to complete purchases.
- Mitigating the risk of chargeback. When customers can pay multi-currencies they don’t have to charge extra fees for currency conversion. Because in case buyers see these charges they will hardly purchase from this site again. Moreover, these customers are likely to request a chargeback because of unexpectedly high prices and extra fees.
- Ensuring consumer loyalty avoiding extra charges. When prices are reflected in local currencies, customers know how much they are going to pay, which prevents any surprises. So, they trust your brand and feel comfortable shopping with you, as a result, their loyalty increases.
As you can see, it’s worth to provide your customers with a chance to make purchases in local currencies.
Reasons for Multi-Currency Auto Switcher
The most frequent reasons why consumers don’t buy from a certain e-store are the need to buy in a foreign currency and to convert prices. Certainly, that makes the shopping process exhausting and disappointing. The use of Shopify Multi-Currency Auto Switcher by Mageworx reduces these risks.
The app for Shopify allows showing prices in local currencies of consumers and also let them manually select a preferred currency. Such an opportunity has a good impact on their shopping experience and improves it. This makes the buying process more pleasant and easy and relieves shoppers from having to conduct some extra currency conversion-related actions.
Deep Insights into Work of Multi-Currency Auto Switcher
When customers visit your Shopify store, the app identifies their IP addresses and all the prices automatically are converted into appropriate currencies based on the users’ location. The support of 248 currencies expands the borders of your store’s possibilities. It becomes real to attract buyers just about throughout the whole world.
You are allowed to add a currency selection drop-down in the app. It can be placed in any part of the web-page and match your e-store design. In this block, your customers have an opportunity to choose a preferred currency manually. So, the prices will be shown in the chosen one and customers won’t waste their time converting costs themselves.
The app gives you an opportunity to define currencies. Then shoppers from certain locations will be able to select from them. Displayed currency can depend on the visitor’s host country or you can specify countries for each currency.
Setting up Multiple Currencies Shopify
After the app installation, you can choose Shopify’s foreign currencies that will be displayed in your store and associate them with certain countries. Then, only specified currencies will be available in the selection box. For other countries, it will be assigned the store’s base currency.
If you want all the converted prices to look more attractive, you can round them up by means of such methods as math, greater value and lower value. For example, if the cost of a product is $15.74, you can round it up or down.
One more thing you can do is to specify your own conversion rates if you want them to differ from ones offered by Shopify. All the rates can be selected from your preferable sources and entered manually via the app’s Shopify currency settings.
Tips for Selling in Multiple Currencies
If you have already decided on using Shopify multi-currencies in your store, you could use some pieces of advice:
- Watch out for the currencies that your customers mostly prefer;
- Analyze the exchange rate in advance and select the most appropriate ones;
- Learn the payment preferences of your customers thoroughly and build trust in your brand in such a way.
The greatest advantage of online stores is the opportunity of cross-border selling. Of course, it doesn’t go without difficulties. Using Multi-Currency Auto Switcher by Mageworx you improve customers’ experience and increase their conversion to your Shopify store. Download a 7-day free trial and you’ll see it with your own eyes!