Why multi-currency pricing is such a big deal
While you still think whether or not multi-currency pricing is a big deal? Paypal already did a consumer research that participated with over 23,000 people who love to shop online. And who knows, they might already buy one or two products from your ecommerce store, even great if you have made them a returning customer.
“I would prefer to have the option of paying either in local currency or my own currency,” and 7 out of 10 people in this research said that.
If you managed to set multi-currencies to your store, then, remarkable. If not, you’re leaving massive money on the table.
Offering your products in local currency is part of the localized shopping experience that could boost your sales.
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What’s the Big Deal in multi-currency pricing?
Let’s say you own a fashion brand based in Oslo, and you have grown your brand, and everybody loves it. And no doubt that you can replicate that success and move across borders to offer your product. Now, a would-be buyer from Portugal find your brand online, checks and scrolls for a minute, and then boom! She saw something she would like to wear, hit that add to cart button, checks out. But suddenly, she stops and converts that 45NOK dress to her local currency, go back to your site, and again pressed with things like taxes and other stuff she couldn’t understand. “Forget it,” she said.
There goes one customer adding to the percentage of your cart abandonment.
Multi-currency pricing is designed for shoppers because it allows them to transact and have a more personalized web shopping experience to increase and convert more international browsers to buyers (well, talk about this more later). It also enables you as a brand to establish those sales in catering to your international customers. The data already says it all. And that 7 out of 10 people is a big percentage in maximizing your clicks in that buy button. And this is a new way to optimize that e-commerce store of yours.
Benefits of multi-currency pricing
Multi-currency pricing is the leverage you can use to have your store ready because, as per research conducted by forrester.com, in 2022, 20% of the ecommerce will come from cross-border shopping.
They will buy more if you make them happy
The data presented to you earlier (7 out of 10 people) is beneficial and tangible. And making changes by adding an option (multi-currency pricing) is not done with guesswork. Because as per www.netsuite.com, “76% of shoppers look for sites that price all products in their home currency.” They also stated that “shoppers are far less likely to complete a purchase on an e-commerce site that fails to display products in their preferred currency throughout their purchasing experience.”
You have to listen and understand your customer’s point of view, and if multi-currency pricing is something that would make them happy, you got to do it and be ready for your sales to skyrocket.
More orders with an increased conversion rate
This will surely happen if you make your customers happy. And while their many factors to make that possible. Expect to have an increase in conversion rates. Adding that multi-currency pricing can effortlessly pull that percentage up. How would you like to get those numbers up? Will a staggering 20% do? Like Mark Harrison of Quality Bearings, an e-commerce manager boosted their sales only by changing to multi-currency.
Still unconvinced? Read on.
Flexibility on payment methods
To reach that different localize experience level, you have to consider your customers preferred way or channel to transact their online shopping experience. Why go against their will if they already have something they gave their confidence and rely mostly on their payments. Let’s just give it to them. By doing this, we allow them to have that power to choose and pick what they think is best for them, and by giving that control, you as an ecommerce store gained extra points in making them happy that will help you create that a long-term seller-buyer relationship.
To sum up
It was no doubt a strikeout smashing all the positive effects when implementing or adding multi-currency pricing on your e-comm brand store. And we are here to inform you why this is such a big deal in getting those benefits. And this is not something we just made up and invented out of the blue. Multi-currency pricing is a solution to the customers’ need to have that set of transparency when it comes to buying online. And by adding this feature, you adhere to your customers’ needs. In return, they show their support by patronizing your brand. Multi-currency pricing brings in a new way of giving customer satisfaction.
Localize experience that’s the term, and it matters a lot, especially in the e-commerce industry. You have to make sure that they will have that power to choose what’s best for themselves. You have to build that trust and likeability. You can also give them something they are already familiar with, something they have relied on and made most of their purchases. And with multi-currency pricing, they can choose to pay a local payment option. You can even decide to set the desired price regardless of its value at the current forex rate.
We believe that this is something that must equip every business owner who is into selling online.
Crossing borders and dominating international markets is a dream every e-commerce business possesses, and If you want that, Stylehub is pleased to announce that we are here to help you reach that goal.