Dollars, euros, pounds, or yen …
Regardless of the name, today’s consumer expects to be able to shop seamlessly in their local currency. But selling in multiple currencies can be painful.
In fact, the complexity is significant: sourcing product in one currency and selling it in another exposes your brand to technical challenges, operational hurdles — like researching what markets to enter — and foreign exchange risks that can erode margins.
Worse, the time and resources you waste with an incomplete multi-currency solution distracts you from what’s really important to scale globally:
- Customizing your marketing
- Experimenting with new channels
- Offering new products to new markets
Selling in multiple currencies should be simple, seamless, and scalable. Now it is.
Below, we’ll walk through why and how (or, you can read the Help Center’s Multi-currency documentation). But if you’re already on Shopify Plus and want to start selling in multiple currencies with Shopify Payments …
Not on Shopify Plus? We’d love to talk about how we can help you expand internationally
Sell Everywhere Your Customers Live, Natively
Offering customers a robust multi-currency purchase experience is not a luxury, but a necessity. This reality becomes starkly clear when you consider:
- 92% of shoppers prefer to make purchases on sites that price in their local currency
- 33% are likely to abandon a purchase if pricing is in U.S. dollars only
If you want to grow globally you must act locally. The right solution allows you to sell in local currencies and settle in your own and grow while keeping your business lean.
In addition to managing it all on one store, Shopify Payments positions brands to offer customer-friendly international storefronts and checkout experiences that will perform better in three ways …
1. Simplified Growth
It’s now easier and faster than ever to expand your reach and develop a global-first mindset with Shopify Payments. Importantly, multi-currency offers the flexibility you need to make decisions — and quickly change them — on a per-currency basis and as the dynamics of specific international markets change.
You can enter new, international markets in minutes with Shopify Payments and select only the currencies in which you wish to sell. Change your mind or see a new opportunity? No problem. Shopify Payments’ multi-currency solution allows you to easily add or remove currencies based on market changes.
“In the first 45 days of 2019,” says Julien Plouffe — CEO at Moonglow Jewelry, “we’ve already shipped to 84 countries. This same time last year, we had only shipped to 20 countries. International visitors just weren’t converting once they reached the cart page. Allowing buyers to see our products in their local currency now gives them the confidence to finish their checkout instead of dropping out. In fact, our conversion rates in four specific countries have skyrocketed:
- Germany: 428% increase
- Saudi Arabia: 397% increase
- United Kingdom: 581% increase
- United Arab Emirates: 124% increase
“Shopify Payments’ Multi-Currency is helping us crack the code for international expansion.”
2. Localized Experiences
When in Rome act like a Roman, right? Now you can offer customers across the world a more personalized experience regardless of where your brand is headquartered. With powerful built-in geolocation functionality, you can show customers local currency prices based on current foreign exchange rates that are rounded for stability.
Here’s how it works:
- Shopify Payments’ multi-currency feature automatically shows prices based on current foreign exchange rates
- Prices displayed to customers are generated by using your store’s price and multiplying it by the foreign exchange rate and fee, then applying the rounding rules for that currency
- This means you’ll receive a similar payout from a multi-currency order than a store currency order, and will keep your prices stable for longer
Besides positioning your brand to boost conversion rates by giving customers the control they want, Shopify Payments offers you low conversion fees and no transaction fees to help you remain competitive on price.
Ediz Ozturk, founder of international fitness and apparel brand Doyoueven, admits that one of the challenges the company has identified with scaling globally was instilling customer trust.
Before using Shopify Payments’ multi-currency, Doyoueven only surfaced multiple currencies on storefront, but did not allow customers to checkout in their local currency. Ozturk notes that, without multi-currency on checkout, the experience had an “inverse effect on the relationship we had worked so hard to build between us and our audience.” His customer support team was inundated with customer calls asking for clarification, which strained greatly Doyoueven’s internal resources.
Soon after using multi-currency, the customer calls stopped and the business saw unprecedented growth. “In just the first month of implementing multi-currency, we experienced year-on-year growth of 89%, with a total sales increase of 122%,” Ozturk says. “Carrying on with a record-breaking month was a further 28% increase in orders, translating to a 39% increase in sales in the next month, which was March — a historically quieter period for the brand.”
The future is looking even brighter for Doyoueven. With confidence in the platform, the company can now focus less on technology and more on creating a seamless delivery system by expanding into fulfillment centers in the U.S. and Europe to better match its global demand.
3. Integrated Solution
It’s easier to scale internationally now that you have an integrated solution that does the heavy lifting across your storefront, checkout, orders, products, reports, apps, and more.
From product creation to payout reconciliation, Shopify’s multi-currency checkout provides a consistent experience so you can keep selling internationally with confidence.
Currency conversion is applied to …
- Product prices
- Gift cards
- And refunds
Businesses can also automate custom, international experiences with Shopify Scripts for automated discounting and Shopify Flow for back-end workflows.
“With Shopify Payments’ multi-currency solution, it has never been easier or faster to scale globally,” according to David Cameron, a Shopify Plus product manager. “Not only can brands now sell confidently all over the world but they can do so knowing they’re providing the type of customer experience today’s consumer demands.”
Easier, Simpler, and More Lucrative
Global expansion has its complexities. But for online businesses with the right tools, tapping what analysts estimate will be a $4.5 trillion global B2C ecommerce market by 2021 is far less difficult than it once was.
And we promise to do even more to help you grow globally tomorrow.