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Do you want to expand your e-commerce business overseas? And what’s pulling you back? The worries about failing to attract international customers to your online store? Here, let’s see how you can optimize your store to make your cross-border alliances much stronger.
Cross-Border Services Will Help Cross-Border eCommerce Reach $627 Billion By 2022Forrester
So if you’re ready to go global, what’s the first thing that comes to your mind?
Your initial consideration would definitely be to choose the best e-commerce platform to sell your products. What’s the next big thing? Delight your customers! If you’re looking to sell your products to foreign buyers, you need to address their concerns to the maximum extent. Building customer loyalty on a global scale can be extremely rewarding.
You could imagine how happy the customers would be to find their favourite products in your store that they just can’t get anywhere else. But, what if they abandon their cart and leave your store just because they are forced to pay in a currency different from their choice? It’s absolutely painful!
Here comes the importance of a multi-currency e-commerce platform that allows you to set up currency-specific prices for your products. Through this article you’d be able to gain insights on integrating multi-currency services to your e-commerce store.
Is a multi-currency platform essential for cross-border e-commerce?
Price has always been an important factor for shoppers in making purchase decisions. At times, they’d want to compare the price of a particular product in your store with that of the price charged for the same product in a different store.
But what happens when customers can’t find pricing in their native currency? They might experience trouble in figuring out the actual exchange rate of each product individually. And finally, instead of wasting time wondering how much it is actually going to cost them, most of them tend to leave your store and may never come back.
By enabling your store to sell in multiple currencies, you can give customers the opportunity to complete payment in the currency they are comfortable with. The absence of this feature can lead to loss of potential customers, which in turn results in lower business revenue.
Therefore, an e-commerce platform with multi-currency capabilities acts as a potential game changer in facilitating global sales.
Swoop into global markets with multi-currency e-commerce
It would be great if you are capable of presenting your products to consumers in the world’s most traded currencies. The US dollar is the most actively traded currency today and the Euro, Japanese Pound, and the Great British pound are also the popular currencies used for trading. However, this knowledge is hardly enough to integrate multi-currency support to your online store.
You need to do a thorough research to find your target audience. Identifying the people who are most likely to buy your products will help you define your target market. Now, set up a multi-currency strategy on your e-commerce store that meets the expectations of your valuable clients.
The best choice is to support only the most appropriate currencies rather than adding the random ones. You’d also want to make sure that you send invoices and receipts to your customers in the same currency they used for purchase. This helps you build improved customer trust and satisfaction.
Enable your e-commerce store to sell in multiple currencies
The raw version of your e-commerce platform may not come with all your desired functionalities. If you already have an e-commerce store, then you can configure multiple currencies using suitable extensions.
If you’re not on board with an e-commerce solution, you need to configure one before adding plugins or add-ons with robust multi-currency features to it. Currently, almost all the popular e-commerce platforms such as WooCommerce, Shopify, Magento, and BigCommerce support the multi-currency strategy.
Perhaps if you are already equipped with a website, the best choice would be WooCommerce. You can also go for it even if you want to set up a new one. WooCommerce is a WordPress plugin that helps you transform your normal website into a fantastic online store.
Unlike Shopify and BigCommerce, WooCommerce is completely free and the most customizable e-commerce platform available for building your online business. It offers thousands of free and paid extensions that helps you accomplish all of your goals easily.
While selecting a plugin, you want to make sure that selling in multiple currencies won’t stop you from receiving the payment in your native currency. It is always ideal to choose a plugin that enables multi-currency based on the customer’s location identified from their IP address.
Also ensure that the plugin provides customers with the option to select a currency of their choice. Otherwise, you should opt for a currency switcher module that lets customers switch to a different currency.
Now, you’d like to take a look at how you can take advantage of WooCommerce with multi-currency capabilities for making your international sales hassle-free.
Multi-currency is a paid extension and can be added to your WooCommerce store to allow customers to switch between different currencies, view the prices recalculated automatically, and pay in the preferred currency. With this plugin, you can round the prices after conversion and also add the conversion charges.
You could also give a try to the following plugins:
Currency Switcher for WooCommerce is a premium plugin that allows your customers to choose the currency of their choice and lets you configure exchange rates either manually or automatically. The other major features include the ability to set a base currency for each product and automatically identify the location of users based on their country.
You can install and use the Price Based on Country for WooCommerce on your store for free. The plugin automatically detects user location and shows the price of a product in the currency based on a country. The product price can be configured by calculating price according to the exchange rates. You are also allowed to set the price manually.
WooCommerce Currency Switcher is a free WordPress plugin that lets your customers choose to display the product prices in the currency based on their country in real-time. The plugin enables you to set fixed price rules and GeoIP rules for each product individually.
The above listed ones are just some of the large number of WordPress/WooCommerce plugins available out there. Currency Switcher for WooCommerce, WooCommerce All in One Currency Converter, WooCommerce Multilingual – Country Based Currency, WooCommerce Currency Manager (WCCM), CBX Currency Converter are some other plugins that are worth looking at.
The multi-currency services helps you keep your pricing strategy as transparent as possible and lets you take a major step forward in achieving a strong foothold in global trade.
Bear in mind that your customers are more likely to complete a sale when they’re allowed to pay in their own currency.
So if you’re planning to kick-start a business without borders, you’d essentially use an appropriate plugin that helps you implement multi currency features on your e-commerce store.