The digital world is getting smaller as people tend to shop online. It’s more likely that people from all over the world are going to your website to buy something.
Suppose you need to maximize your cross-border sales. It’s your best bet as an online vendor to sell your products online or use recurring subscription services to make your checkout pages more localized for people in your area.
International customers are likely to complete a sale if offered their preferred payment method, currency, and language. So, to close more sales, it’s crucial to partner with an eCommerce solution that can provide this entire package.
Before deciding on your eCommerce solution, you must confirm if you can really go global. Multi-currency support is important for a strong eCommerce platform because it helps both customers and sellers.
How can a multi-currency option benefit your business in the long term? Keep reading to learn how integrating a multiple currency switcher plugin into your website can improve your profit.
What is Multi-Currency Support?
Multi-currency support means that online buyers can pay for your products and services using the currency they prefer and feel comfortable with. Usually, online customers in other countries are forced to wholly pay in USD or euros rather than the currency of their resident country. This can be very upsetting for people who shop online, and it might even stop them from making their purchases.
Luckily, various eCommerce solutions are working to eradicate this experience and protect your bottom line by giving buyers a wide range of payment options to choose from. Whether it’s the Japanese Yen, Canadian Dollar, New Zealand Dollar, or Great Britain Pound, your buyers can purchase with a currency switcher.
According to Forrester Research, 30% of US and 25% of European online consumers buy goods from other countries.
Presumably, when we talk about software, the percentage goes even higher than the overall eCommerce average mentioned by Forrester. As people become more interested in shopping in other countries, it will be important for businesses to be able to accept payments in different currencies.
What Are the Benefits of Using Multiple Currencies?
Avoid Excess Charges, Ensure Customer Loyalty
Through multi-currency, you help customers avert charging extra fees for currency conversion on their credit card statements. When visitors see additional charges, they are less likely to purchase from your website again in the future. In fact, there is a higher chance they will issue a chargeback or request a refund because of dissatisfaction with the higher price and general put-off with the additional fees.
Maintaining transparency about your product pricing is the basic step towards garnering repeat sales of your online product or service. For software-as-a-service (SaaS) organizations, keeping a loyal client base is crucial to making sure your business is on a successful path.
Display Pricing Consistency
Showing pricing consistency is crucial in winning a buyer’s trust. Multiple currency options ensure that customers can see your product’s pricing displayed in a rounded and simple number to which they are accustomed. For instance, say 20.00 euros in place of 19.53 euros.
Pay Through Bank Transfer
Multiple currency option support goes beyond offering customers the ability to pay through variable accepted currencies! Accept more sales and increase your revenue by enabling customers to pay with alternative online payment options. For instance, different European customers want real-time bank transfers through their online bank accounts.
Easy to Setup
If you are concerned that providing multiple currency pricing options might complicate your WordPress online store, you are wrong. Any multicurrency platform is easy to set up. The platforms let you choose which currencies you want to add to your product’s prices.
Reduce Refunds, Cart Abandonment, and Chargebacks
Multiple currency options reduce cart abandonment and can minimize chargeback and refund rates. For currencies, you don’t set prices for, your website will show prices to your customers based on real-time foreign exchange rates. Clients will appreciate how easy it is for them to see the price of a product in their preferred currency format.
Controlling Currency Fluctuation
Companies offering currency switcher plugins make sure you are not left behind with currency fluctuation matters. So, these plugins help you manage sales in different currencies, and they can be a huge help when you figure out discounts with a built-in safety margin.
This world has become a global village, and as a vendor, you need to ensure you are not left behind in this world. Multiple currencies can help you get more visitors and make it easier for your customers to buy in the currency they prefer. It makes you an inclusive business and can set you apart from the rest.