The advent of the internet has opened up a world of endless possibilities for us all; the ability to communicate over vast distances has helped to make our world much smaller. For businesses, this gives them the opportunity to trade their goods and services to anyone, no matter their location; fulfilling the need to appeal to their specialist markets and the specific audiences they serve.
Trading with the entire world will bring with it the need to adapt to certain locations – one of these needs is the currency. Not only does a multi currency eCommerce system help websites to provide the correct calculation of the exchange rate between two currencies – it also helps to meet the need of an exchange rate that constantly changes and fluctuates. Then, of course, there are added taxes (such as VAT) to add into the equation.
How Can Multi Currency eCommerce Help?
As the lines between our international borders continue to thin, it's now pretty much expected by the vast majority of internet users that any decent eCommerce website will be able to display products in their own local currency.
Here, we're going to look at a number of benefits that can be provided by a multi-currency system for any eCommerce business:
- Set The On-Page Currency, As Required. With a multi currency eCommerce system, a business will have the ability to set the required base currency, or even add the converted price with the use of a currency converter, onto their product pages. It wasn't uncommon in the past for eCommerce websites to produce different pages for the same product, for a certain territory; now they can use just one, streamlining the website, improving its function.
- Attracts More Customers. One of the great things about the internet and the eCommerce markets it provides is that it's easy and quick to use. As such, customers will expect a good service to be easy and quick to use – something that multi currency eCommerce, with its ability to display up-to-date currency exchanges, is able to provide. This ability to convert currencies will further strengthen the appeal of the particular website; working to attract a new and interested audience to the products and services on sale, no matter their location.
- An International Seller. It's unlikely that a majority of customers would make a purchase if the website doesn't reflect the currency that's local to them. Whether it's a worry about exchange rates, paying additional fees for conversion or delivery; many barriers will be thrown up through the display of a non-local currency. So therefore, displaying a multi-currency feature will allow the customer to get an instant up-to-date price in their own currency, which will put them at ease and leave them in a position in which they'll be more likely to go ahead and make the purchase.
- Streamlined Accounting. Being able to consolidate a financial statement at the end of the fiscal year is an obvious must to measure the profit and loss that the business has occurred. Now just imagine if a business has to convert its product prices into different currencies, across multiple territories; being able to keep track of them (not to mention successfully calculating them all) may prove difficult and extremely time-consuming. Implementing a multi-currency solution on a website allows for the easy processing of currency calculations, making producing those vital financial statements much easier.
- Improves The Customer Experience. Perhaps the most vital aspect of any business' service is the ability to offer the customer a great experience. If they can find the right products that they're searching for, successfully be able to navigate around the store and are met with a quick-and-easy checkout, then it will play greatly into their experience of the store; perhaps even making for return custom in the future.
In terms of eCommerce, it's unlikely that many customers will be too pleased with a website that charges their credit card to pay for an exchange rate – after all, they've just paid for the product and its postage, so this additional cost won't go down well. These charges occur if the website doesn't have a multi-currency solution that will convert the base currency into the customer's local currency as they view the checkout. A multi-currency website will allow customers to see a total price (including any postage costs) before they place their order, making them fully aware of the true cost of the service.
Looking To Improve Your eCommerce Website? Choose Advansys' Multi-Currency Solution
If you're searching for ways to develop your eCommerce website, to improve the shopping experience of your customers and/or to offer your products to a wider marketplace, then you've found the rate place here at Advansys. We are a vastly-experienced eCommerce solutions company that is constantly positioned at the forefront of the changing trends of the world wide web, the requirements of those who use it and of course, the updates to the systems that are required to meet the needs of this ever-growing user base.
As such, we are able to implement a customised multi currency eCommerce solution for your website. With the online marketplace ever-growing, the need to be able to offer your customers the best, most-streamlined shopping experience, is vital in growing your online brand.
Get In Touch With Us To Learn More
If you would like to take advantage of the benefits provided by multi currency eCommerce, then please do not hesitate to get in touch with us today. Give us a call on 0845 050 2700 or alternatively, you can send an e-mail to us at firstname.lastname@example.org