The global appeal of the internet is undoubted with billions of people able to access the internet every day. In terms of generating business online, your ecommerce website must appeal to a much wider audience as the years go on and the appeal of purchasing orders abroad get bigger. Customers no longer have to compare the price with one shop on the high street with another but from a wide variety of different business from around the world. This makes it very competitive and the easier you can make it for the customer the better through your ecommerce solution.
The ability to have a multi currency ecommerce solution can be a major selling point to users and set your business apart from the competition. The multi currency ecommerce solution also takes into account any additional charges that are applicable to that destination, such as Value Added Tax (VAT) in Britain. This means that your customer will see the final price including shipping price in the appropriate currency before placing the order indeed and avoid any surprises when they eventually receive the bill. This improved service for customer's breed's confidence in the ecommerce website, the business and the products and services on offer.
Many online retailers thrive on the business that they receive from overseas and sometimes find that their products appeal more to certain international markets. This ability to further appeal to a variety of different international markets means that you can even use internet marketing tactics to make the site appeal more to these markets.
There is two ways of having the multi currency functionality on your website; an automatic exchange rate facility or the ability to manually add the converted prices. Having the automatic exchange rate means that the site calculate the exact price of the product at that moment in relation to the latest exchange rate. This means that the customer is getting the most up to date price but this means that the additional service will cost more. For this option we also recommend having separate merchant ID's with separate bank accounts for each currency as the transaction will incur additional fees from the bank. The alternative manual option in the content management system means that you can set the price of the product for each currency to ensure that the money coming in will be the same with every transaction of that product. This makes it much easier in terms for the accounting for the business as the prices will not change.
Advansys offer mutlilingual ecommerce functionality with the multi currency solution for our ecommerce solutions for businesses looking to appeal to international markets. To find how your business can do the same and reap the rewards that others are currently receiving, please contact our ecommerce specialists.
- H Ponaich - Yakult -