Multi-currency Feature in Easy Google Shopping Feed App
The Multi-currency feature is one of the most important features a business would require if they are planning on going global. When an e-commerce business wants to expand its customer base and boost its annual revenue, the Multicurrency feature can help.
Having the feature will also provide a very comfortable and convenient shopping experience on the eCommerce website for the customer. Read on to learn more about the feature and how you can implement it into your online store.
What is a Multi-currency feature?
The multi-currency features allow an eCommerce business to sell their products in different countries, allowing the customers of those countries to pay using their local currencies - using the customer’s location, the features will automatically adjust the price to the customer’s local currency. The features will also help expand your geographical presence and help you sell at an international level.
Benefits of Multicurrency feature for your eCommerce store
A few advantages that come with using this feature are:
The conversion rates of your ads will increase when customers can view the price of the product in their local currency
When you search for a product online and go through the PLAs, you are less likely to click on an ad that shows the pricing in a foreign currency. However, when your store has a multicurrency feature, it will automatically convert the price into the customer’s local currency based on the location of the customer, increasing the chances of the customer clicking on your product and purchasing it. This way, your online store’s conversion rate is increased.
Your product price will show consistency across the countries your business is targeting
One of the most important factors in winning the trust of your customer is the pricing display consistency. The multicurrency feature will make sure the price is displayed in a simple, rounded number so that your potential customers are not annoyed or uncomfortable. For example, the feature will convert the price into 20.00 Euros instead of displaying 19.53 Euros.
The feature can help ensure and improve customer loyalty
Transparent pricing and good services are essential for an eCommerce business to retain customers. When selling your products across the borders, it is essential to ensure that customers buying your products from outside your country are not charged extra for currency conversions.
While purchasing a product, if the customers see additional charges on their invoice, they are more likely to abandon your product and avoid purchasing from your site in the future.
Therefore, being transparent about your pricing at the beginning will help increase sales and customer satisfaction. For eCommerce businesses, a loyal customer base is essential to help ensure their success.
Offering a multi-currency eCommerce solution will help reduce the dissatisfaction of customers to a great degree and will help your business get more orders from customers who will have become loyal to your store.
Multicurrency feature can also help by reducing refunds, chargeback, and abandoned carts
When a customer sees the price of the product they wish to purchase in a foreign currency, their first instinct is to convert it into their local currency to check if the product is worth that amount or not.
Most customers do this on a different site, which is not only distracting but also stops the process of purchasing midway when the customer gets held in doing something else. This will often result in abandoned carts and is a loss of potential sales.
Unclear prices in a foreign currency could also confuse potential customers. This will result in chargebacks or refunds if the customer is not very satisfied with the received product.
Handling chargebacks and refunds are not only annoying, but you will also have to spend a lot of resources and time to manage them. Moreover, a chargeback can reflect on your business and, in some cases, it may result in a penalty after the chargeback levels go beyond a certain limit.
With the multicurrency feature, you can reduce and even eliminate these possibilities right from the beginning. Customers will definitely appreciate this straightforward pricing approach as well as the lack of effort needed to check the price in their local currency.
How to use the Multi-currency feature for your eCommerce store
With the Easy Google Shopping feed app, you can easily enable the multi-currency feature for your Shopify store.
All you have to do is follow the two simple steps given below to enable it in the settings.
Once you complete that, simply sit back, since the app will do the remaining magic in the background!
What steps should be followed to use the Multi-Currency feature?
Here are a few steps that would help you use the Multi-currency feature in our Easy Google Shopping Feed App:
1. log in to Your Shopify store.
2. Click on the “Apps” menu on the sidebar.
3. Select the “Google Shopping feed” App from the list of installed apps.
4. Go to the “Settings” option and click on “Multi-currency”.
5. Choose the countries you wish to sell your products in and the currency you want to display on your feed.
The multi-currency feature is one of the most important features an eCommerce business should not miss and it can be easily enabled into the Shopify store! Therefore, try this feature out in your eCommerce business and check the results out for yourself!
Further readings on Google Feed