Shopify, the leading e-commerce platform, offers a range of features to make online shopping easy for both the customers and the merchants. Among its many convenient features, multi-currency capability is one of the most noteworthy. As international e-commerce continues to grow, Shopify multi-currency feature is becoming more important for businesses that want to expand their global customer reach.
In this article, we will explore the multi-currency feature of Shopify and how it can help you expand your customer base.
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Why is Multi-currency Important for Businesses?
Most e-commerce platforms process transactions in the currency of their home country. This means that customers from other countries may have to pay in a different currency and face currency conversion charges by their bank. This can be a hurdle for customers who want to shop from overseas stores. Additionally, merchants may lose out on potential sales due to the inconvenience faced by the customers.
With the multi-currency feature, businesses can offer pricing in the customer’s local currency, making it easier for them to make a purchase without worrying about exchange rates. This simplifies the shopping process and can lead to increased conversions.
How Does Shopify Multi-currency Work?
Shopify’s multi-currency feature enables merchants to sell in multiple currencies, with automatic conversion based on the customer’s location. With this feature enabled, customers can view prices in their local currency and make purchases without worrying about currency conversion.
The feature works by detecting the customer’s location and displaying prices in their currency automatically. The feature is available on all Shopify plans, and merchants can enable it with just a few clicks.
Shopify’s multi-currency feature supports over 130 currencies, making it easy for merchants to sell to customers worldwide. A complete list of supported currencies is available on the Shopify help center.
Dynamic Currency Conversion
Shopify’s multi-currency feature also includes dynamic currency conversion. This means that when a customer makes a purchase, Shopify automatically converts the transaction into the merchant’s currency and deposits the funds directly into their bank account. The conversion fees are deducted from the payouts to the merchant.
Merchants can choose which currency they want to display on their store, enabling them to focus on specific markets and build trust with their customers. The display currency is the currency customers see when browsing the store, and it can be set up in the settings.
Another feature of Shopify’s multi-currency capability is currency rounding. This feature enables merchants to round off prices to a specific decimal point in the customer’s currency. It can be set up in the settings.
How Can Multi-currency Help Your Business?
Expand Your Customer Base
With multi-currency, merchants can sell to customers worldwide, regardless of their location. This makes it easier to enter new markets and expand your customer base.
Multi-currency makes shopping easier for customers, leading to increased conversions and higher revenue for merchants.
By displaying the customer’s local currency, merchants can build trust with their customers and show that they are committed to delivering a seamless shopping experience.
How to Enable Multi-currency in Shopify
Enabling multi-currency in Shopify is straightforward. Here are the steps:
Log in to your Shopify account.
Go to ‘Settings’ and select ‘Payments’.
Select ‘Manage’ next to the payment provider you want to use.
Enable ‘Multi-currency’ by toggling the switch.
Select your display currency and set the conversion rate.
Save your changes.
Shopify’s multi-currency feature is a powerful tool for businesses that want to expand their customer base and increase revenue. With this feature, merchants can sell to customers worldwide, making shopping easier and more convenient. Enabling multi-currency is quick and easy, and it’s available on all Shopify plans. If you’re an e-commerce merchant looking to expand your global presence, Shopify’s multi-currency feature is a must-have.