Shopify is one such eCommerce platform that needs no introduction. Enjoying its rank as the third-largest online retailer in the US, Shopify attracts more than 10,00,000 businesses, running around 175 different countries.
Allowing businesses, brands, and startups of every size and shape to run their eCommerce business across multiple regions, this platform enables a better chance at improved sales.
While selling across multiple countries and regions might sound like a great way to improve your sales and attract a new audience, there are challenges involved. One such challenge is the rate of conversion around different currencies.
Not selling your products in a local currency can be a big conversion killer! This way, you are losing a significant portion of the income around conversion and taxes.
Being an eCommerce store owner, are you sure you would like to lose a major part of your overseas revenue to currency conversions and taxes?
No, right? So, what should be your immediate step to cover yourself over conversions?
The answer: Selling products in multiple currencies on Shopify!
The use of multiple currencies on your eCommerce store is the first ‘multi’ that you should think about while selling around multiple countries.
However, while you are deciding the most essential ‘multi’ for your business, it’s essential that you align yourself with either of the two questions that are listed below:
‘Should I go for multiple Shopify stores with different currencies for every country?’ Or, ‘Should I be using the multi-currency data feed?’
Yes, setting up multiple Shopify stores with individual currencies might do the work, but won’t it be too many stores with too much management?
Therefore, the smart way would be to use a multi-currency data feed for your Shopify store!
Confused about what exactly are multi-currency feeds and or how you set them? Relax, you are reading the right post. Let’s have a detailed look at how you can utilize such feeds and the steps to set them over your Shopify store.
Table of Contents
What is Multi-Currency Data Feed?
As the name suggests, a Multi-currency feed is a feed that is designed to work with different currencies that are used around multiple regions around the world. You can utilize this functionality using Shopify’s multi-currency features.
The multi-currency feature in Shopify allows eCommerce store owners to sell their products seamlessly across different countries and accept payments in the local currency of that specific country of sale. This relatively new feature uses the visitor’s location to automatically adjust and convert your products’ prices to your potential customer’s local currency.
Besides providing a convenient and reliable shopping experience, the Multi-currency data feed can be your ticket to expanding your customer base and boosting the annual revenue from overseas.
Interestingly, the extensive list of benefits doesn’t end here. Perhaps, it is just the tip of the iceberg! Listed below are some of the benefits of using a multi-currency data feed for the Shopify store.
Benefits of Multi-Currency Data Feed for Your Shopify Store
1. It increases your conversion rates
Conversion rates for your ads increase every time customers view and click ads displayed in their local currency.
Isn’t it natural? You only open something on the internet when it is in your local language. This way, the content or ad, or web result, builds trust with the visitors and leads to a successful sale or engagement.
Similarly, when you are looking for a product in different eCommerce stores and go through the product listings, you will only click on the ads present in your local currency, rather than clicking on an advertisement with its rates in some other foreign currency.
Considering the following instance, we are sure that you would not like to take the chances; therefore, using a multi-currency feed keeps you on the safer side. It converts the prices of different products automatically into the local currency of the region.
This way, you improve the chances of getting engagement and a proper click-through rate on your product and push the potential customers for sale, ultimately enhancing your store’s conversion rate.
2. It helps build trust with new customers
Having a multi-currency feed provides a great share of help in building trust with your customers. When you use similar pricing across multiple currencies, you start noticing consistency around your products’ prices across your business’s target countries.
The multi-currency feature from Shopify ensures that all the prices of different products that are listed in your store are presented in a simplified, rounded figure. This way, this tool eliminates the threat of inconvenience for potential customers around the globe.
Let’s understand the same with an example:
You are the owner of an eCommerce store that uses the multi-currency feature and has a specific product listed at a cost price of $14.25. This particular feature then converts the price of that specific product to $15.00 to maintain uniformity. The tool does the same to all the product groups with such prices.
3. Reduce cart abandonment and improve customer loyalty
One of the thumb rules of almost every eCommerce shop owner is to be transparent with their products’ pricing and provide buyers with good services as they are the key to retaining customers.
Similarly, when you are dealing with multiple countries on your list, you need to ensure that your target customers from overseas don’t have to face the trouble of extra charges around currency conversions.
The reason?
It can be a great turndown for your potential sale as customers are more likely to abandon their carts the moment they see additional charges being added up to their invoice over the final steps of the checkout process.
Further, this might even leave a nasty remark on your website, and you might lose a great portion of customers as they will avoid buying products from your store in the future.
Therefore, it is essential that you are very transparent about your products’ pricing from the very beginning itself. Using the multi-currency feed solution over your store helps eliminate the doubt around prices and removes the fuss around extra conversion charges.
This way, your business is now prepared to receive a better response from an international audience, ultimately increasing sales and improving overall customer satisfaction.
After all, customer satisfaction and feedback are two fundamental pillars for an eCommerce store!
4. It can be a great way to reduce chargebacks & refunds
In most cases, customers worldwide tend to compare the prices of products before buying. Similar is the case in terms of foreign currencies; whenever buyers see a product in a foreign currency, their first instinct is to change the product’s price in their local currency. This way, it becomes easy for them to compare if the product is worth the purchase.
Further, in other cases, customers tend to compare a different website, making the potential lead turn cold and divert to a different website. Similarly, in cases where sales are made, having opaque pricing in some other foreign currency might result in refunds or chargebacks, in situations where the customer might not be satisfied with the product.
Considering all the instances listed above, any business can get annoyed managing refunds and returns on an international scale.
Here, a multi-currency feed might be the best option to tackle all the problems around reducing and even eliminating such events besides gaining customers’ trust and saving their efforts.
Isn’t it interesting how one minor change in presenting feed adds so many benefits to your business?
Yes, we know you want to implement it in your Shopify store already. Let’s have a look at the step-by-step walkthrough for creating Multi-Currency Data Feed For Shopify.
How to Create Multi-Currency Data Feed?
Enable Additional Currencies In Shopify Payments Settings
Step 1: This step requires you to log in to your Shopify account and move to the ‘Settings’ sections, followed by ‘Payments.’
Step 2: Once you are inside the payments section, click on the ‘manage’ option next to the payment gateway.
Step 3: The third step requires you to add all the relevant currencies of your target countries that you want to support your business.
Now that you have completed the setup, it’s time to move to the second step.
Check the Page Data
Step 1: In this step, you need to check out if all the price revisions have been amended to your product landing pages or not.
Step 2: To do the same, we suggest you navigate any random product page’s landing. Once there, observe the URL and check whether it is carrying a query string, placed right after the product handle (should be something like variant=37581986557693), and check for currency variable (currency=GBP).
Step 3: Now that you have checked the corrections over your URL, it’s time to check the Rich Results and ensure that the prices are the same and similar to the currency value.
While this was the manual method to use the feature of multi-currency setup for your Shopify, we bet you must be thinking of doing something similar for your Google Shopping as well.
What if we say we have that sorted for you?
Yes, it’s possible!
We suggest you try out AdNabu for Google Shopping App to create your Multi-currency data feed. Check out more on the process of creating a multi-currency feed using the app in the next section.
Using AdNabu for Google Shopping App to Create a Multi-Currency Data Feed
Step 1: Log in to your Shopify account, reach out to the App Store and download the “AdNabu for Google Shopping” App.
Step 2: From the ‘Apps’ section in the sidebar, navigate to ‘Google Shopping Feed’ and open it.
Step 3: Under the ‘Settings’ menu of the plugin, click on ‘Multi-currency.’
Step 4: The final step requires you to select the countries and the currency you wish to target.
Once you have finalized the settings, your Google Shopping feed is now ready to show results based on multiple currencies.
Multi-Currency Data Feed FAQ
Does Shopify support multi-currency?
Yes, the Shopify platform does support the multi-currency feature. However, to use the feature, you need to enable Shopify Payments over your eCommerce storefront.
When you enable a multi-currency feature over your Shopify store, customers can easily view, purchase and transact in their local currencies, the prices of which are later converted based on the present foreign exchange rate. However, Shopify also allows you to select your foreign exchange rate manually.
How do I add multi-currency on Shopify?
Step 1: Enable the Shopify Payments feature
To add multi-currency to your Shopify store, you need to begin by editing your Shopify Payment settings in the following manner:
- Log in to your Shopify account and move to the ‘Settings’ section, followed by ‘Payments.’
- Click on the ‘manage’ option, present next to the payment gateway.
- Include all the relevant currencies of your target countries to support your business.
- Save the settings.
Step 2: Enable a currency selector
The second step in adding the multi-currency feature to your Shopify store requires you to enable the currency calculator, which most of the themes fail to provide in your Shopify store.
Here, you can either use the Geolocation app or seek technical assistance in adding a currency selector to your store’s theme.
Step 3: Test your settings
Now that you are done with the settings, it’s time to review them. Visit a random landing page for different products on your website and select different currencies to test your new settings.
While you are doing the trials, make sure that you cross-check all the different currencies for your targeting countries.
Can I change the currency in Shopify?
Yes, Shopify allows its users to change the currency of their online store. To be able to do the same, you need to follow the steps that are listed below:
Step 1: Log in to your Shopify store; from the control panel, reach for ‘Settings,’ followed by a click on ‘General.’
Step 2: Under the ‘currency’ section, select all the relevant currencies from the preferred currency and save your settings.
Now that you have finalized the settings, all your product prices will be updated with the new currency. However, if you are managing the currencies with Global Pricing Rules’ help, you need to adjust the multipliers manually.
Tip:
To keep up with accuracy in product prices, make sure that you adjust them as per the currency conversion rate.
How do I display currency on Shopify?
To be able to display the currency next to your product, you need to reach out to the control panel of your store and follow the steps below:
Step 1: Move to the ‘Admin’ section of your store, and click ‘Settings.’
Step 2: Under the settings option, navigate to ‘General’ and head for ‘Currency.’
Step 3: Once you have clicked the currency option, it’s time you click on “Change Formatting” to view the different options. (Notice that you will be able to see the currency written beside the amount holder ${{amount}}), in only two out of the four options).
Step 4: Input the currency (for example, INR for Indian Rupee) beside the suggested HTML and Email that are empty.
Step 5: Now that you have filled it up completely, all four sections should look like this: (${{amount}} INR).
Step 6: Now that all the settings are in place, it’s time you save the settings and preview your products using the “View your Website” button.
Congratulations, you now have the currency displayed beside your product!
Does Shopify change currency based on location?
No, unless you are using a Shopify Plus plan or are using the multi-currency feature for your feed, Shopify will not change the currency based on the location. However, to keep up with a successful business globally, we suggest you use the multi-currency feature for your Shopify store.
Conclusion
Multi-currency is one of your most important tools for executing business seamlessly around international boundaries. Make sure you reap the benefits of this exciting feature over both your Shopify store and Google Shopping feed. All the best!
Key Takeaways:
- Shopify attracts more than 10,00,000 businesses, running around 175 different countries.
- The use of multiple currencies on your eCommerce store is the first ‘multi’ that you should think about while spreading it around multiple countries.
- Conversion rates for your ads increase every time customers view and click ads displayed in their local currency.
- Having a multi-currency feed provides a great share of help in building trust with your customers.
- In most cases, customers worldwide tend to compare the prices of products before buying.
