Managing an international business on Magento 2 platform is easy and of course doesn’t need much technical knowledge. But what you should know is that your business should operate on cross borders with buyers from various countries and currencies. So, if you want to maximize your international sales, then you should present your customers with their preferred currency, payment method and also language.
Here is this article, we will discuss with you how multi-currency can support your business for more benefits.
What is Multi-Currency Support for eCommerce Business?
A localized checkout experience is ideal for shoppers who actually completes a sale only if they have the option to pay using their own currency with a comfortable payment method. Magento 2 is a great option in this context because it supports multi-currency feature and not all platforms support it. Multi-currency support means that your eCommerce solutions will offer a better experience to the shoppers and help them to choose the best payment options.
Why should You Opt for Multi-Currency for Magento 2 Store?
Boost customer loyalty: once you give your customers the option to sell their products in the customer’s own currency, it shows the intention to serve them better and this ultimately drives trust and loyalty. This also reduces the burden of the extra fees that is needed for currency conversion that they have to pay to bear on their credit card payments. With reduced costs and other better services, there are chances of converting the customers into loyal and repeat customers as well.
Reduced cart abandonments and refunds: A multi-currency option also helps to reduce cart abandonment and also refunds to a significant extent. All the shoppers appreciate the lack of effort needed to calculate or convert the currencies in their local ones. Multi-currency options help to make shopping completely effortless for them.
Consistency in pricing: Another most important parameter that has a great influence on the customer’s trust is the consistency that is maintained in pricing display. The users often feel more comfortable and also confident about the shopping from Magento 2 stores that clearly displays the prices in various currencies that they are familiar with.
Some Tips to Setup Multi-Currency for Your Magento Store:
If you are serious about supporting multi-currency, here are a few things that you need to consider.
Enable financial transactions via bank transfers: With multi-currency support, you can think beyond simply integrating a set of Magento payment gateway options with the store. If you can enable payments via bank transfers, then it is a smart idea to boost your revenues and this will make you capable of capitalizing the shoppers who prefer to use real time bank transfers as the best means of payment.
Select relevant product pricing option: When you choose to use a multicurrency Magento 2 store, then pricing is set either manually or automatically. The manual pricing often gives you the control over price calculations and it becomes an ideal store having smaller catalogues. The automatic pricing helps in automatic conversion of the prices repeatedly by using real time exchange rates. It is very good if you have a large catalog on your e-store.
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