How to maximize sales using multi currency strategies on your online marketplace

We are sure you have good traffic on your online marketplace from across the world!

But is it converting or your customers are dropping at checkouts? 

Not able to apprehend the reason behind it?

Let’s begin investigating.

For starters, ask yourself if you are giving your customers what they look for.

And for that let us first see industry insights on what buyers do while shopping on global multi vendor marketplaces. 

• 92% of shoppers prefer to make purchases from sites that offer their local currency
• 33% of buyers are likely to abandon a purchase if pricing is in U.S. dollars only

As enterprise businesses expand their reach to global markets, the need for multi currency ecommerce strategies is on the rise. Global customers look for their native currency before making a purchase, and it makes complete sense as native currency payments save so many hidden taxes and charges.  

While having multi currency payments is a must on your global marketplace website, just having the feature is not going to boost sales. In this blog, we will discuss measures to leverage multi-currency and grow your sales.

How to maximize sales on your online marketplace using multi currency strategies

With multi currency features on your marketplace, you can not only expand to global boundaries, but also do away with challenges like transaction costs, foreign exchange volatility, customer satisfaction, supplier relations, and many more.

Wondering how to maximize sales on your marketplace using these multi currency features?

Let's have a look.

Reach global markets with multiple currencies

To maximize sales on the online marketplace, the first step would be to widen your audience base. You can seamlessly expand your customer base by overhauling the buying experience. Wondering how? Well, as you offer multi currency support to your global customers, you can convert them quickly. When you allow your customers to shop using their preferred currency, you gain their loyalty and trust.

StoreHippo helps you to go global and widen your customer base with multi currency support. You can now take your business cross-borders and reach new geographies by offering almost all major world currencies.

Transparent pricing in multiple currencies 

The customers today look for a seamless buying experience. They don’t want to be the one translating the prices of products and services you offer. As you implement multi currency ecommerce strategies and offer a transparent pricing structure to your customers in multiple currencies, you enhance their shopping experience. When the customers are well aware of the amount they are spending on a product, they trust your brand.

With StoreHippo, no new market stays beyond your reach. You can integrate multiple currencies on your platform allowing your customers to view prices in their native currency, pay online for their orders, exchange and return in the local currency. The customers thus feel safe and easy to buy from your multi vendor marketplace, and will visit your site again and again, generating high volume sales for your business. 

Speed up checkouts with multi-currency payment gateways

A long and complex checkout process can take down your business. Customers today do not like spending time in calculating taxes or exchanging currencies while making payments. Well, it is true that different countries have different exchange policies and taxation rules. And going through the process every time your customer makes a purchase can be tiresome for both you and your customers.

With multi-currency invoicing, you can provide high-level convenience to your customers by automatically using the local currency for invoicing, billing and payments on your online marketplace. StoreHippo supports automatic conversions at payment levels. For example: if the payment gateway supports the Indian currency, INR and your customer has to pay in USD($), you can easily convert the transaction into USD($) at the platform level and bill the customer accordingly. 

Reduce overhead currency exchange costs by enabling local payment options 

Did you know when you invoice in multiple currencies, you can not only save yourself from the extensive work but also reduce your transaction costs? You can avoid different types of currency conversion and transaction charges with the advanced features of the multi currency ecommerce platforms. You can boost your business margins, while also offering better prices to your customers.  

The StoreHippo ecommerce platform helps you easily convert the transactions into your preferred currency and bill the customers accordingly. The enterprise-grade features help your customers save on transaction costs, and make your payments hassle-free. You can accept payment in any currency that is used across the world. 

Targeted marketing with local currency payments 

The one sure shot way to boost sales on your online marketplace is through targeted marketing. As you provide local currency payments to your customers in a multi-store setup, you can sell across the globe allowing your customers to shop using their preferred currencies. 

StoreHippo multi currency ecommerce solutions help you offer different currencies in different sub-stores. You can set different currencies for each of the sub-store and get product prices, pricing rules, discount etc converted automatically to the base currency. You can also adjust the price of your products based on the customer’s location and other demographics like local market conditions. 

Implement location-based currency switch

With the multi currency feature on your online marketplace, you can allow your customers to quickly switch from one currency to another. For example, suppose you have a global online store in USA selling a product for 15 USD. You can have the same product selling in Canada for 65 CAD because of the difference in the pricing structure of that particular product category in two different locations.  

With StoreHippo, you can detect your customer’s geographical location based on their IP address and project to them the currency they are most likely to shop in. When you give them the chance to automatically switch the currency on your multi-vendor marketplace, you help them save their time and effort in the manual selection of the currency. It speeds up the payment process and boosts customer confidence. 

Create a brand niche with multilingual support 

While you are offering multi currency support to your customers on the marketplace, make sure you are also conversing with them in their native language. When your customers are able to understand your products, they can make an informed purchase decision and indulge in a seamless buying experience. With multilingual support on your online marketplace, you can build a loyal customer base and boost sales. 

StoreHippo supports 100+ languages including RTL languages like Hebrew and Arabic. You can seamlessly translate your website in just a few clicks using the hassle-free automatic translation feature. You get full control over what you want to translate on your multilingual multi currency ecommerce store. StoreHippo enables you to choose between automatic and manual modes of translation or selectively override automatic translations.

Conclusion 

With the ecommerce industry growing by leaps and bounds, it is essential to stay on top of the latest ecommerce trends. And by offering multi currency ecommerce solutions, you can take your ecommerce brand to the next level. 

StoreHippo multi-currency solutions help you expand your online marketplace to global markets and reach global customers seamlessly. You can set your business on unprecedented growth with a strong foothold in the global marketplace. 

Ready to boost sales on your multi vendor marketplace by implementing multi currency ecommerce strategies? Explore the enterprise-grade features from StoreHippo by starting your 14-day free trial now.