Online shopping offers the opportunity to reach customers all over the globe. This is one of the greatest benefits. You can also set up an online store to process international transactions in local currency.
Are you concerned about international sales? Don’t.
Pitney Bowes data shows that 70% of internet consumers buy from international retailers in 2017. This is a 66% increase from the 2016 study.
Online shopping is growing in popularity and people are spending more. According to Statista, the average international order value is $147.
This is 17% more than the average domestic eCommerce order.
Online retailers have a lot to offer in terms of revenue. These statistics also show that customers expect them to ship internationally. Your competitors are starting to notice that 93% of online retailers plan or offer international commerce.
You must meet the expectations of your customers if you want to remain competitive.
WooCommerce – Multi-currency Support
International selling can be complicated. There are many logistics involved. You also need to set up your store to process those transactions.
Configuring your store to accept multiple currencies is a key step.
The average abandonment rate for carts is less than 70% in global commerce. Surprise fees or hidden costs are the main causes of cart abandonment. Customers who don’t know what they are spending won’t make it to the checkout.
It is easy to lose a sale by forcing customers to calculate taxes, fees, and exchange rates in their heads.
Most eCommerce platforms limit you to the currency that is associated with the country or region where the online retailer is located.
The versatility of WooCommerce is here to help.
Two great options have been selected to help you increase international sales and decrease cart abandonment.
Currency Converter Widget
The Currency Conversion Widget is the first plugin. This plugin allows you to display totals and prices in the correct currency for each customer.
To help customers understand the real price of the currency they will pay, you can offer a widget to display the currencies on your website.
It uses the Open Source Currency Rates API to display converted prices dynamically. They are also updated in real-time because they use the Open Source Currency Rates API. The plugin can be configured to display a wide range of currencies by simply adding the currency codes that you wish to support.
The plugin stores the price the customer paid, as currency conversion is done in real time based on the exchange rate. You can refer to the order anytime and see the converted price as the customer.
It is important to remember that customers still pay for products in the base currency. Your store prices are only for informational purposes.
Follow our step-by-step installation guide to get started with the Currency Converter widget
The WooCommerce multi-currency extension functions in the same way as the Currency Converter. Each features a widget in the sidebar that allows customers to choose which currency they want to be displayed within their store.
Multi-Currency integrates with the OpenExchangeRates API as well as the currency layer to ensure accurate and up-to-date currency conversion.
While Currency Converter displays only converted currencies for informational purposes, Multi-Currency allows customers to instantly switch currencies, instantly calculate rates at checkout, and then pay in the desired currency.
Geolocation is used to automatically determine the location of customers who visit your store. If your store accepts their currency, it will be displayed and selected for them. If it is not, the default currency of your store will be displayed and used at checkout.
You can also edit advanced settings from your WooCommerce admin dashboard.
- Currency Symbols
This option can be used to add an identifier to the $ symbol. It is used as the default currency for both the U.S. and Canadian currencies. You could, for example, put “CAD$” in the display area for Canadians and “$USD” for U.S. customers.
- Price Format
The default price format is “currency symbol followed by dollar amount”. This format can be flipped or changed to your liking.
- Price Conversion Settings
Customers may find prices more attractive if they are rounded after currency conversion.
Get ready to sell to a global market
While accepting multiple currencies in WooCommerce can be a huge step towards reaching a larger audience, it is only one of many steps you will need to take.
Once you have chosen the best multi-currency option for your store, you need to review all of your operations to be able to support international customers. This includes verifying that your payment gateway can accept multiple currencies, correctly handling international taxes, and configuring shipping carriers for international orders.