If you’re planning on expanding your business into new markets, supporting multiple currencies is a MUST. Having to convert prices during shopping leads to cart abandonment. In other words: Not selling in a local currency is a big conversion killer. So, here is how to support multiple currencies and boost your online sales.

Going international always means managing multiple currencies

Multi-currency is the first thing you need to work on in order to go international. Users don’t want to do the math. Make it easier for them. Show the price of every item in their local currency.

But you already knew that, right? The question now is whether to go with a single-store with multi-currency or a multi-store with a store per currency. Either way, if you are using an e-commerce platform, like Shopify, you will probably end up with a currency selector. When users click on their local currency, multi-currency shops will change the store to that currency, whereas multi-stores will redirect users to the relevant store. Easy, right?

Keep in mind that this decision does not really depend just on the currency, but on your whole ecommece strategy, available assets, the differences between local markets, etc. However, here is a pro tip: If you go for the multi-store option, using geo-IP detection to identify which country the customer is in will help you route them to their local site.

Displaying and setting prices

Depending on the option that you choose, you can show each product with the default pricing and a currency selector or build an entirely different store based on the location of the customer.

Now there is another question that needs some reflection: manual or automatic pricing?

On the one hand, manual price setting gives you complete control over your products´ prices, but this only works for stores with fewer products.

Automatic pricing, on the other hand, is great for those with many products. Your prices are automatically converted between all currencies according to the most up-to-date exchange rates.

Multi-currency payments and invoicing

You want to make sure that although you sell your products in multiple currencies, your payments are in your local currency, right?

Most ecommerce platforms are able to display product prices in different currencies, but only allow payments in one base currency during checkout. Also, most payment solutions convert your prices into the currency of your customers. This saves the headache of dealing with conversion, extra fees and complicated taxes.

Last but not least, keep in mind that the invoices and receipts you send to your customers are in the same currency they used.

How can I add multiple currencies to my site?

It depends if you want to integrate all currencies in the same site or if you want to create more stores with a single currency based on the location of the client.

How do I manage multiple currencies?

You can either use a manual or automatic pricing system. The former works well for stores that have few products, while the latter it’s recommended for businesses that have a lot of goods.