Multi Currency eCommerce Is a Must If You Think to Sell Globally
Ecommerce business model is one of the most popular online businesses around the world. There are many benefits associated with ecommerce website, particularly for entrepreneurs who are eager to globalize their business. One of the most important benefits that ecommerce website provides for business owners is selling cross-border. Therefore, businesses are able to sell globally regardless of their main location. Like other businesses, to pave the way for an ecommerce to sell throughout the world, there are many elements that are required to be provided. One of the most important elements is the multi currency payment feature.
What is the Multi Currency payment option?
It refers to the capability of paying in your preferred currency, when you want to buy something from an ecommerce website. Many ecommerce websites provide such an option for their customers as there are many benefits associated with it.
Multi Currency payment option benefits for ecommerce
Like mentioned earlier in this article, having a multi currency payment option on your ecommerce website would attract users from all around the world to your website. Internet users prefer to pay in their own currency for reasons that we will go through later in this article. Therefore, the multi currency payment option is capable of making your website operate globally, though it is a necessary element but not sufficient. Multi language website can also help you in this matter.
Credibility and Trustworthy
Generally, the more sophisticated features you have in your ecommerce to improve your users’ experience, the more credit will be generated for you from users’ side. Likewise, the multi currency payment option impresses users and would make them trust more on your ecommerce website. It goes without saying that the more credit you can create for your website, the more loyal customers will be on your ecommerce every day.
Reduce costs for users
Even though users who have access to the international banking system are able to pay in other currency by using their credit cards, it would cost them a lot. Banks charge multiple costs such as transaction fees and exchange costs to users, when they purchase online in a currency other than their local currency. In many cases, it is not worth it for users to purchase in different currencies if the option of paying in their preferred currency is not provided. Therefore, by providing such an option, users will be more eager to purchase from your ecommerce store.
Better Conversion Rate
The more localized your ecommerce looks like; the more customers confidently purchase from your website. Users who see all products prices in their local currency, feel more confident to make their purchase from your website. Therefore, the multi currency payment option helps your conversion rate to improve. Actually it will enhance your UX and therefore your conversion. You may check the UI/UX effect on conversion article to find out more.
Easier Checkout Process
You must design your ecommerce website for all people, regardless of their educational background. Many users across the globe are not able to calculate the price that they have to pay in their local currency, in case the payment option is in another currency. It would be difficult or even impossible for them to know exactly how much they must pay, when they are at checkout. By making multi currency payment options available, such users will conveniently and confidently get the checkout process done.
Better SEO performance
All benefits mentioned above would have a positive impact on SEO. Better UX, higher conversion rate and credibility are important factors to improve an ecommerce SEO performance. As a conclusion, a multi currency payment option would improve your ecommerce SEO performance and consequently your rank on major search engine result pages. You can check SEO pricing in Australia to find out more.
Multi Currency payment option is a mandatory option, if your business is planned to operate cross-border. Like we explained earlier, the great value that will be added to your ecommerce by adding such a payment option to your ecommerce, make it a very important feature for your ecommerce. However, there are some downsides that you must be aware of, when you are deciding on adding it to your ecommerce website. Currency exchange costs that must be paid by your side, different taxation regulations for different countries, logistics complications and governmental import/export laws are just a few out of many that must be considered carefully when adding such payment options to your ecommerce.
Final Thoughts on Multi Currency eCommerce
Despite the downsides that we outlined earlier, the multi currency payment option is an absolute must, if you want to do business internationally. It is highly recommended to investigate all aspects of providing such an option on your ecommerce before make the decision. Hence, you must consult with an experienced and professional web design and digital marketing service provider, in order to take your first step on the right direction.
If you are on the early stages of your journey to run your ecommerce, or if you already have your ecommerce and are thinking of adding a multi currency payment option, we are here to help.
Websima, with more than 10 years of experience in the Dubai market is happy to help you, through our free consultation meeting. Please contact us and ask for a meeting to discuss further.