This week, ecommerce provider Shopify introduced a new feature for its international sellers. They now can sell in multiple currencies, providing a more localized experience for their customers, while accepting payment for the sale in their own currency.
The new ability automatically shows consumers the price of an item in their own currency, within the currencies the seller chooses to enable. The feature is available as part of Shopify Plus, the company’s international ecommerce solution. The Shopify Plus platform is geared to reducing complexity for merchants that want to sell globally, the company said.
According to Shopify, nearly all – 92% – of buyers prefer to shop in their own currency. And while it’s a preference for many, 33% of buyers will actually abandon a purchase if pricing is only available in U.S. dollars.
Using the multicurrency feature, sellers can be more flexible, the company said, adding or removing currencies more easily as they choose to enter and leave markets.
According to the company, the feature automatically takes the store’s price and multiplies it by the currency’s current exchange rate and fee for the amount it displays for the customer. It then rounds the price according to that currency’s rules. The feature provides the seller with a similar amount to what they would receive for an order made in their own currency.
The multicurrency feature can be applied to prices across the site, including products but also things like taxes, discounts and shipping, Shopify said.
“With Shopify Payments’ multi-currency solution, it has never been easier or faster to scale globally,” David Cameron, a Shopify Plus product manager, said in a statement on the company’s web site. “Not only can brands now sell confidently all over the world but they can do so knowing they’re providing the type of customer experience today’s consumer demands.”