How to Add Multi-Currency on Shopify

Table of Contents

1. Introduction
2. The Importance of Multi-Currency in E-Commerce
3. Setting Up Multi-Currency using Shopify Payments
4. Alternatives to Shopify Payments for Multi-Currency
5. Advanced Tips for Multi-Currency Stores
6. Conclusion

Introduction

Imagine a scenario where you're shopping online for the latest gadget you desire. The website is sleek, user-friendly, and you're about to make a purchase, but then you notice the prices are only displayed in a foreign currency you're not familiar with. This minor inconvenience leads you to abandon your cart and look for alternatives. This situation highlights a significant aspect of online retail: the ability to sell in multiple currencies can dramatically improve user experience and conversion rates. In this post, we'll delve into the different methods to add multi-currency functionality to your Shopify store, optimizing for global sales and customer satisfaction.

By the end of this article, you will understand:

• The importance of multi-currency for an international audience.
• How to implement multi-currency support using Shopify Payments.
• Alternatives if Shopify Payments isn't available in your region.
• Advanced tips and tools to enhance your multi-currency setup.

The Importance of Multi-Currency in E-Commerce

Enhanced Customer Experience

International customers prefer to shop in their local currency. It removes the need for mental conversion and eliminates concerns about exchange rate fluctuations. This leads to a seamless shopping experience, making them feel more comfortable and confident in their purchasing decisions.

Increased Conversion Rates

Shows a definite improvement when shoppers can see prices in their familiar currency. Research indicates that nearly half of consumers in the US and UK would abandon a purchase if their local payment options were unavailable. Thus, multi-currency support can lead to higher conversion rates and lower cart abandonment.

Market-Specific Pricing

Providing localized pricing allows merchants to customize their pricing strategies based on local economic realities, competition, and customer purchasing power. This flexibility can make your brand more competitive and profitable across diverse markets.

Setting Up Multi-Currency using Shopify Payments

Step 1: Enable Shopify Payments

To sell in multiple currencies using Shopify Payments, follow these steps:

1. Go to Settings: From your Shopify admin panel, navigate to "Settings" and select "Payments".
2. Activate Shopify Payments: Select "Manage" under the Shopify Payments section and follow the prompts to activate.
3. Add Currencies: In the "Currencies" section of the Shopify Payments settings, you can add the currencies you want to support.

Step 2: Configure Currency Settings

Once Shopify Payments is set up, configure the multi-currency settings:

1. Exchange Rates: You can rely on Shopify Payments to automatically update exchange rates or set your rates manually.
2. Rounding Rules: Customize how prices are rounded in different currencies to ensure consistent pricing.
3. Geolocation: Install the Shopify Geolocation app to automatically detect customer locations and display the appropriate currency.

Step 3: Customize Currency Display

Ensure the currency selector is visible and user-friendly:

1. Editing Themes: Go to "Online Store" > "Themes" > "Customize". Here, you can add a currency selector to your navigation menu or footer.
2. Custom Code: If you're comfortable with code, you can edit .liquid files to fine-tune the display.

Alternatives to Shopify Payments for Multi-Currency

If Shopify Payments isn't available in your region, there are still ways to offer multi-currency support:

Using Currency Converter Apps

Shopify App Store offers various apps that can help with currency conversion:

1. BEST Currency Converter: Supports up to 5 currencies in the free version, with up to 160 currencies in the paid plan.
2. Auto Currency Switcher: Converts currency based on the user's location, available in both free and premium versions.
3. Coin: Offers a free trial and then becomes a paid service, providing automatic IP-based currency conversion.

Custom Storefronts

For advanced users, a headless commerce setup allows you to create a custom storefront:

1. Shopify APIs: Use Shopify's APIs to build a custom storefront that connects to your Shopify backend but offers complete control over how currencies are displayed and processed.
2. Third-Party Gateways: Integrate with payment gateways like Stripe or PayPal that support multi-currency transactions.

Advanced Tips for Multi-Currency Stores

Localized Checkout Experience

Beyond merely displaying prices in local currencies, ensure the checkout process is seamless:

1. Payment Gateways: Choose gateways that support the currencies you're targeting.
2. Localized URLS: Create localized URLs for different markets and ensure consistent pricing throughout the checkout process.

Handling Exchange Rates and Fees

Manage exchange rates effectively and be transparent about fees:

1. Dynamic Conversion: Keep an eye on exchange rates and use tools that allow dynamic conversion to maintain pricing consistency.
2. Fee Transparency: Inform customers upfront about any potential conversion fees to avoid surprises and build trust.

Conclusion

Adding multi-currency support to your Shopify store can significantly enhance the shopping experience for international customers, boost conversion rates, and make your business more competitive globally. Whether you're leveraging Shopify Payments or using alternative solutions, the key is to ensure a seamless, transparent, and localized buying process.

By implementing the steps and strategies outlined in this guide, you'll be well on your way to creating a multi-currency store that meets the needs of a global audience.

FAQs

1. Does Shopify support multiple currencies?

Yes, Shopify supports multiple currencies through Shopify Payments. For other regions, third-party apps and payment gateways can be utilized.

2. What are multi-currency payments?

Multi-currency payments allow customers to shop and pay in their local currency, improving their buying experience and increasing your potential market reach.

3. How do I check if Shopify Payments is available in my country?

Visit Shopify’s official page on supported payment gateways to see if Shopify Payments is available in your region.

4. Can I manually set exchange rates for different currencies?

Yes, Shopify Payments allows you to either rely on automatic exchange rate updates or manually set your rates.

5. What are the best apps for multi-currency support on Shopify?

Some highly-rated apps include BEST Currency Converter, Auto Currency Switcher, and Coin.

By following these guidelines, you'll create a more inviting and efficient shopping experience for your international customers, paving the way for increased sales and customer satisfaction.