If you run a WooCommerce store with an international customer base, you understand that managing currency conversion for customers from different countries and regions is quite complicated. But don’t worry! You can avoid this problem by using a currency switcher plugin for WooCommerce.
A currency switcher plugin is a WooCommerce extension that allows your customers to view and pay in their preferred currency on your website. It automatically detects their location and converts the prices of your products and services according to the latest exchange rates.
Using a Currency Switcher plugin for WooCommerce can benefit your business in many ways. In this article, we’ll explain five reasons you need a currency switcher plugin for WooCommerce and how it can boost your store conversions.
So, without further ado, let’s get started!
1. Currency Switcher Plugin: Expand Your Business Globally
In the last decade, eCommerce has overgrown and is now one of the fastest-growing sectors of the global economy.
According to Statista, eCommerce sales will reach $6.31 trillion by the end of 2023, up over 10% from last year.
If you want to tap into this huge potential, you must make your products available to customers from different countries and regions.
However, not all customers are comfortable paying in a foreign currency for various reasons. That’s why you need a currency switcher plugin for WooCommerce to offer multiple currencies on your store and let your customers choose their preferred one.
This way, you can make your WooCommerce store more accessible and appealing to customers from different countries and regions, which will be immensely beneficial to you in increasing traffic, conversions, and sales globally.
2. Lower Cart Abandonment Rate
Cart abandonment is when a customer adds a product to their cart but leaves without completing the purchase, and having a higher cart abandonment rate is bad for your business.
A study conducted by Baymard Institute shows that the average cart abandonment rate across industries is approx 70%, which means that only three out of ten customers complete their purchases at the checkout.
One of the main reasons why customers abandon their carts is shipping fees, taxes, and foreign currency conversions.
Having a currency switcher plugin on your WooCommerce store can help you prevent these issues by showing your customers the exact price they will pay in their preferred currency on your store.
Consequently, your customers won’t face any surprises or extra costs when they check out or receive their order confirmation email, which will substantially reduce the cart abandonment rate, ultimately positively impacting your revenue and reputation.
3. Consistent Pricing Across The Store
Consistent pricing means having the same price format and style on every store page, including the shop page, product page, cart page, and checkout page.
Showing a consistent pricing structure is crucial for better SEO and user experience. It helps you maintain a professional and credible look for your store and avoid customer confusion or misunderstanding.
Following are some of the key attributes of consistent pricing you can implement with a currency switcher plugin:
- Currency Format: You can maintain the same currency format, decimal separator, and number of decimals for each currency.
- Currency Symbols: The right country flags or icons as currency symbols to make them more recognizable and appealing.
- Currency Switcher Widgets: To let customers easily change their preferred currency anytime during purchasing.
By implementing all these attributes, you can ensure pricing display consistency throughout your store, making it more attractive and user-friendly, in turn optimizing your conversions and sales.
4. Save Time and Money on Currency Management
Handling currency conversion manually is not just time-consuming but also prone to errors, especially when you’re dealing with multiple currencies. This can lead to discrepancies in your pricing, which might confuse your customers and impact your sales negatively.
A currency switcher plugin automates this process for you. It fetches the latest exchange rates in real-time. It also automatically calculates the prices of your products and services accurately, so you no longer have to worry about constantly updating the exchange rates manually, saving you valuable time and effort.
Furthermore, using a currency switcher plugin also saves you money. Instead of hiring a dedicated staff member to manage currency conversions, you can rely on the plugin to do it accurately and efficiently. This reduces operational costs and frees up resources that can be utilized elsewhere in your business.
5. Enhance Customer Experience and Loyalty
A positive customer experience is a key driver of customer loyalty. By offering your customers the convenience of shopping in their preferred currency, you can significantly enhance their shopping experience on your site.
Imagine a European customer visiting your WooCommerce store set in US dollars. Without a currency switcher, they would have to manually convert the prices into euros, which can be a hassle.
But with a currency switcher plugin, the prices are automatically converted into euros based on their location, making their shopping experience seamless and hassle-free.
Moreover, when customers see that you’ve gone the extra mile to cater to their specific needs, they’re more likely to trust your brand and become repeat customers. This boosts your sales in the short term and helps build a loyal customer base for the long term.
If your WooCommerce store serves customers from different countries and regions, then you should use a currency switcher plugin for your store. It simplifies currency management for you and offers several advantages that can significantly boost your conversions and sales.
From expanding your business globally and lowering your cart abandonment rate to ensuring consistent pricing and enhancing customer experience and loyalty, a currency switcher plugin is a comprehensive solution to cater to your international customers.
So, if you haven’t already, it’s high time you consider integrating a currency switcher plugin into your WooCommerce store.
Remember, a happy and satisfied customer is your best advertisement. Happy Selling!