The core of all conversion services.
As you may know, price localization is a key factor in global e-commerce. It’s been proven in many studies that people tend to feel more comfortable making a purchase in a familiar local currency. When products are priced in a foreign currency, the rate of shoppers abandoning the cart increases and cuts into sales for the business.
A study done by Profitwell over 50 SaaS companies, found that those who localized prices experienced up to 30% more growth.
Of course, localization is more than setting a price in a local currency, but if you are planning to start, or even maintain, a global e-commerce, you will need to overcome this problem.
But the main reason to update your e-commerce or business system exchange rates is to keep your prices safe, and prevent:
In recent years, volatility across foreign exchange markets has become the new norm. Macroeconomic, geopolitical and also health events like the Coronavirus pandemic, Brexit, the trade war between China and the US, and more recently, the conflict in Ukraine, all result in increased volatility and currency rate fluctuations.
Global businesses and professionals who rely on these ever-fluctuating exchange rates are exposed to multiple accounting errors, financial inaccuracy and losses. In times of the Information Technology, having the prices in your e-commerce up to date is essential.
Solution: automated exchange rates
Fortunately, the foxer application is more than a powerful currency calculator. It works as a centralized point that deals with all the details of every exchange rate publication, performing all required data transformation to convert the original source to a common format stored on your computer.
Having this information available, the next logical step for every global business would be to make exchange rates to integrate into the software system. Automating exchange rates directly into your ERP, CRM, B2B or software system not only saves time, but more importantly, it ensures data accuracy, minimizes the risk of human error, and of course, it saves money.
In the upcoming major version, we’ll go one step further and will make automatic exchange rate integration directly into ERP, CRM, B2B or any database software system possible for businesses with an easy, non-expensive solution.
We know there are lots of exchange rate providers out there, but usually these solutions require specialized developers, time and an expensive budget. Our commitment is to bring companies exchange rates directly from a set of trusted Central Banks, daily, which is usually more than enough for most companies. And of course, at a much more affordable cost.
If you are interested in global e-commerce price localization, please stay tuned. In the meanwhile you can download the most recent foxer currency calculator version.