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.
Any businesses, e-commerce or professional who rely on these ever-fluctuating exchange rates are exposed to multiple accounting errors, financial inaccuracy and losses. Adopting an accurate price localization policy in your e-commerce is essential.
Price localization with foxer
Latest foxer Business version 11 implements an specific solution for this: Data Transformation Services. With DTS you can create groups of custom SQL statements that get triggered automatically after a Bank Publication is updated, so you can inject the latest exchange rates into your ERP, CRM, B2B or software system.
The Business Edition comes with a local Microsoft Access Data Base example, which is located in the DataTrans folder, but you can connect to any DataBase system like SQL-Server, Oracle or MySQL simply by providing a valid standard ADO connection string.