Reach New Customers and Grow Your B2B Business Globally with Multi-Currency Price Lists
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In today’s globalised world, the growth of your B2B business is no longer limited by borders. More and more businesses are seizing the opportunity to expand beyond their local markets and extending their reach to new customers abroad.
If you want to grow your business internationally and increase your customer base by reaching new markets, offering multi-currency pricing is the right path forward. Not convinced? Think of it this way: your customers from all over the world are visiting your online B2B eCommerce portal with the intention to purchase your products, but if you don’t offer multi-currency price lists, they face additional charges at their end and you could be losing them during checkout. This could also make them much less likely to want to buy from you in the future.
Letting your B2B customers buy from you in their local currency helps simplify the cross-border selling process for you and for them. It also helps establish relationships with customers in new markets and build trust with international customers by ensuring your pricing is transparent and that there are no unwelcome surprises for your customers.
3 Ways Multi-Currency Price Lists Can Help Your Business
1. Make more sales with currency familiarity.
You might think currency familiarity is a relatively small concern — after all, your customer could simply open a new tab in their browser and look up the current exchange rate, right? Wrong. Customers are inherently lazy. Some of them will no doubt take the time to look up the current exchange rate, but others will not. And even for those who do, with exchange rates constantly changing, they still will have no way of knowing exactly how much the final cost is that they will be charged. By offering multi-currency price lists, your B2B customers will feel more confident and at ease, and you will be better positioned to make the sale now and in the future.
2. Increase customer satisfaction by being transparent.
Your international B2B customers want transparency when buying from you, especially if they are buying from you for the first time. When you don’t offer multi-currency pricing, a sudden price change during checkout or your customer finding out about an extra fee they will incur for paying in their local currency could translate to a sharp drop off of completed transactions at checkout. Multi-currency pricing allows you to not only display your product pricing in your customers’ currency, but also increase customer satisfaction by letting customers conduct and settle transactions with you in their local currency.
3. Reduce cart abandonment.
More often than you might like, international customers will delay or abandon their online eCommerce transaction when asked to pay in unfamiliar currency. This is because the last thing they want to do once they have reached the checkout process and are ready to pay is to have to spend time figuring out how to translate foreign pricing into their own local currency. Providing your global B2B customers with pricing in their preferred currency gives them a fast and familiar way of buying products from your online store and will prevent them from abandoning their shopping cart at checkout.
Ready to go global?
Taking your B2B eCommerce business global is exciting. If you are ready to grow your customer base by reaching out to new international markets, offering multi-currency pricing will be a key part of the equation. It will give your B2B customers an easy (and enjoyable) way to buy from you; it will improve customer loyalty; and it will keep your customers coming back, time after time.