If you are operating an online store in multiple regions or countries that have different currencies, then this blog is a must-read for you. Naturally, if you are operating in markets with different currencies, you need to offer the local currency. For example, if you operate in the US and China, you need to offer USD in US and Yuan in China.
If offering the local currency is not an option, the very least you can do is offer a more familiar and feasible currency. This will enhance customer satisfaction. If you have an extensive presence, then you can offer localised currencies in some countries, and opt for a globally accepted currency in the rest.
Solution For Currency Switching in Magento 2
To set up multiple currencies, you need to configure the Magento 2 currency converter feature. This article will detail all the steps to enable the Magento 2 currency conversion feature. For the unversed, there are different ways of setting up this feature. The most reliable and effective method is the use of an extension. why ?
An extension offers a more user-friendly way to set up multiple currencies. Secondly, Magento 2 currency switcher extensions offer a lot more features than simple currency switching. This can be a great way to offer a more streamlined experience to the target audience and make the store management more refined.
The Magento 2 auto currency switcher is a reliable solution in configuring product price conversion to local currency. In this quick tutorial, we’ll show you how to easily incorporate auto currency switching with a few clicks. Follow each step carefully for error-free configuration.
Front-end Demo, Backend Demo, Live demoBenefits of Magento 2 Currency Conversion Feature
There are numerous benefits of setting up this feature, including:
Greater Customer Loyalty
When customers realise that a store is trying its best to offer them the best possible experience, they develop a strong liking to it. This can lead to repeat sales and positive word of mouth.
Global Branding
By having a localised presence in multiple markets, you can establish yourself as a truly global brand. This comes with various added benefits such as access to new suppliers and opportunities to partner with other brands.
Simplified Reporting
You can easily assess a store’s performance based on the local conditions. This can help make better decisions. Suppose a store has presence in Europe and Pakistan. The current exchange rate is as:
When the Pakistani store’s performance is measured in Euros, it won’t be an accurate picture. The reason is that sales value will be converted into Euros, which will result in a negligible amount. Thus, the better way to measure a store’s performance is in its local currency.
Reduces Overall Costs for Customers
Let’s continue with the previous example. If Pakistani customers have to pay in Euros, the exchange rate and added taxes will further increase the product costs. It may make the product out of reach for the target audience.
Less Hassle
Lastly, not every customer has a card that allows them to conduct international transactions. To avoid losing customers solely because of this reason, setting up Magento 2 currency switcher is quite important.
How to Use the Extension to Show Currency Switcher in Magento 2
- Step 1: Download and Install Magento 2 currency converter extension to add currency switcher in your magento 2 store
- Step 2: Upon installation, you may find an additional tab in the control panel of your magento 2 store named as FME Extensions. Click it and find Currency Switcher Configuration options.
Enable Magento 2 Currency Converter
- Step 3: Click Yes against ‘Enable Currency Switcher’ to activate the plugin and start doing the rest of the settings. This will allow country wise currency switching for all the products
Configure Country Wise Currency Switching in Magento 2
- Step 4: Move to the ‘Country Specific Settings’ section. Select a country from the dropdown menu and allow a currency from its adjacent option. Change currency to each country according to user's geoip location. Setup multiple currency switching rules to configure price change for multiple countries and regions.
- Step 5: Add unlimited rules to define the currency-country relationship for automating product price change.
Limit Currency Switching For Specific User Agents in Magento 2
- Step 6: Implement User-agent restrictions. You can stop auto currency switching for specific user agents e.g. Yahoo, MSN, or Bing. This will help you stop customers from coming through specific user agents to view price conversions and disable currency switcher for them. Show currency switcher to your regular customers with personalized product pricing.
Auto Update Currency Rates Via API in Magento 2
- Step 7: The currency rates updates automatically. The extension acquires the latest foreign currency exchange rates from the internet with the help of an API to auto update currency rates to an accurate figure. You do not have to bother about updating the currency rates every time it changes in the open market.
Round Off Product Prices in Magento 2
- Step 8: Enable price round off and select any rounding-off algorithm from the multiple algorithms. You can allow the extension to round off product prices after converting it from a standard currency to a local one. For example, a product price in US $32 may convert to CAD 42.36. You can decide either to round off the price to CAD 41.40 or CAD 41.00.
Detect Users' Country By IP in Magento 2
- Step 9: Click on the ‘GeoIP database’ and find the MaxMind IP Database incorporated in the extension. Update the database and save the configuration. MaxMind GEO IP database is a reliable collection of IP addresses across the globe. It helps the extension recognize the users’ location by their IP addresses. You can utilize it for automatic currency switching or update its latest version for an updated collection of IP addresses.
- Step 10: Once you are done with all the above steps, you may have configured auto currency converter on your magento 2 store. To check if it is working, you can try assessing your store by users of different targeted locations. It may show different pricing for different locations, just like the way it is shown in the image below.
Final Words on Magento 2 Currency Converter
The extension is purpose-built to help merchants and store managers to assign relevant currencies to countries and show personalized product prices. It improves the user experience, and trust and reliability. The customers feel comfortable in knowing product prices and shopping in their local currency. Thus, it results in higher sales and conversions.
If you have any issue in configuring geoip auto currency switcher in your Magento 2 store, then feel free to contact our support team.
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