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Is having extra currencies hurting sales
Our sales gone done after we put up prices in Euros and GBP
derekwong28




msg:626019
 2:19 am on Jan 30, 2005 (gmt 0)

Hello

We sell mainly to the US but would like to have more UK and European customers. Besides prices in US$, our cart now shows Euros and GBP next to it.

Since this feature was implemented at the middle of this month, the conversions from UK and Europe had markedly increased. However, conversions from the US had dropped markedly. So that our overall conversion rate for this week is 25% less than what was at the first 2 weeks of the month.

I am wondering whether having extra currencies are putting off US customers. However, The second part of the month is always weaker than first. Is there something going on in the US that is affecting conversion rates? e.g. time to pay taxes etc.

Derek

 

Rugles




msg:626020
 3:22 am on Jan 30, 2005 (gmt 0)

>>>I am wondering whether having extra currencies are putting off US customers.

I have wondered the same thing for years, wish I knew the answer. We run a dual currency site and have considered splitting into two sites but fear triggering the dup penalty.

uksports




msg:626021
 11:01 am on Jan 31, 2005 (gmt 0)

Have been down that line, having additional currencies next to each other does hurt sales and I don't advise it - and yes, you can have dupe penalties if you have seperate areas for different currencies having done that as well - the only way that seems to keep customers and search engines happy is to have a dropdown currency list that converts the currency on demand

larryhatch




msg:626022
 11:08 am on Jan 31, 2005 (gmt 0)

How very strange. That's 3 of you who saw sales drop with prices in multiple currencies.

I'm wondering what the psychology of that might be, and I'm stuck for an answer.

Could there be some demographics to this?
Are the lost customers from backward places where they distrust multinational businesses?
Something dumb like that? Or something else entirely?

Makes no real sense to me. - Larry

Dorian




msg:626023
 3:47 pm on Jan 31, 2005 (gmt 0)

I was convinced that, once we went multicurrency, our European sales would increase. Who wants to buy in GBP other than the British? At best it made no difference. At worst it actually hurt us.

Herath




msg:626024
 4:02 pm on Jan 31, 2005 (gmt 0)

We use geoip software to show prices in pounds and other curruncys based on visitor's country.

So if the customer comes from UK and looks at a 10US$ item we show the prices as 10US$ (10US$=15Pounds)

lgn1




msg:626025
 4:17 pm on Jan 31, 2005 (gmt 0)

We use Geoip software also. Can't name the company due to the TOS, but type Geoip in Google and it shows as the first result. Cost us about $20 for 200,000 searches.

We actually check for Canadians and Americans and bring up a web page with either Canadian or American Currency as the default currency.

The database is about 99% accurate. The only thing that messes it up is people using proxy servers and AOL users (AOL servers always register America , regardless of country).

Been using this for years, to solve the multiple currency lost sales problem, with great success.

Rugles




msg:626026
 7:26 pm on Jan 31, 2005 (gmt 0)

>>>We actually check for Canadians and Americans and bring up a web page with either Canadian or American Currency as the default currency.

Does that have a negative effect on Google or Yahoo rankings?
I would think that it may cause a dup penalty if the g-bot ever comes from a Canadian IP for some reason.

Why does dual currency possible affect sales... the only answer we ever have come with xenophobia.

lgn1




msg:626027
 11:11 pm on Jan 31, 2005 (gmt 0)

Our website dynamically generates unique Canadian or American content, to avoid the xenophobia and duplicate content issues. We do have buried deep in our site, info that we are located in Canada, but most Americans don't fine it.

The xenophobia must be subconsious or subtle, because we never lost a phone order, because of our nationality (the accent, ah! gives it away):)

Raymond




msg:626028
 6:44 am on Feb 1, 2005 (gmt 0)

I think having different currencies shown on the item page makes the page more "foreign". It is much easier to close a sale when the customer feels a sense of familiarity. Displaying other currencies makes your customers think that they are purchasing from a store that is FAR away from them. Then the following uncertainties come up in your customer's mind:

What if I need to return the item?
Wouldn't the return shipping be really expensive?
What if it's a scam? FBI wouldn't cut it if it's in China.
I am sure I can get similar items from another online store that feels more "right"
...etc

On the other hand, having GBP shown on your page raises a bit of trust and familiarity from the UK people. That probably explained your rise in UK conversion.

Essex_boy




msg:626029
 7:51 am on Feb 1, 2005 (gmt 0)

xenophobia - I doubt it. I suspect people are wary of buying in currencies other than their own, I would imagine the fact that the USA have stopped buying on DerekWongs site may have to do with where the USD$ and $sterling prices are listed.

Which one is more is the first one they see when looking at a page?

Rugles




msg:626030
 4:14 pm on Feb 1, 2005 (gmt 0)

>>.we never lost a phone order, because of our nationality

We have but it is rare.

Because of our accent, we usually get the question "where am I calling?". Most Americans are happy to hear we are in Canada. They will then mention vacationing up hear or say something like "do you know bill from toronto?".

derekwong28




msg:626031
 11:24 am on Feb 2, 2005 (gmt 0)

Thanks for your advice. Sales are very volatile at the moment, we had 16 sales on 31st January followed by 45 on the 1st February.

As we have started carrying a lot of items that can be used in the UK and European markets only, I am incline to wait out a few more weeks in order to assess the situation. Since we already have duplicate sites, this would not be a problem for us if the need arise.

Derek

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