Multi-currency pricing has become a must-have feature for Shopify e-commerce stores, offering a seamless shopping experience. By displaying prices in a customer’s local currency, it eliminates the need for guesswork or manual conversions, making the buying process smoother. At the same time, store owners benefit by receiving payments in their preferred currency as long as they’re using Shopify Payments.
However, while multi-currency pricing enhances the customer experience compared to showing only a single currency, it’s not without its challenges. Exchange rate fluctuations can frustrate international shoppers, especially when dynamic prices change during the shopping journey. Imagine a customer returning to their cart to complete a purchase, only to find the price has increased due to currency shifts. This can result in abandoned carts and lost sales.
To address this, many stores still rely on manual FX rates or fixed pricing in multiple currencies. While this approach offers consistency for customers, it creates a new issue for store owners: fluctuating profit margins. As exchange rates move, foreign currency sales converted into domestic currency can lead to unpredictable outcomes. In volatile periods, currencies can shift by 10-15%, significantly eroding profit margins on international sales.
Fortunately, there’s a solution that combines the benefits of multi-currency pricing with protection against currency volatility. HedgeFlows allows store owners to lock in guaranteed FX rates up to 12 months in advance. These pre-booked rates can then be used to convert Shopify payouts in foreign currencies at stable, predictable values as sales occur.
As an added bonus, HedgeFlows users can also save up to 1% on foreign exchange fees charged by Shopify Payments. For those on Advanced Shopify or Shopify Plus plans, payouts in up to 8 currencies can be directed to a HedgeFlows account, where market-leading exchange rates and pre-booked FX options ensure both savings and peace of mind.
With HedgeFlows, you can offer a better shopping experience for international customers while safeguarding your profit margins against currency swings. It’s the best of both worlds. Book a demo and find out how HedgeFlows helps e-commerce show earn and save money today!