Multiple currency B2B store: The what, why, and how
When you are selling to your B2B customers internationally, you should make sure you have a multiple currency B2B store. Why? Because it’s more convenient for your customers and radiates great customer service. Ultimately it could mean better customer retention and increased sales.
In this blog post, we are going to introduce you to the what, why, and how of a multiple currency B2B store.
What is a multiple currencies B2B store?
When we talk about a B2B store, we are referring to an online B2B shop. An eCommerce solution that enables brands to sell B2B and wholesale to their customers. If you are not sure what an online B2B shop is, we suggest reading this guide to B2B eCommerce.
That leaves the multiple currency part. When a brand is selling its products to a B2B customer, a transaction takes place. The customer receives the product(s), and the brand collects payment. This payment is – at least in most cases – money. And this money is, of course, paid in some currency. So when we talk about a multiple currency B2B store, we are simply referring to a B2B webshop that allows the brand and the customer to conduct their transactions in more than one currency. This way, an American customer can pay in USD, British customers in Pound Sterling, and European countries in Euro or their local currency – all in the same B2B store.
What are the benefits?
Ultimately, the benefits of a multiple currency B2B store boil down to a better ordering experience for your customers. It’s about offering good customer service.
By allowing your B2B customers to order in their local currency, you make it more convenient for them to order your products. They won’t need to look up the current exchange rate in order to know what they are paying. Instead, they will know the exact value of each product as soon as they log in to order.
But selling to B2B customers in their local currency isn’t only beneficial to the customers. By making the ordering experience more convenient for your customers, you are also helping your own business. Not only will your customers be more likely to stay customers due to the convenience. But customers also tend to order more when they can do it in the currency they are familiar with. That means that a multiple currency B2B store, sooner or later, results in better customer retention and increased sales for your business.
How do you get your own multiple currencies B2B store?
With Turis, setting up your own B2B shop with multiple currencies is pretty straightforward. Turis supports all currencies, so it’s just up to you to choose which ones you want to present to your customers. To do that, you just tick them off a list. Pretty simple.
Next, you put in your product prices in all the selected currencies. There is no automatic conversion of currencies in Turis – this way, you avoid “ugly” prices and weird rounding.
Lastly, you just assign the correct currency to each respective B2B customer. And the next time they log in to order your products from your B2B eCommerce shop, they are presented with prices in their local currency.
It’s as simple as that! But a B2B eCommerce shop can not only support multiple currencies, but also multiple languages.
Get your own B2B shop supporting multiple currencies
If you want to get your own multiple currency B2B shop, you can sign up to Turis for free. Just follow the link below, fill in a bit of information about your business, and get started: