Displaying Prices in euro's

[Tech4Homes]

I sell mostly to the UK but do get quite a few Euro orders. I'm just moving my stores to Opencart and am setting up the euro part of it, I'm wondering, if I'm only selling a small amount to Europe is it likely that people are changing the store currency to Euro or is it fine to just leave it in GBP and let them buy in pounds?

This isn't specific to Opencart, just curious in general whether people are changing my store to Euro's at the minute of if they just buy in pounds. I have no way of knowing.

Only reason I ask is because the auto update currencies on Opencart doesn't seem to work as it was putting the exchange rate at about 0.8 which would obviously lose me a lot of money. I don't want to rely on updating it daily/weekly manually if I can just leave it in GBP for the sake of a few euro orders each week.

Thoughts?

 

[WolfStores]

We always advise our customers to offer at least £, € and $. This makes an ecommerce website look more professional and also offers retail customers more choice.

I would suggest to try the € and check if your European sales pick up. I believe that retail customers would be more keen to buy if the goods were priced in their own currency.

 

[ServWise]

You will certainly be better offering in Euros, rates have not changed much in recent years so stick it at one price and update it occasionally, return customers will like the stable price also.

 

[Cart By Design]

Most carts offer the ability to show prices in multiple currencies. The important factor there is keeping the exchange rate up to date.

The alternative is changing the checkout to receive money in an alternative currency. You're then at the mercy of the exchange rate. At some point the advertised product price may duck below the product cost price... is this a risk you want to take?

Alternatively you could still enter prices in GBP, but show them by default in Euros, and make the checkout take the Euros. However this will get messy, especially for accounts purposes.

It's enough of a headache if you charge VAT as well.

 

[antropy]

I'd agree with the other posts above that people like to buy in their own currencies. I may be wrong but I think when you get to the checkout, that part will still happen based on the price of the product in the default currency so you won't lose money if the conversion is wrong. But it's worth checking this first!

I'm not sure why the auto updating wouldn't be working, it should be using Yahoo! Finance to get the data and the rate seems to be about 0.856:
http://uk.finance.yahoo.com/q?s=EURGBP=X

 

[Tech4Homes]

I'd agree with the other posts above that people like to buy in their own currencies. I may be wrong but I think when you get to the checkout, that part will still happen based on the price of the product in the default currency so you won't lose money if the conversion is wrong. But it's worth checking this first!

I'm not sure why the auto updating wouldn't be working, it should be using Yahoo! Finance to get the data and the rate seems to be about 0.856:
http://uk.finance.yahoo.com/q?s=EURGBP=X

It does appear to pick that figure or there abouts up fine, but it goes the wrong way...

£1 is 1.17 euro. Yet when I change it on my store it'll take the £1 product and set the price to about 80p!

It appears to go through checkout at this price. If I set it to manual at the current exchange rate it works fine, but obviously relies on me checking it daily/weekly.

 

[AlexandraS]

I'm not sure us Euro customers do like "stable prices" - we're not idiots you know! I am very much aware of Forex and do not like being taken for a ride! If your exchange rates are not up to date I will not use your site, simple as that!

In the last 18 months alone a euro has been worth anything from 83-93p - that's a big difference for a canny shopper.

When shops price in euros they often way overcharge - you only need to go in to any run-of-the-mill high-street shop in Dublin to see what I mean - price tags on clothes with a mark-up of up to 50%!

I'd rather pay in sterling and have the bank work out the currency conversion.

As an avid internet shopper I can think of only one shop getting it right (The GAP) - and I'm guessing their budget is much bigger than yours.

 

[8420PR]

I'd agree with the other posts above that people like to buy in their own currencies. I may be wrong but I think when you get to the checkout, that part will still happen based on the price of the product in the default currency so you won't lose money if the conversion is wrong. But it's worth checking this first!

Be careful with showing the rates in EURO but actually charging in GBP - you may see a high number of abandoned baskets and the customer will likely end up seeing a higher amount on their credit card statement (due to additional currency exchange charges). Personally (as consumer and business), if I was going to offer EUROS I would do it through to the payment.

 

[antropy]

£1 is 1.17 euro. Yet when I change it on my store it'll take the £1 product and set the price to about 80p!

Sounds like something funny is going on, might need to double-check all the localisation settings.

It appears to go through checkout at this price.

Did you actually do a test payment? It's only at that point that it will probably switch to the default currency.

 

[Tech4Homes]

Sounds like something funny is going on, might need to double-check all the localisation settings.


Did you actually do a test payment? It's only at that point that it will probably switch to the default currency.

I've just tried it and checked out with PayPal, it is all in Euros even at payment stage, the credit card is integrated into the page so I assume this will go through as Euros as well, or at least will appear to the end user.

 

[alexlhh]

kind of experiencing the same problem, thanks guys

 

[antropy]

I've just tried it and checked out with PayPal, it is all in Euros even at payment stage, the credit card is integrated into the page so I assume this will go through as Euros as well, or at least will appear to the end user.

Interesting, sounds like PayPal does use the selected currency. I think perhaps other gateways wouldn't but depends on the gateway.

Sounds like something's messed up with the prices though, do you want to PM me a link to the shop?