Unlocking Global E-commerce with SuiteCommerce Multi-Currency

What is Multi-Currency in SuiteCommerce?

SuiteCommerce multi-currency allows your e-commerce platform to display prices, process transactions, and manage financial data in multiple currencies. This feature caters to the needs of global customers by enhancing their shopping experience with localized pricing and accurate currency conversions.

Benefits of Multi-Currency for E-Commerce

• Improved Customer Experience: Displaying product prices in the local currency helps customers feel more comfortable, reducing hesitation during the purchase process.
• Increased Sales Opportunities: By localizing currency options, businesses can attract a broader audience, leading to higher conversion rates in international markets.
• Streamlined Operations: SuiteCommerce integrates multi-currency with NetSuite’s ERP system, providing seamless management of currency rates and financial data.

Setting Up Multi-Currency in SuiteCommerce

Enable the Multi-Currency Feature:

Before implementing multi-currency in SuiteCommerce, ensure the feature is enabled in your NetSuite account:

• Go to Setup > Company > Enable Features > International Tab.
• Check the Multi-Currency option.
• Check the Currency Exchange Rate Integration for auto updating the exchange rate on a nightly basis and Save the changes.

Setting a Base Currency

When you enable the Multiple Currencies feature in NetSuite, the system automatically sets a base currency based on your country. However, you can change this before recording any transactions

• Go to Setup > Company > Company Information.
• In the Currency field, select your desired base currency.
• Click Save.

Adding Rates to the Currency Exchange Rates List

In NetSuite, you can manually set or update currency exchange rates to define the value of foreign currencies relative to your base currency. These exchange rates are applied to transactions and help ensure accurate financial reporting.

• Go to Lists > Accounting > Currency Exchange Rates > New.
• In the Base Currency field, select your base currency.
  • If using NetSuite OneWorld, you can select the base currency for any accessible subsidiary.
  • In standard accounts, this field shows your base currency.
• In the Currency field, select the foreign currency.
  • Example: For an exchange rate from USD to EUR, select “USD” as the base currency and “Euro” as the foreign currency.
• If the currency isn’t listed, create a new currency record.
• In the Exchange Rate field, enter the rate relative to the base currency.
  • Example: If 1 Euro equals 1.357 USD, enter 1.357.
  • You can use up to 15 digits before the decimal and 8 digits after the decimal.
• In the Effective Date field, set the date when this rate becomes active.
• Click Save (or Save & New to add another rate).

Enable Multi-Currency for Your Website

• Go to Commerce > Websites > Configuration in NetSuite.
• Under the Shopping Preferences tab, enable the Multi-Currency Display option.

Set Up Price Levels

Price levels allow you to define specific pricing for different currencies:

• Navigate to Lists > Accounting > Price Levels.
• Define pricing per currency for your products
  .

How Currency Conversion Works

SuiteCommerce automatically calculates prices based on exchange rates configured in your NetSuite system. Rates can be manually updated or fetched automatically using exchange rate integration services. This ensures accurate pricing across all currencies.

Best Practices for Managing Multi-Currency

• Regularly Update Exchange Rates: Keep rates updated to ensure accurate conversions and avoid discrepancies in financial reporting.
• Optimize for Localization: Customize product descriptions, payment gateways, and tax configurations for each currency to create a fully localized experience.
• Monitor Performance Metrics: Track metrics like cart abandonment rates and conversion rates to identify areas of improvement in your multi-currency setup.

Conclusion

With SuiteCommerce’s multi-currency capabilities, businesses can break down barriers to international e-commerce. By providing localized pricing, streamlining currency management, and integrating seamlessly with NetSuite, SuiteCommerce ensures a smooth, global shopping experience for customers and operational efficiency for merchants.

Start leveraging multi-currency today to expand your business’s reach and unlock its full potential in the global market. Talk to our team of SuiteCommerce experts to learn more today.