Cannon Posted October 17, 2023 Share Posted October 17, 2023 The online store platform provider for Cannon PowerWorks has made a change to how international customers shop. By default, they want prices to appear in local currency for international customers. The benefits they highlight are that pricing will be more familiar to buyers and that overall currency conversion fees will be lower. I believe they build the conversion into the prices and can offer lower rates because they aggregate all the transactions and convert it all at once at the top of the house. We do not have a good perspective if our customers even want this change. So that is the question: International customers, would you prefer to be shopping in your own currency? Or, leave things like they were with all shopping in USD? I would appreciate any feedback. 4 Quote Link to comment Share on other sites More sharing options...
matek Posted October 17, 2023 Share Posted October 17, 2023 If I have to pay less (you mentioned currency conversion): yes, I want it. Otherwise, it doesn't matter that much to me. But I know that for some people this matters; can make a site more friendly, trustable, convenient at checkout etc. 2 1 Quote Link to comment Share on other sites More sharing options...
EmilBB Posted October 17, 2023 Share Posted October 17, 2023 It'll save some time from having to do the currency conversion ourselves, so I can only see it as a positive. 2 1 Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 17, 2023 Author Share Posted October 17, 2023 9 minutes ago, EmilBB said: It'll save some time from having to do the currency conversion ourselves, so I can only see it as a positive. So currently, you have to pre-fund some USD account and then shop in USD? Quote Link to comment Share on other sites More sharing options...
EmilBB Posted October 17, 2023 Share Posted October 17, 2023 1 minute ago, Cannon said: So currently, you have to pre-fund some USD account and then shop in USD? Nono, I just mean I have to figure out how much USD is in my currency (DKK). Like a quick google search, so it's not a huge deal 1 Quote Link to comment Share on other sites More sharing options...
Scottex92 Posted October 17, 2023 Share Posted October 17, 2023 it is cheaper for the customer and they can see the prices in local currency so, all pros and no cons? 2 1 Quote Link to comment Share on other sites More sharing options...
Busa Posted October 17, 2023 Share Posted October 17, 2023 (edited) I raised this last night when I spotted it, The standard gripper at $28 was displayed at £24 so based on the current exchange that's the same as $29.14 if this means no further cost at checkout then it probably does not matter? It only takes seconds to convert. I thought it was just changed at the checkout myself. I have checked the last 6 orders and it made at best $2 difference some higher some lower. That could just be as I based it on the current exchange rate not the one at the time. It could add a new variable to checking the site to see if the cost due to exchange rate gives a slightly cheaper gripper. But it did not look that way when I checked a couple that it seems to round up to full pound. Edited October 17, 2023 by Busa 1 Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 17, 2023 Author Share Posted October 17, 2023 8 minutes ago, Busa said: The standard gripper at $28 was displayed at £24 so based on the current exchange that's the same as $29.14 if this means no further cost at checkout then it probably does not matter? Yes I believe it means no further cost at checkout. 1 Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 17, 2023 Author Share Posted October 17, 2023 Well just based on these responses I’m going to let the change go through. Please keep giving feedback if you have any. Also if you place an order and have any feedback about what you experienced on the back end, I would love to hear about that. (Keep in mind none of this has anything to do with customs/duties. Nothing is changing there.) 2 Quote Link to comment Share on other sites More sharing options...
Alex K Posted October 17, 2023 Share Posted October 17, 2023 I think it‘s quite good if the final price ends up being lower! €/$ feel quite comfortable to me so that is a secondary priority 1 1 Quote Link to comment Share on other sites More sharing options...
Jermiah Merciconah Posted October 17, 2023 Share Posted October 17, 2023 100% yes from me mate, The conversions are a big pain even if they're only momentary to do 2 1 Quote Link to comment Share on other sites More sharing options...
LABZSTS Posted October 17, 2023 Share Posted October 17, 2023 So like how SBD will have 2 versions of their website where the only differences are the prices ands location? Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 17, 2023 Author Share Posted October 17, 2023 1 hour ago, LABZSTS said: So like how SBD will have 2 versions of their website where the only differences are the prices ands location? I'm not sure about SBD. But for CPW it will mean that any given customer will see the website in their local currency and for prices which already include conversion. 1 Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 18, 2023 Author Share Posted October 18, 2023 Okay, now that a couple of these transactions have taken place, I understand how they work better. The main benefit to shopping in your own currency is that the conversion is built into the price you see. You will not pay anything additional. (Again, none of this affects duties/customs). So my follow-up question is what currency conversion fee were people used to paying? What percentage? I know when I visited the Netherlands this summer, I paid 3% on every transaction when I used my USD Visa to buy anything. I think 3% is pretty standard? (BTW I want to be clear that I'm not trying to pick a percentage for the store. That is set by Shopify and is apparently a better rate than customers could get on their own. I'm just trying to see better by how much?) @EmilBB @Busa @Scottex92 @Alex K Quote Link to comment Share on other sites More sharing options...
martincerven Posted October 18, 2023 Share Posted October 18, 2023 8 minutes ago, Cannon said: Okay, now that a couple of these transactions have taken place, I understand how they work better. The main benefit to shopping in your own currency is that the conversion is built into the price you see. You will not pay anything additional. (Again, none of this affects duties/customs). So my follow-up question is what currency conversion fee were people used to paying? What percentage? @EmilBB @Busa @Scottex92 @Alex K My experience with EU banks is that they convert currency automatically after the transaction takes place and it's usually better than what online middlemen offers (Paypal for example has way worse rates than a bank). Also when you pay in shop for example they offer you to do the conversion (by card provider I assume) or later at the bank and again the bank one is usually better. 1 Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 18, 2023 Author Share Posted October 18, 2023 16 minutes ago, martincerven said: My experience with EU banks is that they convert currency automatically after the transaction takes place and it's usually better than what online middlemen offers Yes this was my experience going the opposite direction and the fee was 3%. Are you able to look at a time you paid such a fee? What was the percentage? The Shop thing I think is irrelevant now that you would just be shopping in your own currency. So basically when you buy at CPW, your bank doesn't know any conversion happened. Now it happens on my end and through Shopify. For you, the price is the price in your currency. Overall, my current understanding of this is that it is legitimately a better deal for International customers. Quote Link to comment Share on other sites More sharing options...
Busa Posted October 18, 2023 Share Posted October 18, 2023 When I purchase items it just converts at the payment never see a conversion rate. I checked the last six purchases and they are all only a couple of dollars different with the rate at purchase compared to the rate google gives me, a couple better and the rest slightly higher but not by much. Looking at the last 3 days the pound has changed just once. For a standard gripper it displays as £24 the exchange rate on day one gave a dollar value of $29.14 on day two it gave a dollar value of $29.24. Then today its back to $29.14. Its not much of a swing for a single unit but it is a difference. What would be interesting is if the pound gets stronger or weaker how will the displayed price change. It seems odd that every thing is an even pound (is it rounding up?) 1 1 Quote Link to comment Share on other sites More sharing options...
Scottex92 Posted October 20, 2023 Share Posted October 20, 2023 On 10/18/2023 at 11:01 PM, Cannon said: Okay, now that a couple of these transactions have taken place, I understand how they work better. The main benefit to shopping in your own currency is that the conversion is built into the price you see. You will not pay anything additional. (Again, none of this affects duties/customs). So my follow-up question is what currency conversion fee were people used to paying? What percentage? I know when I visited the Netherlands this summer, I paid 3% on every transaction when I used my USD Visa to buy anything. I think 3% is pretty standard? (BTW I want to be clear that I'm not trying to pick a percentage for the store. That is set by Shopify and is apparently a better rate than customers could get on their own. I'm just trying to see better by how much?) @EmilBB @Busa @Scottex92 @Alex K I paid with paypal so I think there is no conversion fees, I could be wrong tho Quote Link to comment Share on other sites More sharing options...
matek Posted October 20, 2023 Share Posted October 20, 2023 2 hours ago, Scottex92 said: I paid with paypal so I think there is no conversion fees, I could be wrong tho Oh there is. It's not even low: https://www.paypal.com/vg/webapps/mpp/paypal-fees#statement-currency 1 Quote Link to comment Share on other sites More sharing options...
Scottex92 Posted October 20, 2023 Share Posted October 20, 2023 50 minutes ago, matek said: Oh there is. It's not even low: https://www.paypal.com/vg/webapps/mpp/paypal-fees#statement-currency Jeez, I should be thankful this gets implemented then haha Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 20, 2023 Author Share Posted October 20, 2023 Yes, the fee with PayPal is a little harsh and shopping in your own currency would allow you to more easily pay however you want and not use PayPal. 1 Quote Link to comment Share on other sites More sharing options...
bdckr Posted October 20, 2023 Share Posted October 20, 2023 6 hours ago, Scottex92 said: I paid with paypal so I think there is no conversion fees, I could be wrong tho On individual transactions, Paypal doesn't do a breakdown. But the last few times I let Paypal do the conversion and compared it to the daily posted rate for Canadian to US, there was about a 7% difference. Paypal just lumps it all in as a conversion rate, but they're effectively charging a pretty steep fee 2 Quote Link to comment Share on other sites More sharing options...
mcalpine1986 Posted October 23, 2023 Share Posted October 23, 2023 I'm all for the change, it will be nice to see the price of an item in sterling instead of USD next time I buy something. 1 1 Quote Link to comment Share on other sites More sharing options...
Fist of Fury Posted October 23, 2023 Share Posted October 23, 2023 (edited) It's a good change, I managed to get the total cost for one rated gripper down to around 80$ instead of 90$. But I really feel the best thing you can do for international customers is to try to get cheaper shipping rates. That's the main concern I have. Paying around 80$ for one gripper isn't really worth it IMO. It just sucks that the shipping rates are so high for one gripper. Because I have to pay import tax for the shipping cost as well. Edited October 23, 2023 by Fist of Fury 2 1 Quote Link to comment Share on other sites More sharing options...
Cannon Posted October 23, 2023 Author Share Posted October 23, 2023 16 minutes ago, Fist of Fury said: It just sucks that the shipping rates are so high for one gripper. I agree. We barely add anything to the shipping rates in terms of handling or up-charges. We really do want shipping to be as economic as possible and that is not where we are trying to make any money. In most cases we are adding the cost of a box and not much else. For the USPS choices where they give you shipping supplies, we are adding even less. These really are the rock-bottom rates that we can offer. 2 Quote Link to comment Share on other sites More sharing options...
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