How to enable multicurrency in your Shopify store [2024]

As an e-commerce store owner, expanding to other geographies can be one of the ultimate goals to increase your business’s international presence and boost sales. If you are planning the same and want to reach international customers, one of the key steps in doing so effectively is enabling multicurrency functionality in your Shopify store. This feature allows your store visitors to access the prices and complete the transaction their local currency and ultimately provides a more localized experience of shopping on your store. 

In this guide, we’ll explore the importance of offering Shopify multicurrency and show you how to set it up in your store. We will first cover what the feature is, some of its benefits, the prerequisites to set it up, and finally the steps to enable it in your Shopify store. By allowing customers to shop in their preferred currency, you can reduce barriers to purchase, enhance trust, and increase conversions as you enter global markets.

What is Shopify Multicurrency?

Shopify Multicurrency is a feature that allows store owners to sell products in multiple currencies and gives their customers the option to shop and pay in their local currency. This functionality is designed to create a smoother and familiar shopping experience for international customers, as they can see product prices and perform checkout in the currency they use every day. Shopify handles the automatic conversion of currency based on on-the-spot exchange rates which ensures that the store visitors see an absolutely up-to-date and accurate product pricing in the localised currency.

This feature is super useful for businesses that are looking to expand into global markets, as it removes the need for customers to manually calculate exchange rates which reduces the potential confusion and cart abandonment. Shopify Multicurrency also integrates seamlessly with Shopify Payments and supports multiple currencies for a more efficient payment process. By enabling localized pricing on your store, you can cater to a much more diverse set of audience. 

Benefits of setting up Multicurrency in your Shopify store

Let us now look at some of the top advantages of setting up the Multicurrency feature in your Shopify store. 

1. Improved Customer Experience: Customers can view prices and complete transactions in their local currency which makes the shopping process more comfortable and familiar.
2. Reduced Cart Abandonment: Offering localized pricing eliminates confusion over exchange rates, which can reduce cart abandonment rates.
3. Increased Global Reach: By supporting multiple currencies, you can easily expand your business into international markets and attract more customers worldwide.
4. Accurate Real-Time Conversions: Shopify Multicurrency automatically updates product prices based on real-time exchange rates, ensuring customers always see accurate pricing.
   

Prerequisites of setting up Shopify Multicurrency in your store

Here are the requirements to enable Multicurrency in your Shopify store. 

1. Shopify Payments Enabled: Your store must use Shopify Payments as its payment gateway to enable multicurrency functionality.
2. Supported Countries and Currencies: Shopify Multicurrency is available only in certain countries, and you need to ensure your target countries are supported by Shopify Payments.
3. Shopify Plan: You need to be on the Shopify Basic plan or higher to access multicurrency features.
4. Theme Compatibility: Ensure your store theme is compatible with displaying different currencies. Some custom themes may require modifications to support multicurrency.
   

Steps to set up the Multicurrency feature in your Shopify store

Now that we have discussed the prerequisites to set up Multicurrency in your Shopify store, let us quickly check the steps to take to enable the same.

1. Using your admin credentials (email and password) login to your Shopify store.
2. Next, you need to head to the “Settings” section which you can see at the bottom-left corner of the dashboard of your Shopify store.
   
   
   
3. In the settings menu, you will now see “Markets” as shown in the screenshot below. Click on that.
   
   
   
   
   
4. Post that, you have to add the country where you want to display the localised pricing of your products. To do this, click on the “Add Market” button as shown below.
   
   
   
   
   
5. Next, you need to choose the location where you want to sell and display prices in the local currency for your customers. After selecting the country, hit “Add Market.”
   
   
   

That’s it! Once the market is added, you will see all the active markets on your list. You can manually adjust prices and manage currency settings by clicking on each market.

Conclusion

Enabling multicurrency in your Shopify store is a great way to improve your store’s appeal to global customers and increase your store’s overall revenue. By allowing customers to shop and pay in their local currency, you remove barriers such as exchange rate confusion, which can lead to higher conversion rates and reduced cart abandonment.

Setting up Shopify Multicurrency is straightforward as long as you meet the prerequisites like having Shopify Payments enabled and using a compatible theme. Once set up, you can manage pricing and currencies for different markets effortlessly, providing a tailored experience to your customers.