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what currency to price my product

by harvie316
5 replies
I am from the UK and it would make sense for me to get my money in £ on paypal, I assume by using £ the buyer has to pay for the conversion fees if buying in euro or $.

My target market mostly Europe/USA

The product is being sold in Australia (digital).


What currency would you guys be using to sell it. I can accept all currencies, but I had the product in USD at first but it looks like I'm losing out when pay pal converts to to £ by a 10cents per transaction.

Does it even make a difference if the product, using £ the price feels cheaper £5.29 compared to $8.99


thoughts?
#currency #price #product
  • Profile picture of the author Frank Donovan
    Originally Posted by harvie316 View Post

    My target market mostly Europe/USA

    The product is being sold in Australia (digital).
    I'm not sure I understand why selling in Australia is relevant if it's a digital product and your market is mostly Europe/USA. :confused:

    For what it's worth, I suspect you'd be better off pricing in US dollars. It's (in the English-speaking world, at least,) the currency of online commerce and most buyers from the US would feel more comfortable dealing in dollars.

    I don't know what platform you're using, but there are plug-ins that enable you to show the visitors' own currency (by recognizing their IP address) - so you could offer multiple currencies on your site.

    But if you just wanted to show one currency, I'd opt for US dollars. Any savings in PayPal conversion charges isn't likely, IMO, to make up for the potential loss of US sales.


    Frank
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  • Profile picture of the author Danny Cutts
    Like yourself I am in the UK but I tend to price everything in USD :-)

    That tends to be my biggest reader base :-)
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  • Profile picture of the author harvie316
    i should of stated, around 90% of my market is Europe and 10% or less the USA.

    I think im going with £ since the fees are cheaper for me on paypal, im losing about 1.5% on them xfering from $ to £.
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  • Profile picture of the author PBScott
    I run multiple payment versions of my website which has about 1200 products.

    My main one is in USD, and I have a USD account to manage that one, and also a USD Visa card I can pay with from that account.

    My AUD CAD GBP websites only trigger from advertising, and they all funnel back to the same Paypal account that holds those currencies. I have a CAD bank account for transfers, and a CAD visa card also.

    You might want to consider a similar setup if you are good with duplicating sites and doing batch changes. Though we lose a bit on conversion with the GBP and AUD versions of the websites, the extra conversions make it worthwhile.

    You could also do regional redirects if you are so inclined.
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  • Profile picture of the author wtatlas
    As most of your business is from Europe why not put your prices in euros and raise the price by enough to cover the conversion to GBP?
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