As your customer base expands so does the complexity of your analytics offerings. One of the most difficult use cases to support international expansion is how to handle currency conversion or exchange rates and manage analytics when there are multiple currencies in play.
For example, an e-commerce company might be selling clothes in the United States in US dollars and in Mexico in pesos. When reporting on sales across the entire site a t-shirt sold in US Dollars would be 40 and in pesos would be 200. Now reporting back on 2 t-shirts sold the user might see 240 but that’s pretty confusing because that could be the equivalent of 6 t-shirts sold in the US or 1 t-shirt sold in Mexico and 1 t-shirt sold in the US. Hence, comparing local currency profitability figures would be meaningless.
Deliver analytics in the currency of end-users choice
Why is it important? Let’s say the sales amount of selling the t-shirt is stored as Sales_Amount. Say your Sales_Amount field is in USD and you have a use case to create a toggle on the dashboard with the ability to change between USD and MXN. Conversion rates vary at high frequencies and every company has its own way of defining it. Verb doesn’t presume the conversion rates, but instead provides users with the flexibility to manually enter them on the dashboard for these calculations. You have the option to convert from your local currencies to USD, MXN, CAD, EUR, GBP, and 160+ other currencies.
Now, you can deliver analytics in the currency of your end-users choosing without building an entirely new solution. Convert the historical amounts into a given currency by augmenting the results. This initiative offers user-preferred currency conversions and plug-and-play integrations, so that complex business processes can be automated.
Live Currency Conversion Feature
Verb’s live currency conversion features allow your users to set their exchange rates and Verb will convert currencies into the currency of their choosing. Verb supports currency transformation in real time by manually using the latest conversion rates.
The data is usually stored in the currency the article is bought in. As a result of international trade, the analysis needs to be done in the currency the customer specifies. For ease of analysis, results are augmented for real-time conversions.
Sounds cool but you probably want to know how it works. For a technical explanation please review our currency conversion documentation.
If you want a tour of our newest features get in touch!