It’s no consumer behavior secret that people are more likely to purchase online using a currency they trust and are familiar with. Subsequently, online merchants are rapidly understanding the close correlation between a local experience and conversion rates. During its routine value-added data analysis services, our ePayments business analytics team noticed that one of our clients, a leading Forex merchant, was not supporting local currencies in some of the countries they operated in. Credorax worked with the merchant on implementing 16 local currencies and subsequently, the Forex merchant Plus 500 experienced an immediate 4.5% rise in approval rates in those countries, leading to a $1.4m raise in annual revenues. It just goes to show, we may now be one big global village, but we still value our familiar, local experience the most!
As part of its value-added customer data analysis service, Credorax noticed that one of its merchants, a leading Forex company, was not supporting local currencies in many of the countries they operated in. The analysis showed that offering local currencies would potentially increase approval rates in those same countries.
How Credorax Helped
We approached the merchant and offered to test adding local currencies with our support in monitoring the change.
Approval rates in countries where local currency was added, increased by 4.5%, generating an additional $1.4M in annual merchant revenues.
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