Shopify Reports for Handling Multiple Currencies

The wonder of eCommerce is that any country can be your market. Shopify helps expand your business by automatically converting prices to local currencies and providing financial reports in your store's default currency. While these features are helpful, there are times you’ll need more. 

Viewing regional store transactions in local currencies offers insights into your customer behavior and preferences. Calculating taxes, and expenses, and including charges like credit card transaction fees becomes a breeze. This is just a glimpse of how multi-currency management ensures clear Shopify profit analysis. 

The catch—you need a third-party reporting app to cover all bases of selling across borders. Let’s explore how Report Pundit solves your multi-currency management problems for simplified multi-market operations. The wonder of eCommerce is that any country can be your market. Shopify helps expand your business by automatically converting prices to local currencies and providing financial reports in your store's default currency. While these features are helpful, there are times you’ll need more. 

Viewing regional store transactions in local currencies offers insights into your customer behavior and preferences. Calculating taxes, and expenses, and including charges like credit card transaction fees becomes a breeze. This is just a glimpse of how multi-currency management ensures clear Shopify profit analysis. 

The catch—you need a third-party reporting app to cover all bases of selling across borders. Let’s explore how Report Pundit solves your multi-currency management problems for simplified multi-market operations. 

Fine-tuned Finance Data at your Fingertips

Here are common multi-currency management issues our customers face and their solutions:

1. Viewing Store Data in Local Currencies 

We’ll begin with a common challenge that troubles many Shopify merchants: how to view a store’s financial data in its local currency. 

Shopify Analytics gives comprehensive financial data, but only in your store's default currency. Without viewing transactions in local currencies, you miss crucial insights like customer value, hidden fees (ex: credit card fees), the effectiveness of discount campaigns, etc. Your only hope for this crucial data is a third-party reporting app.

That’s a screenshot of a Report Pundit sample report showing data from a US-based store that sells in Hamburg, Germany. You can see the local currency (EUR for Euro) shown in the respective column. This means that all financial data in the report like Product Price, Inventory Cost, etc. are in that currency. 

2. Adding Third-Party App Data

Shopify deals with data synchronization of various payment gateways differently. So merchants using third-party apps instead of Shopify Payments find things like viewing payouts challenging. And you can forget about viewing that data in local currencies. 

You can get past this roadblock via third-party reporting apps. For example, you can create a custom report to view PayPal data in your desired currency similar to this demo:

You can also connect multiple apps to Report Pundit to enhance Shopify integration and get the necessary data directly into your reports. Now that’s neat!

3. Viewing the Applied Exchange Rate

The ability to manually set exchange rates for your local Shopify stores is a wonder— you get control over product prices in local currencies, leading to stable prices that improve brand trust.  

The downside is you’ve got to constantly track and record these exchange rates since they’re changed regularly to optimize profitability. Skip it and you’ll struggle to match the right exchange rate used for a transaction when viewed later. Other problems include data obsolescence and calculation errors. 

Apps like Report Pundit make tracking exchange rates easy. You get default and local currency data, plus the exchange rate used for each transaction.

Below is another look at the PayPal sample report screenshot from earlier. Notice the exchange rate shown alongside the PayPal amount in both default currency (USD) and local currency (SEK). 

4.  Viewing Multiple Currencies Together

Let’s say you’re a US-based Shopify merchant selling across Europe. You’ve set up your store website to let customers view product prices in their desired currency. Now you want to compare your prices against the local competition to revamp your product strategy. 

But your records only show those product prices in USD, the store's default currency. So, you’ve to convert the competitor prices into USD or convert your USD values back to European ones for accurate comparison. What a mess. 

With external reporting apps, however, you can modify an existing report to show all your listed currencies, or even create a fresh one for the job. Check out this example below of a Report Pundit custom report displaying product prices across currencies. 

Isn’t that convenient?

5. Consolidating Multi-store and Multi-channel Data

Consolidating data from multiple stores or channels into a single report is a dream come true for every seller looking to make their selling more efficient. Doing it in respective local currencies, your store’s default currency, a different currency, or all together is the cherry on top. 

You can view data like the currency you’ve set as default for a store (ex: USD or Local) in just one spot. No need to juggle multiple reports trying to find such simple information. 

Viewing multi-store or multi-channel data in a single report is easy with Report Pundit. You can connect multiple stores to a single account and view their data together, including financial data in your desired currency. Remember, you can also customize it to further drill down on the details.

Check out this example screenshot of a Report Pundit custom report. It shows data from multiple stores along with respective local currencies. The multi-currency data is also converted to USD for the seller’s convenience.

‍Summing Up

Selling through multiple Shopify stores, especially in local currencies, is like having keys to multiple doors that unlock greater profits. A capable Shopify currency converter lets you sell in currencies that are familiar to customers and get data in your preferred currency. It’s how you say goodbye to juggling financial data and easily gain the insights you need for efficient store management.