CASE STUDY: “Money, Money, Money: Currency”

http://blog.vendoservices.com/vendo-blog/2017/11/29/case-study-money-money-money-currency

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(This is a business case study. It will be used to guide discussions during the session: “Money, Money, Money: How the Paysite Pros do Billing – Currency” with co-hosts Mitch and Thierry of Vendo at the Paysite Meetup.)

 

Jake was in Japan. It had been a lifelong dream. He grew up on anime. Speedracer was his idol.

But now he was in Japan and there was no voice dubbing.

Still, people were polite and he could sort of get around. He was in a shop in Shimokita buying something weird to show his friends when he got home. It was 980 Yen. That wasn’t easy to figure out in US Dollars since the exchange rate that day was 117.50 Yen per dollar. And the day before it had been 115.

At the counter when he was checking out he saw something even cooler. It was 3,400 Yen. Was it a good deal? He had no idea. He couldn’t do the math. There was a line of people behind him. Jake froze. Was this what culture shock felt like?

When Jake got back to his hotel room he checked his site. “I’m doing the same thing to Japanese people as happened to me today in that store.” he thought. “They have no idea what $29.95 is in Yen…how many customers am I losing over this?”

3 Questions:

  1. Which currencies should I offer to my customers on my sites?
  2. How do you choose them?
  3. How do I deal with exchange rate fluctuations?

 

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