The last few years have seen many businesses expand the global reach of their products and services, by giving international customers the ability to purchase via localised online stores.
The deployment of country specific online stores into emerging markets introduces a whole host of additional local currencies, in which a) customers expect to be able to purchase goods and services, and b) advertisers expect their technology partners’ support.
Typically, US headquartered, enterprise-level international companies, with an increasing online advertising presence in both EMEA and APAC face challenges..
These advertisers’ incumbent digital marketing technology partners are often only able to support the tracking of transactions in either a single currency (usually USD) or in an arbitrary value of no specified currency.
This can lead to circumstances where cross-channel media buying decisions are based upon ROI optimisations carried out on inaccurate revenue data. Future campaign planning is then carried out, poorly influenced by this inaccurate historical performance data.
Let’s say a customer is purchasing a solid-state drive (SSD) worth 999 USD. On the EU site store, the customer pays 764 EUR for the SSD; the currency unaware tracking platform assumes 764 USD and as a result, significantly under-reports the revenue.
Over on the JP site store, another customer pays 91,343 JPY for the same SSD; the currency-unaware tracking platform assumes 91,343 USD and as a result massively over-reports the revenue.
When also taking into account the many channels of tracked online advertising that the customer could have been exposed to on their path to conversion, the effect can be exacerbated and result in a compounded wastage of budget, especially when inaccurate performance data is fed into an automated forecasting system unchecked.
At the very least it can cause account teams to burn efficiencies by requiring revenue values within reporting data to be painstakingly converted prior to carrying out a manual optimisation process.
International brands need a transaction tracking technology that is currency aware.
IgnitionOne provides this solution and allows advertisers to dynamically insert the currency codes of the transaction’s currency, into a predetermined variable within the IgnitionOne transaction tracking pixel, along with the true value of that revenue amount, the merchant transaction ID plus up to 20 additional string values per transaction.
Instead of using only USD as a base rate, IgnitionOne stores the exchange rate of every currency, for every currency, and updates it every day, allowing a transaction in any currency to be reported back on in any other currency with 100% historical accuracy of the transaction’s true value at the time of either the transaction date or the reporting date.
This technology also allows IgnitionOne’s predictive bid optimisation technology, SPOT, to forecast ROI goals against 100% accurate multi-currency transaction revenue data, and for IgnitionOne’s cross-channel attribution technology to credit proportions of transaction revenue correctly to exposures on publishers from whom the media has been purchased in different currencies.
With this offering, clients of IgnitionOne are able to concisely and accurately report on revenue, helping them to better translate their successes. Currency-aware transaction tracking allows marketers to be more efficient; and a more efficient marketer is able to appropriately allocate budget and maximize their ROI.