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In this article, you’ll learn the following: |
APPLICABILITY: Enterprise accounts enabled with VWO Data360
Overview
In today's globalized market, businesses often cater to customers from different regions who transact in various currencies. Without proper tracking, these conversions can become difficult to manage and analyze as a whole. For instance, if your customers across the globe transact in different currencies, your conversions might be aggregated without considering the individual currency values, leading to potential inaccuracies in reporting.
VWO's Currency Conversion feature helps you overcome this challenge by enabling you to
- Convert all transactions into one single currency.
- Track transactions in their respective currencies.
This ensures that your revenue tracking is both precise and relevant, regardless of the currencies involved.
To achieve this, you need to perform the following steps:
Step 1: Create a custom event with event properties that track conversions in different currencies. This allows you to capture revenue in your customers' original currency.
Step 2: Create a metric for each currency to track conversions in specific currencies such as USD, EUR, SGD, etc. Alternatively, you can create a metric to convert all transactions into one specific currency. For example, you can convert all the transactions that occurred in multiple currencies to INR. This helps you analyze your campaigns' performance accurately and clearly understand revenue generated across different regions.
Step 1: Creating a Revenue Tracking Event With Computed Properties
Imagine your business is headquartered in New York, also serving customers in the EU and India. To capture your revenue transactions accurately, you require tracking them in their respective currencies. In order to perform this effectively, VWO requires two key pieces of information: the transaction amount and its corresponding currency.
By defining these as standard properties within your revenue conversion event, you can leverage VWO's computed properties to automatically calculate values in your preferred currency.
How it Works:
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Define Standard Properties: Create a standard text property for the currency name (e.g., USD, EUR, INR) and a standard number property for the transaction amount.
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Utilize Computed Properties: VWO's system will automatically calculate conversions using either the standard exchange rate sourced from Google Finance at UTC 00:00 or optional exchange rates specified by you.
- Implement Event Tracking: Integrate the event tracking code into your website, ensuring the correct currency and revenue data are passed to VWO.
To implement this event, perform the following steps:
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From the main menu on your VWO dashboard, go to Data360 > Events > Create to create a custom event; say “Track Revenue” to track revenue conversions.
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Add a standard text property, say “Currency Name”.
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Add a standard number property, say “Transaction Amount”.
- Now, add the required currency property. For example, to track revenue in INR, you can create a property, say “Revenue INR” and set it as follows:
| Data Type | Number |
| Property Type | Computed |
| Currency Property | Currency |
| Revenue Property | Revenue |
| Output Currency | INR (₹) |
| Conversion Rate |
Select a conversion rate sheet. VWO provides a standard conversion rate sheet (sourced from Google Finance), which is selected by default. This sheet is updated daily at 00:00 Hrs UTC. If you prefer to follow your own conversion rates, you can upload a CSV file by clicking on Add File. NOTE: To upload a custom conversion rate sheet, ensure it follows the VWO DEFAULT CONVERSION RATE sheet format, replicating the column headers and data structure exactly to avoid errors. INFO: You can access your uploaded currency conversion rate sheets or upload a new one at any time by navigating to Settings > Accounts > General > Currency Conversion Rate Sheet |
Repeat this step for all the currencies you need to track.
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Click Create to complete the event creation.
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Implement the API code snippet for this event on your website, replacing the placeholder values with the appropriate variables that capture the required data for revenue conversions.
Step 2: Creating Metrics for Specific Currencies
With the revenue tracking event configured with currencies in place, you can now track this event by creating a metric, say, “Track Revenue INR”, to track revenue conversions in INR. You can create similar metrics for as many currencies as you wish to track, such as “Track Revenue USD”, “Track Revenue SGD”, etc.
To create this metric, go to Data360 > Metrics > Create from the main menu on your VWO dashboard and specify in the fields as follows:
| Metric Name | Specify a name for the metric. For example, if you want to track the conversions in INR, you can specify its name as “Track Revenue INR” |
| Visitors event you want to track | Select “Track Revenue” under My Events |
| Metric will calculate |
To calculate the total sum of the revenue conversions that occurred on your website, select Value of an event property > Sum. To view the sum of all the conversions in a specific currency, say INR, select the event property that you have configured for that specific currency (Revenue INR) in the revenue tracking event from the per visitor for property dropdown |
To view all conversions for a specific currency, click on + where under the Visitors event you want to track section to select the event property associated with that currency (e.g., "Revenue INR").
To analyze a specific range of revenue conversions for a given currency, add the event property that represents the revenue (e.g., “Transaction Amount”) as a filter within the metric and define its range.
Now, you’re all set to apply these metrics to your campaigns to view their conversions reflected in their respective currencies.