Mastering Multinational Finances: Customer Journey Analytics Currency Conversion

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Introduction

In our increasingly interconnected world, currency conversion plays a vital role in both finances and international business transactions. Whether you are a retail customer, ecommerce customer, or banking finances for your global business, understanding how currency conversion works for at reporting tools is important. In this comprehensive guide, we will explore how Adobe Customer Journey Analytics (CJA) helps with currency conversion for global transactions.

Currency Conversion Overview

Currency conversion refers to the conversion of monetary values from one currency to another within the context of online transactions or metrics. This provides a clearer understanding of their digital performance across different markets.

With CJA’s currency conversion feature, customers can effortlessly combine multiple currency metric values tailored to various countries and convert to a single unified currency metric. This not only streamlines the process but also eradicates the need for manual calculations when determining the value of a product or revenue in the specific currencies of the countries involved. The seamless integration of currency conversion in CJA enhances efficiency and also ensures accuracy in cross-country performance assessments.

Use Case:

A ecommerce website operates across diverse regional domains, each using distinct currencies. The business objective is to establish a process for converting currencies from all countries to a standard shared currency value. Stakeholders can now access and compare international performance through the reporting dashboards. This provides a unified financial perspective and promotes strategic decision-making.

Currency Conversion Steps in CJA:

If you want to analyze revenue from multiple countries in a single converted currency value, follow the below steps in CJA. In this example, we will convert the INR (Indian Rupees) and KRW (South Korean Won ) values into USD (United States Dollar). Currency code and price Total are captured in commerce.order.currencyCode and commerce.order.priceTotal respectively (these paths are part of Analytics template class group based on which my schema is created).

Below are 3 records from 3 countries with respective purchase ID

Before Currency Conversion Report View in CJA

To Apply Currency Conversion to the Price Total

Step 1: Select the respective Data View and click on Components Tab.
Step 2: Search for the price Total (Here it is commerce.order.priceTotal).
Step 3: Duplicate the component and rename with the name “Price Total USD”
Step 4: Select Currency under Format section and Check Convert Currency. Provide the below details

• Select currency code dimension: Currency (Here it is commerce.order.currencyCode)
  • In this instance, we have selected the dimension Currency, as it is the field capturing the currency code in this respective Schema path.
• Convert and display currency in: USD
  • In this example case, we have selected USD because we want to convert all prices into USD.

After Applying Currency Conversion Report View in CJA

Conclusion:

The implementation of a reliable and efficient currency conversion process in CJA not only simplifies the financial operations of performance reporting but also ensures accurate and timely conversion of international currencies. This not only benefits the organization by streamlining its financial reporting processes but also provides stakeholders with a comprehensive and standardized view of international performance, enabling them to make informed decisions based on reliable and up-to-date financial data. Additionally, the implementation of such a process enhances transparency and accountability, as it eliminates any discrepancies or uncertainties that may arise from manual or outdated currency conversion methods.

Reference Link:

Currency Conversion Official Documentation Currency Conversion Tutorial