Virtual Report Suites To Support Different Currencies

David-123 23-05-2018

From a technical point of view this is not difficult. You already have currency conversion in place for each report suite - being able to change this is key for our needs. All you need is a daily scrape of currencies from a supplier like XE. This would allow our UK team to see £, our FR team to see € and the US team to report in $. Currently we are using secondary server calls but this is not a viable long term solution.

5 Comments (5 New)
5 Comments
admoseremic
Employee
23-05-2018

Hi David, the tricky part there is that the currency conversion rate changes every day - keeping track of the historical conversion rates and applying them properly each day isn't as trivial as it sounds!

ericmatisoff
Employee
25-05-2018

To get around this, a number of customers have leveraged APIs at runtime to capture the real time conversion rate, then push that conversion rate at time of purchase into a numeric event (for each currency).

I've personally tested this using Open Exchange Rates to great success.

David-123 29-05-2018

Hi Eric,

Thanks for getting back to me - this sounds like a great hack!

Thanks

Dave

David-123 05-09-2019

Hi All,

This problem has continued on for us, however we have finally managed to get a really good workaround for it!

Firstly we are using Tealium and as such, can do it out of the box (powered by Open Exchange Rates ) however, the same can be done with launch using an API pull.

When an order is placed (and only when an order is placed), we fire several events that uses the current exchange rate:

For example

EUR to GBP (E301) = 0.9

EUR to USD (E302) = 1.11

As we only need the 7 European currencies and USD this solution works well for us.

Then the following calculated metric converts the revenue into a useable metric.

1827769_pastedImage_2.png

It's not perfect because in the following because a uneven distribution of orders and exchange rate create the following when the view is changed from Daily to total:

   

Orderse301Revenue (EUR)Exchange Rate EUR to GBP
Day 142013354.26878192.49791000.52
Day 260574951.691154670.951039369.68
Day 354604502.751038012.56934221.68
Day 453984393.111064126.41957759.55
Total2111617201.84135002.413722351.43
Total
Totals

Orderse301Revenue (EUR)Exchange Rate EUR to GBP
Total2111617201.84135002.413722304.98
Difference0.001%

Hope this helps someone as much as it has us.

Dave