We are about to launch a website offering products. My "gut" feeling is that a good proportion of our customers will be based in the US. We are currently based in the UK, though that is likely to change in the near future.
We are trying to determine which currency to use as our base currency. To clarify, people can purchase in their own currency (but a conversion will be made if their currency is different from our base currency)
The choices we have are:
- Pro: Local currency (for now)
- Cons: Currently beleaguered, near to mid term outlook not rosy There may be some 'reluctance' to purchase products denominated in sterling? Products may appear relatively expensive to US and Eurozone customers
- Pro: The new kid on the block, widely seen as the defacto replacement for the USD
- Cons: Short term, reeling from the Greek crises, though future not in doubt, questions remain Products may appear relatively expensive to US customers
- Pro: Needs no introduction. Even used in some emerging countries alongside their local currency
- Cons: Although heavily sold already, it may go lower still
To complicate matters still, although we are currently based in the UK, we are likely to be relocating to sunnier climes (South of France/Mediterranean or the Caribbean) in which case, either the Euro or the USD will become our local currency.
I am assuming that it would be fairly disastrous to launch with products denominated in one currency, and then switch later on to another currency - thats why I want to make sure that I make the "right" choice - or at least, the "least bad" choice.
Can anyone add some further insight to help make the decision as to which currency to select as a base currency?