The currency of a market and its price list must be the same according to this documentation here
The market currency and price list currency must match. For example, you can’t create a price list that’s mapped to a Canadian market catalog with currency CAD and set the price list currency to USD.
However for the new markets UI that does not appear to be true anymore. The currency selector on the market page and the catalog page are entirely independent from each other. Any merchant can easily set their Canada market to display CAD but then go to the catalog and set prices in USD.
Am I misunderstanding something? It is hard for me to test this now, but I believe the old markets UI actually did enforce that the market currency and price list currency were the same.
Hi @Chris_Geelhoed,
You are correct; there’s no longer a restriction requiring a price list currency to match the market currency in the new markets experience.
Catalogs can be shared across multiple markets, which may have different currency settings. When calculating the final price, we convert the price and currency from the price list to the buyer’s market currency. The price list currency is the currency of the price, and the market currency is the currency the buyer pays in.
Do you have a specific reason for relying on this restriction?
Thank you for the clarification Alex
Woah!
Sorry to hyjack, but does that mean you could have a catalog and then ± based on the market itself? ie:
Have a catalog that is USD, then have a bunch of markets using that and converting (based on the FX of that specific market)?
Is it possible to set the conversion rate used for markets against specific catalogs?
@ChrisBradley Yes, this is a valid example! Here’s a setup to illustrate how it could work:
- I have a catalog assigned to an ‘All B2B’ market that is set with fixed prices in USD.
- I haven’t specified a currency for the ‘All B2B’ market, so we use the regional market-based currencies.
- I also have markets set up for the US, Canada, and Mexico, each configured with their local currencies.
- This allows customers in the US, Canada, and Mexico to see the fixed prices converted into their respective currencies (USD, CAD, MXN).
For conversion rates, you can establish manual rates for the region markets. For example, if you set specific rates for Canada and Mexico, those will be applied when converting from USD. However, this only works if the shop’s currency is set to USD. We don’t have a way to define manual exchange rates between a catalog currency and a market currency.
This setup ensures that the merchant receives the USD value for the products sold, while still providing localized pricing.
Hope this helps clarify things!
interesting.
when you say “regional market-based currencies”, does that mean the variant price converted?
I guess what i mean is, for markets or products that dont have fixed_prices, can we define which catalog the market sources the price from now (and converts)?
I would love to use a different price (from a catalog) for productVariant.price as it would allow me to un a specific price strategy for base market (and sync to marketing channels) and then have a different floating price for O/S markets.
When I refer to “regional market-based currencies,” I mean that we convert prices from a catalog’s fixed prices to the market’s presentment currency. However, for catalogs without fixed pricing and only a percentage adjustment, defining the catalog currency won’t impact the pricing strategy, as we only perform a single round of conversion—from the catalog’s fixed prices to the market’s presentment currency. If only a percentage adjustment is specified, we apply that adjustment to the product variant price and convert it to the buyer’s currency, rather than going through a multi-step process from product variant currency to catalog currency to market currency.
Regarding your interest in using a different price from a catalog for the productVariant.price, this would require fixed prices defined in the desired currency. Without fixed pricing, we won’t be able to establish a two-step conversion process. If you have any further questions or need clarification, please feel free to ask!
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