Welcome to another Academy! Today, we're going to talk about dynamic pricing and currencies on our platform. With a recent update, we have added a lot of new currencies to the platform, going from around six or seven currencies to over a hundred. We have also added support for choosing a default currency on your platform, so you don't have to select a currency every time you create a live stream or a subscription. In this blog post, we will cover everything you need to know about this new feature, from setting up dynamic pricing to understanding how it works and how it affects vouchers and reports. So let's dive in!
First of all, we have added a new section called "Platform" in the dashboard. On the Platform, you have to manage your website, which can be done via the CMS. You also have the new page called "Currencies." On this page, you have two options - Default Currency and Dynamic Pricing.
To set up your default currency, navigate to Platform > Currencies, and simply search for the currency you want (e.g., USD) and select it. Your default currency will be pre-selected every time you create a live stream or a subscription. This saves you time if you're always working with the same currency.
Dynamic pricing allows you to create different groups of countries, and users from those countries will get a different price and a different currency that you set for each product or piece of content. To enable dynamic pricing, simply click on the "Enable" button under the Dynamic Pricing section.
With dynamic pricing enabled, you can now create various price groups for different countries. To do this, click on "Add Price Group" and choose a name for your group (like for example, “Premium Nordics”). Then, select the countries you want to include in your group and choose the currency for these countries (e.g., Euro). Now, you have created a group with specific countries and currency.
You can create multiple price groups with different countries and currencies. When setting the price for a live stream or subscription, you will see the option to add different prices for each price group you have created.
When you create a live stream or subscription with dynamic pricing enabled, you will set a default price that will be shown to all users not in any countries specified in your price groups. For users in countries included in your price groups, they will see the price set for their country's group.
Dynamic pricing applies to live streams, videos, products, and subscriptions. We do not have dynamic pricing active for gift cards at the moment, but that's something we're looking into adding in the future.
The user experience remains the same - they will only see the price set for their country and won't know that there are different prices for other countries.
With dynamic pricing, vouchers and discounts can be set based on currency. You will need to create multiple voucher groups with different discounts for each currency used in your dynamic pricing setup. It is important to note that Dynamic Pricing is not a currency converter - you need to set the prices yourself for each currency and country.
The sales report will show all the revenue in the default currency (e.g., Swedish kronor), but you can see purchases from different countries in the analytics. Currently, the analytics does not show the currency of the purchase, but it is something that we are looking into improving in the future.
Dynamic pricing is a powerful feature that allows you to create different pricing and currency groups for users from various countries. This feature can help you cater to the needs of a global audience and provide a better user experience. With this information at hand, you can now set up dynamic pricing on your platform and make the most out of this feature.
Remember, this feature can get advanced, so take your time to understand the concept and its implications. If you have any questions, feel free to reach out to our team for assistance. Happy pricing!