Stripe launches Adaptive Pricing to make international expansion easier for Thai and Asia Pacific businesses
- Sixty-six percent of businesses planning to sell to new countries by 2025, but their biggest technical concern is accepting payments according to local preferences
- Adaptive Pricing enables businesses in Thailand, Australia, India, Hong Kong, Japan, Malaysia, New Zealand, and Singapore to provide localized payment experiences for customers in 150+ countries
- Removes the need for businesses to manually price in multiple currencies and keep up with fluctuating exchange rates
- Prices are displayed in local currencies, so buyers can pay how they want, and businesses can easily test entering new markets
THAILAND, 13 August 2024 —Stripe, a financial infrastructure platform for businesses, launched Adaptive Pricing to help businesses in Thailand and Asia Pacific ensure their customers can pay in their preferred local currency.
According to a 2023 Stripe study, 66% of businesses are planning to sell to new countries by 2025, but their biggest technical concern in doing so is being able to accept payments according to local preferences. Adaptive Pricing enables businesses in countries including Thailand, Australia, India, Hong Kong, Japan, Malaysia, New Zealand, and Singapore to present prices in local currencies to buyers in 150+ countries around the world. It can also increase the usage of local payment methods by ensuring customers have the option to pay in their currency and with payment methods most relevant to them. Stripe’s findings have shown that when given the option, 90% of customers choose to check out in their local currency.
“Online shoppers are purchasing more goods internationally, especially in Asia Pacific and this presents a massive opportunity for businesses who are able to personalize and localize the payment experience” said Valerie Wagoner, Head of Product, APAC at Stripe. “We’ve observed an average 17.8% uplift in cross-border revenue for businesses using Adaptive Pricing, demonstrating the value created through providing the most localized customer experiences.”
Stripe users globally on Checkout or Payment Links can turn on Adaptive Pricing with one click in their dashboard. For more information visit: https://docs.stripe.com/payments/checkout/adaptive-pricing
Adaptive Pricing animation can be viewed here
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