Understanding how Klaviyo converts currency in Benchmarks
You will learn
Learn more about how Klaviyo converts and displays currency information in benchmarking revenue reporting in US dollars (USD). This conversion allows you to make better comparisons between your benchmarking results and for customers that transact in currencies different from your own.
Currently, the Benchmarks tab is the only place in Klaviyo that converts currency.
How Klaviyo converts revenue data
In Benchmarks, revenue data is converted based on the exchange rate for that date. More specifically, for each individual Placed Order event, Klaviyo will convert this revenue into USD using the up-to-date exchange rate for the day of the transaction.
Most major ecommerce integrations (e.g., Shopify, BigCommerce, Magento, WooCommerce v3+, Salesforce Commerce Cloud) as well as many custom integrations pass currency as a field in the Placed Order event. For integrations that do not include currency information for each order, Klaviyo will default to the default currency for your account even if you transact in multiple currencies.
Exceptions to this conversion
There is one exception to the conversion procedures outlined above. Klaviyo does not currently convert attributed revenue in benchmarks or anywhere else in the platform. For revenue per recipient, Klaviyo restricts the peer group to only include companies that do not need currency conversions to provide accurate benchmarks. As a result, your restricted peer group will only contain companies that also pass a currency field set to “USD” in all of their Placed Order events.
When reviewing your revenue per recipient performance indicator, you’ll receive a warning that your account's revenue per recipient may be inaccurate due to currency conversion issues if your account has not passed USD currency in all Placed Order events.
This scenario will arise when:
- Your ecommerce integration doesn't pass a currency field, so Klaviyo defaults to your default currency.
- You have transactions in multiple currencies.
Common currency scenarios
Reference the following table to learn more about how currency will appear in Klaviyo based on different currency scenarios.
Key:
- Accurate currency conversion ✔
- Warning about currency conversion Ɵ
- Inaccurate but no warning in UI ✖
- Inaccurate and warning about currency conversion Ɵ
Currency scenario | Revenue | Growth Rate | Average Item Value | Average Order Value | Email Revenue Percent | Revenue per Recipient |
Placed Orders are all in USD | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Placed Orders are all in one currency that is not USD | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Placed Orders are in multiple currencies | ✔ | ✔ | ✔ | ✔ | Ɵ | Ɵ |
No currency defined for Placed Orders, USD is the default account currency | ✔ | ✔ | ✔ | ✔ | Ɵ | Ɵ |
No currency defined for Placed Orders, the default account currency is not USD | ✔ | ✔ | ✔ | ✔ | Ɵ | Ɵ |
No currency defined for Placed Orders, the default account currency is not USD, and the store transacts in multiple currencies | ✖ | ✖ | ✖ | ✖ | Ɵ | Ɵ |
Note that, within the chart above, Revenue, Growth Rate, and Average Item Value are all peer criteria found in the peer group selection cards within your benchmarks pages. Meanwhile, Average Order Value, Email Revenue Percent, Revenue per Recipient are all performance indicators which you will find in the various tables within your benchmarks pages.
Additional resources
- Getting started with benchmarks reports
Learn how benchmarks allow you to analyze your account data in relation to Klaviyo best practices, industry trends, and companies similar to your own. By seeing how different aspects of your account perform, you can prioritize efforts in areas that need improvement in order to use Klaviyo to its maximum potential.
- Understanding peer groups, benchmarks, and how Klaviyo uses your data
Learn about peer groups and industry benchmarks in Klaviyo, including what they are and how to understand the information they provide.Klaviyo benchmarks are formulated using peer groups and industry benchmarks. In this guide, you will learn what both of these entail and how to understand the information they provide so that you can learn from benchmarking results and expand your business.
- How to change the currency for your account
Learn how to change the default currency symbol in your Klaviyo account from the dollar sign ($) to another currency. This change is useful if you conduct business in a different currency, as it can help save you time and minimize the risk of using an incorrect symbol.