Understanding how Klaviyo converts currency in Benchmarks
You will learn
Learn how Klaviyo converts and displays currency information in Benchmarks revenue reporting in US dollars (USD). This conversion allows you to compare your benchmarking results with those of companies that transact in currencies different from your own.
Benchmarks displays converted revenue in USD. Revenue per recipient is displayed in your account’s 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
Klaviyo does not convert your attributed revenue to USD for Benchmarks. 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. Hover over the warning beside Your Value for details.
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
The table below shows how currency affects Benchmarks. For rows with no currency defined, accurate conversion assumes all order values are in your account’s default currency. If those order values use multiple currencies, conversion can be inaccurate even when your default currency is USD.
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 Per Month | Growth Rate (Year over Year) | Average Item Value | Average Order Value | Email Revenue Percentage | 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, and the order values are in multiple currencies | ✖ | ✖ | ✖ | ✖ | ✖ Ɵ | ✖ Ɵ |
In the table above, Revenue Per Month, Growth Rate (Year over Year), Average Item Value, and Email Revenue Percentage are peer criteria. Expand How we chose your peer group below a Benchmarks table to review them. Average Order Value and Revenue Per Recipient are performance indicators in the Benchmarks tables.
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.