Why Revenue Mapping in Google Analytics Is Important?
What Is The Default Currency Used In Google Analytics?
The currency metric is the most forgettable one in E-commerce tracking. Google Analytics uses USD as the default currency in all its reporting view. The standard reporting will display only in dollars but enhanced E-commerce tracking allows you to choose two denominations. Analytics has various standard and calculated Ecommerce metrics that consider currency values. These metrics can be listed as:
The global currency type of a reporting view determines the currency in which all the above metrics will be shown for all the major reports.
How to Modify Default Currency in Google Analytics?
Not all countries in the world will transact in the same currency. Businesses that transact in more than one currency can specify a local currency type when sending transaction data to Analytics. If the local currency type differs from a view’s global currency type, Analytics will perform the necessary conversion using the prior day’s exchange rate. It becomes necessary to change the default currency in reporting for different countries. The default setting in Google Analytics can be changed following the steps mentioned below:
- Navigate to your required View that is to be updated.
- Then select “Admin” to change the default settings
- Make sure the required View is selected and then go to “View Settings”:
- In “View Settings“, click the “Currency Displayed As” option and select the currency that is relevant to your region:
- Click Save.
Why Revenue mapping In Google Analytics Is Important?
For Brands whose retail stores are spread across different countries, there comes a requirement to map currencies for analytics. A Brand can have a single website with various stores and inventories along with one google analytics account to track all the data. The data collected on the various ad and sales platforms need to be consolidated for reporting. The transactions through those platforms will be in the local currency of the area where the target audience is present. Mapping all currencies across all the platforms will result in an integrated view of the analysis. Revenue mapping is an essential pre-requisite for tracking the revenue contributed by all your campaigns and journeys.
What Are The Alternatives in Google Analytics?
After mapping all the currencies to Google Analytics, the consolidated view will not help in monitoring the analytics when there are several currencies involved. Hence, there will be segregation of views for different currencies. This is the most common and easiest way to track transactions involving currencies of different places. However, there is an alternative to this method at the top-level Reporting. If there is a need to segregate the data in the ad or sales platform, there will be a Google Analytics account for an individual platform. The currencies will be mapped and reporting will be different based on the currencies. Google Analytics is commonly used by businesses for all important decisions primarily because it is free.
Save Time and Effort With Halo
After having audited 100s of GA implementations and having done over 70 GA implementations, we have duly observed that revenue numbers are about 85%-90% of the real revenue numbers. That is why we believe that revenue in GA should not be used for any serious discussions around marketing efficiency or business performance. So alternatively, you can use Halo. Halo is designed to free up valuable resource time from time consuming reporting and enables stakeholders to focus on decision making. Halo with its intuitive user interface, automated data extracts, a world-class modelling engine, scheduled reports, notification delivery, and a robust visualization layer offers e-commerce businesses a turn-key solution that addresses most of your business needs.