Detailed explanation of the settlement currency strategy for sellers on the Ozon platform
To operate successfully on a global e-commerce platform, it is crucial to understand and adapt to the settlement monetary policies of different markets. For sellers on the Ozon platform, understanding the platform’s currency settlement policy, especially recent changes, is crucial to planning sales strategies and forecasting revenue.
1. Changes in Ozon settlement monetary policy
Effective August 1, 2022, the Ozon platform has made important adjustments to its currency settlement policy. Previously, sales amounts were converted based on the exchange rate when funds were transferred to the seller’s account. However, the new policy states that conversion of sales amount will be based on the exchange rate at the time of order placement. This change means that sellers are no longer affected by ruble exchange rate fluctuations after placing an order, simplifying the process of forecasting earnings on the Ozon platform.
2. Select settlement currency
On the Ozon platform, the selection of settlement currency occurs during the seller registration phase. After registration, the settlement currency cannot be changed in a personal center. Therefore, sellers need to carefully consider and choose the settlement currency that best suits them when registering. The selected currency is determined in the agreement with Ozon and is detailed in the “Payment Information and Agreements” section of the seller’s personal center (Settings – Payment Information and Agreements – Agreements).
3. List of currencies available for selection
The optional settlement currencies offered by Ozon depend on the country in which the seller is located. Here is a list of available currencies for some major countries and regions:
- China: CNY/USD
- Belarus: BYN/RUB
- Kazakhstan: KZT/RUB
- Kyrgyzstan: KGS
- Armenia: RUB
- Türkiye: USD/RUB
- Europe: EUR / RUB
- Other Countries: USD/RUB
4. How to change the settlement currency?
If sellers want to receive payments in other currencies, they must create a new profile. When creating a new Personal Center, sellers can choose to close their previous Personal Center or continue to use it if they wish to accept payments in a different currency. In this case, you need to copy the existing product card to the new personal center.
5. Copy product card
Copying product cards is an important step to ensure that product information and settings can be transferred seamlessly to the new Personal Center. This process requires care to ensure that all relevant information is accurately copied and updated.
6. Best practices and strategies
- Choose the settlement currency carefully: When registering, carefully select the most suitable settlement currency based on business needs and market environment.
- Watch exchange rate changes: Understand and monitor exchange rate changes to better plan sales strategies and pricing.
- Adjust business strategies in a timely manner: Flexibly adjust business strategies and sales plans according to market environment and exchange rate fluctuations.
- Manage multiple Personal Centers effectively: If you have multiple Personal Centers, make sure you manage each one effectively to optimize sales and revenue.
Summary:
On the Ozon platform, the correct selection and management of settlement currencies is crucial to a seller’s business success. By understanding the platform’s currency settlement policies, especially recent changes, and making informed decisions based on your business needs, sellers can have greater control over revenue forecasting and financial planning. In the increasingly competitive global e-commerce market, understanding and adapting to settlement monetary policies in different markets is the key to commercial success.