The Changeover From BGN to EUR: How to Prepare Your Online Shop

The preparations foresee some preliminary requirements for traders, whether their business is physical or online.

What lies ahead for the eCommerce sector and how to present prices in both euro and lev in the best way from an SEO perspective – learn from the following lines.

Adopting the Euro-Legal Requirements

The main legal requirements for all traders in Bulgaria, whether online or physical trade, are set out in the National Plan for the introduction of the euro in Bulgaria, which you can read on the website of the Ministry of Finance (MoF).

According to the document , traders have certain obligations to comply with before adopting the euro as the official currency in Bulgaria.

Double Display of Prices

According to the legislation, every trader is obliged to display the prices of the goods and services he offers – whether it is an online shop or a physical establishment – both in leva and in euro.

This requirement is due to come into force in the first month after the date of the Euro Adoption Decision.

The dual display will be mandatory until 12 months after the date of the introduction of the euro in Bulgaria.

The requirements are that the dual display of product prices must be clear and unambiguous and easily understandable. The two prices must be displayed together next to the product.

The final amount paid by the consumer must also be shown in both currencies on the receipt and invoice.

The Euro Rate Is Fixed

The euro-to-lev exchange rate is fixed when prices are displayed twice. It is 1 euro = 1.95583 leva.

This conversion rate should also be visible to users throughout the dual display period. The aim is to make it unambiguously clear at what rate the goods are converted.

This rate should be indicated for each conversion of value.

How the Price Is Rounded

The legislation also provides for a system of rounding off prices on conversion.

According to the rules, prices in euro must be rounded to the second decimal place, following the mathematical rule. This requirement has no surrender period – it will remain permanent.

What this means is that if you have a price of 9.776 €, it is rounded to 9.78 €.

Consumer Protection

In the transitional period for the adoption of the euro, the state provides for measures to protect consumers of goods and services from speculation.

Unjustified price increases are not allowed simply because of the changeover. This requirement will apply from the start of the dual listing until at least 6 months after the adoption of the euro.

These parameters will be monitored by the Consumer Protection Commission (CPC) and the Bulgarian National Bank (BNB).

Information Campaign

Outside the national information campaign on the adoption of the euro, all traders must inform their customers about prices in euro. This is done to ensure transparency of information during this transition period.

This can be done in different ways and would be advisable, but not mandatory.

This strengthens the credibility of the trader and prevents consumer confusion.

Online Shops and the Euro – Good Practices

The introduction of the euro will be a challenge for retailers. If they are not prepared and do not comply with the legal requirements, they face fines and checks by the state.

The situation is more complicated for online shops. Retailers need to comply with the euro requirements without damaging their site’s SEO strategy.

Let’s see what the different ways you can introduce the euro currency as part of your online store.

Structural Practices

There are several things you can do to improve the structure of your online store with the introduction of the Euro.

One way is to use parameters such as #?currency=eur. This parameter is used in URLs when you want to dynamically change the currency in which prices are displayed on a product or page in an online store.

Using this parameter is a common approach on sites that support multiple currencies.

The currency parameter works by being added to the URL to instruct the server or application to load a page where the prices are displayed in the selected currency – in this case, Euros.

This parameter is extremely useful when you want to provide a manually selectable currency to users via a drop-down menu.

The special thing here is that this parameter should not be indexed at all by Google. It is only for the users, but not for the search engine. The reason for this is that Google may perceive the page with the price in euros as duplicate content.

Schema Markup Practice

Another way to show Google that you offer a product in both euros and euros is through schema markup.

Schema markup gives the search engine additional information about each page that is crawled. It provides different types of information such as organisation details, product details, product names, sizes, prices, details and much more.

When we have products with two prices listed, we can show Google that they exist most easily through schema markup. This is done when you want the search engine to understand the currency and display correct information in the SERP page.

There are a few specifics here as well, the first being in how the rich snippet result looks on the SERP page. When entering multiple currencies in the schema markup, Google defaults to the one that corresponds to the user’s geographic location. In the case of the Euro – Google will display the price in Euros on your results page.

However, this will change. The moment Bulgaria officially adopts the euro, Google will gradually start showing the European currency to users.

If the two currencies are already indicated in the schema markup before this period, after the euro is finally introduced, online shop owners should delete the data for the lev. Google will thus indicate the exact price in euros to users.

Another peculiarity is in the display of several currencies in the schema markup of the pages.

The currency should be added to the offer and price.

An example markup with leu and euro would look like this:

"offers": [

{

"@type",

"priceCurrency",

"price": "230.00"

},

{

"@type": "Offer",

"priceCurrency",

"price": "117.65"

}

]

The priceCurrency parameter should always be combined with the offer and price parameters.

Currently, Google does not display two currencies simultaneously in its search results for the same product. But introducing the Euro as part of the schema markup right now can save later efforts.

UX Practices

Displaying both currencies at the same time is very important for a good user experience. This is a key requirement of the National Euro Adoption Plan, and it affects trust and conversions in online stores.

Good UX practices for euro adoption are:

• Clear and unambiguous dual pricing – both prices should be displayed wherever there is a price. This applies to product pages, categories, cart, checkout.
• The currency must always be accompanied by a symbol or ISO code – the two currencies must always be displayed with “BGN” and “€” or “BGN” and “EUR”.
• Font/colour/size selection must be equal – both currencies must be in the same font and have the same design and size. This avoids the implication that one currency is insignificant.
• The fixed exchange rate must be indicated – when the two prices are displayed side by side, the fixed conversion rate must be indicated. Can be done as text or as a tooltip icon.
• Both currencies should also be displayed on mobile devices – the lev and the euro should be visible without scrolling or additional clicks.
• The price in both currencies should be updated dynamically – when changes are made to the cart, the final price should be marked in both currencies, and should change dynamically as items in the cart change.
• Add an explanation of the dual display – a tooltip, pop-up window, or other design solution could be added to inform that the two prices are part of the transition period to euro adoption.

The main purpose of these good practices is to show absolutely accurately, clearly and unambiguously what the price of a product is in both euro and lev.

Introducing the Euro – Mistakes to Watch Out For

During the transition period for adopting the euro, you should be aware that if your online shop does not comply with the legal requirements, you are subject to penalties.

The mistakes to watch out for when double-pricing are:

• Displaying only one currency – the law requires dual display. If there is none in your online shop, you are in breach.
• Using the wrong Euro rate or dynamic rate – the law requires that price conversions occur at the fixed rate of 1 EUR = 1.95583 BNG.
• Inaccurate or confusing rounding of prices in euros – prices are rounded to the second decimal place when they are converted. Rounding should not be to the detriment of the end user.
• Hiding or neglecting one currency – if the euro is in a different font or colour, if it is hidden behind an icon or a click, then you are in breach. Both prices should be unambiguously visible.
• A discrepancy between the displayed price and that in the schema markup – this would lead to poor indexation by Google and could be perceived as manipulation.
• Showing different currencies at different stages of the order – this could lead to mistrust or a dispute with a customer.
• Different currency formats – currencies without labels or with a messy order can lead to confusion for users.
• Missing Euro prices in the mobile app – make sure changes made are visible and easy to find in your online store’s mobile app.

As general advice, it’s a good idea to stick to regular maintenance and updates to your online store. It’s important to follow the whole process of switching from the lev to the euro to make sure you’re complying with all legal requirements.

Failure to comply with the double pricing requirements could leave you vulnerable to penalties. These are imposed by the Consumer Protection Commission (CPC) and the National Revenue Agency (NRA).

The CPC is responsible for monitoring traders and can impose fines for violations found. The NRA ensures that traders comply with tax and accounting requirements related to the changeover to the euro.

Correct pricing and following the recommendations during the initial market adaptation to the euro are key to the success of this process. Preparation of online traders is of utmost importance as the majority of trade is already happening in the digital space. A fair attitude on their part will lead to greater trust and more conversions from consumers.

Frequently Asked Questions

By when do prices have to be displayed in both BGN and EUR?

Prices must be displayed in both currencies within 12 months after the final introduction of the euro in Bulgaria.

Can I set my own rate at which I will sell in euros?

No, you can’t. The conversion rate for the prices of goods is fixed to avoid speculation and abuse. It is 1 euro = 1.95583 leva.

How do I round prices in euros?

Prices in euros are rounded to the second decimal place. Rounding should not be to the detriment of the end user.