Buying products in one currency and sell in another? Use DoCurrencies and Operations Hub to keep your prices up to date.

 Requires:

If GBP selling prices remain static, gross profit margins can be squeezed when the EUR costs rise. This becomes difficult to manage, affecting overall profitability of each deal. It is harder to close a sale when margins are changing and you are unsure what discount % you can offer.

In our example above, you want HubSpot to streamline your processes to automatically adjust the selling prices in GBP, according to the current GBP/EUR exchange rate, but only for those products sourced in Euros. 

Using HubSpot Operations Hub (Ops Hub) we custom-coded workflow actions to automatically update all selling prices throughout the product library, based on current exchange rates.

In this example, we programmed Ops Hub to:

1. Get the current exchange rate GBP/EUR
2. Search HubSpot Product library for all times purchased in EUR that do not have a fixed GBP selling price.
3. Update the GBP selling price of each product by converting the product's EUR price into GBP at the rate found in step 1.

1. Firstly, we installed DoCurrencies, the free software plugin for HubSpot by HubDo, to automatically update all HubSpot exchange rates each day.
2. We created a HubSpot Company-based* workflow scheduled to run once per day, but only for a single Company.
   
   
3. Workflow Action 1 is a custom-coded module that reads the HubSpot API to read the current GBP/EUR rate saved in HubSpot.
   
   
4. Workflow action 2 is a second custom-coded module that:
   
   1. reads the entire HubSpot product library, fetching only products purchased in EUR with no fixed GBP price
   2. for each product, calculates the GBP selling price by converting the current EUR selling price
   3. 4.2 then saves all product selling prices back to the HubSpot product library, in batches of up to 100 at a time.
      
      
5. Within a few seconds every EUR-sourced product without a fixed GBP price, is updated to reflect the current exchange rate.
6. Operations Hub repeats this workflow every 24 hours.

* Why a Company-based workflow?

• HubSpot Operations Hub has workflows for many types of objects: Company, Contact, Deal, Quotes and more.
• But HubSpot does not have a Product-based workflows for enrolling products to be processed.
• As the custom code in this module does all the work, any type of workflow may be used for hosting and running the custom code, but only once per day.
• In this case, we use a Company-based workflow, set to run every 24 hours, but only for a Company that matches one unique identifier. For example, get the object ID of the Company's own record. Enrol that object ID as the only company, so that the workflow runs once per day.

The DoCurrencies workflow can easily update thousands of product selling prices every day, ensuring that your pricing remains competitive and reflective of current market conditions. This automation eliminates the need for manual adjustments, reducing the risk of human error and saving valuable time for your team.

By leveraging the power of HubSpot's Operations Hub, the workflow can efficiently process thousands of products. This means that as exchange rates fluctuate, your product library will consistently reflect accurate selling prices based on the latest conversions, allowing your sales team to maintain healthy profit margins and make informed pricing decisions. The seamless integration of DoCurrency daily exchange rate updates not only streamlines your operations but also enhances your overall business agility, enabling you to respond swiftly to market changes and customer needs.

 

References:

• DoCurrencies by HubDo updates the exchange rates each day.
• HubSpot Operations Hub hosts our custom code that fetches the exchange rates to set new selling prices every day.
  
  
  
• Get DoCurrencies from the HubDo Marketplace
• See our DoCurrencies on the HubSpot Marketplace

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