The Euro and Online Commerce: What to Expect and How to Prepare

Dual Price Display

One of the key measures during the transition to the euro is the obligation to display prices in both currencies. This means all retailers, including online stores, must show the prices of goods and services simultaneously in Bulgarian lev (BGN) and euro (EUR).

This period begins one month after the official announcement of the fixed exchange rate and continues for 12 months after the euro is introduced as the official currency. The goal is to ensure transparency for consumers and prevent unjustified price increases.

Price indications must be clear, understandable, and accompanied by the official exchange rate. The recommended format is: Price in BGN / Price in EUR, for example: Price: 25,00 BGN / 12,78 €, with the euro amount calculated using the fixed exchange rate.

Calculations and Rounding

When converting prices from BGN to EUR, a fixed exchange rate approved by the European Union will be used. It is expected to be the same as the current rate: 1 EUR = 1.95583 BGN. All euro values must be calculated precisely using mathematical rounding to two decimal places. This ensures consistency and transparency in pricing, while preventing manipulation or unjustified deviations in final prices shown to consumers.

Software Updates

The adoption of the euro requires significant updates to the software used by online stores. E-commerce platforms such as WooCommerce, Shopify, Magento, and others must be adapted to meet the new requirements. First and foremost, systems must support dual currency display – in BGN and EUR – and allow automatic conversion of prices using the official exchange rate. Additionally, data storage and reporting in the old currency must be ensured, which is crucial for accounting and tax purposes during the transition. Timely technical preparation is essential for a smooth switch to the new currency regime.

Invoicing and Reporting

After the euro becomes legal tender in Bulgaria, all invoices and financial documents will need to be issued in euros. This requires prior preparation of both accounting software and ERP systems used by online stores. Software must be updated to handle the new currency without risk of errors, data loss, or reporting inconsistencies. Early integration and testing of systems will facilitate the transition and ensure compliance with all regulatory requirements.

Customer Communication

Effective and transparent communication with customers is a key element in the transition to the euro. Online retailers must provide clear, accessible, and timely information about the currency change. This includes explanations on how euro prices are calculated, assurance that the conversion does not lead to price increases, and clarification on how the transition will affect payments, returns, and refunds. Accurate communication builds customer trust and helps them adapt smoothly to the new conditions.