Just wondering how other Etsy sellers are dealing with the Low value of the US$?
It doesn't look like it's getting any better, and I am looking for strategies to consider.
Thanks Carla x
I've been wondering what to do, too. Thought about switching to Canadian dollars, but I think I'll just hang in there with U.S. dollars for now, and see what happens. It's a bummer, though.
I sell in us$ - when I started here there were no options - so I'm leaving it for now but I have raised my shipping prices by just enough to cover the Canadian postage on everything.
I had started in Dollars as there was no option, and resisted for a long time keeping US dollar as my currency...But then I saw that most European sellers I knew had switched to Euro and they told there was no difference in number of sales, and as the dollar situation wasn't improving I decided to change too! At first there was no difference (as I was selling nothing before, and continued to sell nothing after the switch! :-D)... But in the last two months I got 2 sales, so at least I can say the situation has not worsened :-)
yes, these days RMB raise so much, this give me a very boring problem. The money which in PAYPAL have reduced too much. And product cost also raise. Shipping fee also. So only need keep patient or reduce some profit. Anyone have some good suggestion? Raise item price is a good idea? Really I don't think the buyer can accept a high price.
That's a very interesting thread. I changed to USD recently because the customers seem to be in the US, but I'm thinking in re-changing to Euro again as it seems that high shipping fees and taxes would be also a problem to get US customers...
The low US dollar is great when I need to order supplies from the States because it is helping to keep my costs down, but the abysmally low exchange rate on Paypal means that I am losing more money in my account. That is why I am in the process of opening a US bank account........somewhere to put the millions I will make on Etsy in the future! :) Add in the fact that silver prices have shot through the roof lately, the cost of shipping and customs fees........I am seriously considering raising my prices. What that will do to my customer base I don't know, it's already hard enough competing with the low prices US Etsy shops charge. But I am going to keep my prices in US dollars.........why confuse the buyers!
My prices will have to go up to compensate AGAIN. When I started selling online I was getting close to $1.50CDN for every $1.00US. Now its around 93 cents CDN per $1.00US. So you can imagine how much my prices have had to rise, as well I have gotten more realistic about what I need to charge for my time, which has increased prices also.
Don't fear raising your prices, surprisingly often the experience is that sales at least stay the same, but often increase.
Billetsdoux, check with Paypal BEFORE you open a US Bank account. When I opened my shop here, I also opened a Bank Account in US Funds in Canada, Paypal would not accept it. Maybe if you had a bank account that was actually in a US Bank you could set it up that way, but I assume you would also need to reside in the USA. Paypal may have changed their policy in the last 2 years, again I would advise you to contact them, before you go to the trouble of setting up a new account.
Regardless of what currency you list in, you have two choices. Either list in a currency that is rising against the USD and your prices go up, therefore fewer sales. Or list in USD and keep selling but you get less and less in your own money for the sales. If I am going to get less money either way, I prefer to do it by fewer sales, not less money for each sale.
That is a good point laughland. I had been wondering what to do with the Aussie dollar being so high. So far i'm leaving it and using the US dollars to buy my supplies . I also have sites on madeit and bluecaravan in Aust. and feel a bit weird about the pricing being different but will let it go for now.
Regardless of what currency you list in, you have two choices. Either list in a currency that is rising against the USD and your prices go up, therefore fewer sales. Or list in USD and keep selling but you get less and less in your own money for the sales. If I am going to get less money either way, I prefer to do it by fewer sales, not less money for each sale.
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The third choice is to stick with USD and raise your prices to keep up with the dropping exchange rate, which is how I do it. My sales have stayed pretty constant so it is not necessarily a case of losing sales.
I'm in New Zealand and I've resisted tinkering with my prices because our dollar is very volatile at present - all over the place. For me, I list in US$ and try to look at the big picture... last year our $ was very low against the US$ and my return was excellent :) At present, not so good.
Hopefully, the situation will remedy itself given time. I'll adjust my US prices when I feel the exchange rate is more stabie.
Melaniegail, you are right. the other choice is to stick with US dollars and raise your prices to keep up with currency changes. You are also right that this doesn't have to mean fewer sales.
Personally, I have been considering big price rises in my shop as a promotional thing. I am not a good consumer and don't understand marketing through price very well.
Billetsdoux, check with Paypal BEFORE you open a US Bank account. When I opened my shop here, I also opened a Bank Account in US Funds in Canada, Paypal would not accept it. Maybe if you had a bank account that was actually in a US Bank you could set it up that way, but I assume you would also need to reside in the USA. Paypal may have changed their policy in the last 2 years, again I would advise you to contact them, before you go to the trouble of setting up a new account.
Thanks for the heads up, but I am opening a bank account in a US bank. I tried a US account in my Canadian bank, but as you said Paypal won't go for it. Fortunately I live near enough to the border that I will be able to hop over when neccessary and thank god for internet banking, and no you don't have to be a US resident to open an account over there.
Billetsdoux, check with Paypal BEFORE you open a US Bank account. When I opened my shop here, I also opened a Bank Account in US Funds in Canada, Paypal would not accept it. Maybe if you had a bank account that was actually in a US Bank you could set it up that way, but I assume you would also need to reside in the USA. Paypal may have changed their policy in the last 2 years, again I would advise you to contact them, before you go to the trouble of setting up a new account ________________________________________________________ tigersanddragons you can open a US bank account with the Royal Bank. Not a US $ account, but an actual account in a US bank. Go to the Royal Bank and ask, I can't remember what it's called though, sorry.
Melaniegail, you are right. the other choice is to stick with US dollars and raise your prices to keep up with currency changes. You are also right that this doesn't have to mean fewer sales.
============= that has been working fine for me. With silver rising, some prices would have needed a raise anyway
Thanks for the info. Fab Beads, since I've switched my currency to Canadian, I don't think I'll try opening a US account for now. I would still check with Paypal before I went to the trouble of opening a new account.
CindyLou - Silver has been dropping the last 3 days, wouldn't it be great if it kept going down? I can't believe that I'm excited about $35 an ounce when I was upset about paying $18 an ounce last year.
