Sinking US$

[LuluSplendor]

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

[Former_Member]

I've had to adjust my shipping prices because the Canadian cost shipping was costing me more than the American shipping was paying me here.

[SnowmanCollector]

I'm going to be watching this thread. I don't know what to do either. I am thinking of raising my prices a bit, but I really don't want to do that.

[Former_Member]

I spent last weekend re-evaluating my pricing and made some adjustments (some up some down)

I also changed my currency from USD to CAD. So far it hasn't affected my sales here in both shops. I'm also in the process of changing over my ebay listings from USD to CAD.

[Former_Member]

We need to get rid of the problem. You cannot keep printing worthless paper!
If I did it, I'd go to jail!
Helene

[Former_Member]

I am on the Swiss Franc and my prices are in dollars so I am really exposed. I will hang in there a bit longer, but if it goes down another few rappen (Swiss cents) then I will have to reprice in CHF. I assumed that most of my customers would be in the US which is why I priced in dollars. To give you an idea of the scale, when I started my shop a month ago, the exchange rate was approx USD1 to CHF.96. Now it is almost 10% lower, USD1 to CHF .87. Of course, now would be a great time for anyone who is not on the dollar to snap things up......

[cindylouwho2]

If the Canadian dollar goes much higher against the US, I will need to up my shipping a bit, as right now the exchange rate is eating into my self-insurance fund.

I buy most of my supplies in USD so I don't think that will change pricing right now

[Former_Member]

My prices need to go up too, I'm not making anything like as many UK £££ as I was when I set my US $$ prices.

[LuluSplendor]

Yes, it's a Killer.
Two years ago my exchange rate was
AU $0.57 = US$ 1
Today its
AU $1.07 = US$ 1

I have had price increases and postal increases, but I am concerned about changing to AUD$ and pricing myself out of this market.
I am toying seriously with the idea of setting up my own site and just using etsy as a promotional site.

What to do!

[smilesophie]

Today $1000 USD= $928.60 CAD. :(((

[TigersandDragons]

I switched to CAD on both my shops in mid February. It's been slow salewise, but I'm not sure if that is the currency or other factors. I'm considering returning to US currency, but adjusting my pricing and shipping rates.

[TigersandDragons]

You should take the Paypal exchange rate into account when raising your US prices. It includes the currency exchange fee which any bank or credit card would charge you, they always charge more than the Base Exchange rates no matter which way you are converting currency so they can make a profit on the conversion. Since we're all using Paypal, we are paying an extra 2.85%. Bank of Canada rate for April 21st:$ 1 CAD = $1.0485 USD Paypal rate at 7:50 pm $1 CAD = $1.077 USD difference $ .0285

[ClosetGothic]

I' just leaving my prices as they are - I've been selling on Etsy for a year now, I sell in US$ and have resisted the urge to tinker so far. Over the 12 months the ups and downs seen to even out... sometimes it's good... sometimes not - in the long run all is well..

[LuluSplendor]

I keep getting optimistic that things will improve economy wise in the USA, but it seems to be hit after hit! I cant seem to read anything anywhere in regards to currency improving. so disheartening.

[DuniStudio]

I've been watching the USD with great concern. The USD against Euro is terrible. I've had to adjust my prices, so far so good. BUT I hope it doesn't drop further :(

[Former_Member]

I think it will drop further. I recently read about the US potentially losing their AAA rating and how that uncertainty is steering investors away from the greenback as a safe haven currency.

[TigersandDragons]

I heard on the news that the US dollar is expected to stay low for at least a year. The Euro has also fallen, while the Australian dollar has risen.

[Former_Member]

I list my pricing in $AU, and I've definitely noticed a drop in sales overseas. Plus I end up spending more, because the $US is such great value to us aussies right now! Lol. So yes, I want the $AU to drop again ... I'll make more, and spend less!

[Former_Member]

I price in US here and had to up my prices by 5% on the weekend. I just couldn't keep my prices at par with my Canadian prices as I was losing with every transaction.

I've been thinking about adjusting my shipping prices a bit here too.

My other challenge has been the exponentially increasing price of silver. It's about $45/oz today, which is 3x more than it was at this time last year. So I've having to adjust my prices for that too.

[Former_Member]

same here... somehow I hope AU dollar will drop soon. It's going up like crazy!!

[Former_Member]

I decided to switch to Euros as I'm in Italy, and I couldn't afford to have prices that were lower every day...Consider that in addiction you lose further money when Paypal turns dollars into your currency (as they don't apply the official exchange rate, but one that makes them earn additional money ) .
I know that probably my items will look too expensive to many American customers and I'm sorry for this, on the other hand I can't pay myself 2 Euros per hour of work just to keep my prices low enough for American customers...
I'm sorry there is no solution to this, I just hope that US Dollar doesn't keep to lose value- On the other hand, my latest sale was to a European customer, so this lets me hope that there are also different markets in addition to the American one.

[TigersandDragons]

Every bank, credit card, and business that does currency exchange charges extra %'s to make a profit, not just Paypal. You will never get the rates printed in the financial papers, or the the NY Stock Exchange.

There are different markets, just that the US is the largest one on Etsy. I have had more Canadian customers since I switched currencies.

[Former_Member]

I'm trying to decide whether to change my currency to Aus $ or just to raise my prices a little to cover the difference. It's so frustrating, you'd think a high Aussie dollar would be a good thing.

[rubyjo]

I am enjoying the high Aussie dollar! I might be the only one though :S It means I can buy from US suppliers cheaply.

I list in AUD so there is no need for me to change prices.

[Frecklesoriginals]

How can the whole world be having the same problem? I'm in Spain so the euro is our currency. I'ts rubbish against the pound just now. I say sit tight before you change your prices guys. Customers get twitery if they see them going up and down. Good luck and lets hope our govenments get it right and soon. Pam