In this thread, [webmasterworld.com] members are discussing the current status of the US Dollar.
I wanted to ask more general questions.
What steps are you taking to protect your investment and sales from currency fluctuations?
Are you going for different markets?
Have you changed the way you price items?
HRoth
11:07 am on Sep 22, 2007 (gmt 0)
I decided to change my pricing, to shift suppliers, and to refocus my business. I have gotten some very good quality widgets from Europe over the years. When the dollar began dropping a few years ago, I began selling smaller amounts at the old price to make up the difference (the smaller quantity was noted on the pages and the packages). I found that outright raising the price to reflect the dollar's drop didn't work--people wouldn't buy the item. I began to look around at other sources, and since I just can't get some of these things here in the US, I decided to discontinue some of them and shift the focus of my business slightly so that I could carry more items that originate with US suppliers. Thing is, I basically have to create the demand for those, whereas with the European stuff, the demand is already there. I consider this will be a growing problem, so last year I decided to shift the focus of my business to things that I make instead of things that I buy and package up. This is working really well. Still, it would have been a lot simpler to keep going the way I was.
