I am struggling with online pricing (etsy in particular) with respect to the recent fluctuations in worldwide currencies. I have been watching with interest the way that various independent designers/makers/artists have been attempting to cope with this issue but I'm not sure which way to jump.
Initially I thought it best to adjust my prices on etsy to reflect the price of my goods in Australian dollars...but this is proving to be a very difficult task as the dollar fluctuates by the second/minute/hour/day and I can't keep up. I thought about reviewing it weekly but I'm not sure that I would be happy with that outcome either. It seems fine to adjust my prices in this way at the moment given that everyone wins—Australian customers receive Moyou goods at a reasonable Australian dollar related price and American customers receive Moyou goods at a bargain US dollar price...but what happens when the Australian dollar begins to creep back up? How will customers feel about fluctuations in my pricing? And at the end of the day I wish to cater to a wider global market, so should I keep thinking in Australian dollars or do I need to be more 'global' in my pricing too?
At this stage I seem to be leaning more towards keeping my etsy prices stable and current with the US dollar. I realise that this may discourage some Australian customers from purchasing through etsy at this point in time (given the state of the Australian dollar and its relative worth) but I hope to be branching out more directly within Australia in the coming months and I am always contactable via my blog and email for direct inquiries and orders. This being the case, I feel that keeping a more 'global' perspective for online selling is perhaps the better path to travel for now.
Oh pricing! This could be a question for the ages...it has kept me going around and around and around in circles. I would love to know what other people think about this matter and how you are dealing with it, so please feel free to leave a comment :)