Sterling fall means you may want to raise your € and $ prices
With the fall in Sterling since the EU referendum, have you adjusted your prices on overseas marketplaces? If you haven’t then you may be missing a trick.
Certainly it’s much easier for sellers who use automatic repricing tools to adjust prices, but seeing as the £ hit an historic low and is still trading below it’s value last week, that makes UK goods exceptionally cheap overseas.
There are two courses of action you could choose to take. You can maintain your current margins or you can edge up your Euro and Dollar prices to make more margin on your existing stock.
Maintaining your current prices probably makes sense if other UK competitors are also selling on the same marketplaces as you. If you’re only competing with domestic sellers in overseas territories then putting your prices up a couple of notches makes sense.
The final thing to consider is where you source your stock. Even if your stock is sourced in the UK when you come to replenish the stock you currently have on hand prices may be higher if the raw goods are from overseas or if your supplier is an importer. Making a little extra margin where you can will give you more cash on hand when you reorder your next batch of stock.