28 June BREXIT how to cope with Forex Pricing and Strategy June 28, 2016By Seller Dynamics Statistics amazon repricer, BREXIT, forex, stock control 0 The electorate have voted and the UK are moving on from the EU. Just exactly what the divorce will look like remains to be seen. In the meantime the UK is set to go through a period of uncertainty. So what can you do as a retailer to manage the situation, or maybe even take advantage of it? The immediate impact is a fall in the value of the pound, Forex, Forex, Forex. The emerging impact will be a nervousness surrounding businesses investment and recruitment. That business nervousness will undoubtedly be passed on to staff, and when combined with higher prices caused by a weak pound, will lead to reduced disposable income. So what is the marketplace seller to do? How can the online retailer take advantage of a bad situation or as a worst case not get caught out? Here are some well meant thoughts to assist: 1) If you are buying from outside the UK you must revisit those deals and reassess whether they make sense. Your costs, because of a poor pound, will rise and these will need to be passed on to the customer - can those extra costs be passed on? This is an immediate risk for you. 2) Review your own internal exchange rate that you are using to sell your goods on overseas markets, if applicable. The fluctuations will continue for a while yet - so keep on top of things. This is something you can manage with care. 3) A weak pound could be a huge benefit to you. If the goods you are selling are manufactured in the UK then these will look cheap to overseas buyers who see a benefit in the pound being weak. This is a good thing for you. 4) If you are not selling on all the UK markets that you can, then why not? Selling in pounds to the British public is the least risky thing you can be doing right now. So if you are on Amazon UK but not on eBay UK then why not? This is an opportunity for you. 5) Revisit your pricing attitude. With disposable incomes set to drop it becomes even more important to be competitive. If you are not using automatic repricing to maximise your margin then why not, you do know we have an Amazon Repricer and one for eBay and Fnac? Repricing software will help if used correctly. This is an income generator for you. 6) Look at selling more than one item at a time - bundle things together. If you can sell a dish cloth with a scrubbing brush and a basin you will increase your average basket size and be able to price accordingly. This is something you should be doing anyway - but with things getting a bit tight for the consumer you need to look at working your stock harder. This helps you shift more stock at a profit. We have a number of other things to suggest - but at the moment we want to be short and sharp to give you some easy things to address. There is a lot of noise on the media just now - it's hard to ignore - but lets all try and focus on our businesses and manage our way through it. And remember we're here to help in good times and bad. Comments are closed.