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Sterling & Dollar - change to your business.

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  • 11-03-2015 10:43am
    #1
    delahuntv
    Closed Accounts Posts: 1,532 ✭✭✭


    Has the strength of sterling & dollar made difference to yur business?

    The dollar is now expected to hit parity and sterling to hit 65p.


    On my business I have delisted four ranges I took from USA & UK and invoiced in dollars and stg replaced them with increased ranges from suppliers invoicing in euro and switched to 2 new european based suppliers.

    I have also seen a substantial increase in UK orders online.


    Certainly the tourist trade is jumping for joy as are retailers in Dundalk, Monaghan, Sligo and Letterkenny. A similar retailer to me in Newry is planning to close his store there as business is down over 50% in the last year.


    The one problem I do have is getting customers to change to the new brands (as good or better), so this is a challenge I need to work out and something that needs to be factored in to any changes others are looking to make.


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    We import a bit from UK & US certainly has cut down the margins a lot! Yesterday I got a vat charge for an an post delivery total was $99.98 and they charged in a value of €99.98 at first I was like ffs that is ridiculous then I looked and it wasn't that far off the actual rate!


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    #3
    JMR
    Registered Users Posts: 633 ✭✭✭JMR


    I also import from the US and the margins have been taking a hammering!

    Currently only sell one product, really. All variations on the same thing from the same supplier.
    Need to add variety to the product offering I think!


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    #4
    Bandara
    Registered Users Posts: 3,282 ✭✭✭Bandara


    €12k drop in profits per month since December in one site, €9k in another.

    Nothing to do with me dealing with US etc, its more the pricing of what I buy and sell have been hammered by being internationally priced in dollars and therefore the retail price has increased thus reducing the abaility to make additional margin that we get when the prices are low.


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    #5
    The Corinthian
    Closed Accounts Posts: 19,777 ✭✭✭✭The Corinthian


    I'm based in Switzerland. When the SNB removed the Euro cap in January is was a massive kick to the gonads for every business (the Franc went from 1.20 to parity, before stabilizing at the present rate of around 1.06). We deal mainly in USD, which also saw a big shift, and we're seriously suffering.


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