eCommerce platforms generally exist to coordinate the functions of customer relationship management (CRM), inventory management, mobile commerce, web design and warehouse fulfilment, in one place.
Without a doubt, this US-born phenomenon has now made its mark on the UK retail industry. US giants Amazon and Walmart had been trying their luck with UK consumers for several years before the craze really took hold last year. In 2014, Amazon UK reportedly sold 5.5 million items in 25 hours – that’s 64 items sold every second.
Expectations for Black Friday 2015 are high. Many predict that, for the first time, the UK will see more than £1 billion in retail sales in 24 hours. Amazon’s “Biggest Ever Deals Event” (which runs for ten days, until 27 November) is already underway.
This year, online marketplace sellers on Amazon have been encouraged to give their own special offers and discounts and take the opportunity to cash-in on the huge upturn in visitors to Amazon’s website over this week. Most online sellers will have been gearing up for this boom over the last couple of months – ensuring their stock levels, marketing efforts, and logistics are all in place to satisfy the increased demand that the day brings. It’s still likely, however, that most sellers will be underprepared when it comes to their foreign exchange needs.
Exchange rates move from one minute to the next and, unless you price those fluctuations in, a move in the foreign exchange markets could see you making losses on your heavily discounted goods.
Realistically, however, keeping a close eye on the exchange rates is something that no busy online seller will have time for. This is where a specialist foreign exchange provider can really add value to your business. Having one on hand can help you to:
- keep your overseas pricing competitive
- secure a great exchange rate for you when you come to convert your sales into your home currency
- make the most of overseas markets and keep additional foreign exchange risks to an absolute minimum.
For more information on foreign exchange for online sellers contact us on +44 (0) 7847 9269 or email [email protected] If you'd like to read more articles on foreign exchange for online sellers take a look at:
> Keeping your overseas pricing competitive
> Bring your overseas sales home in one piece!
> Sourcing your products overseas at the right price
Happy holiday selling!