![]() ![]() When the value of the home currency falls, the direct exchange rate rises and vice versa. Under the direct quotation, changes in the exchange rates are inversely related to the changes in the value of the home currency. Thus, the direct exchange rate becomes higher and the home currency is depreciating. If the home currency becomes less valuable, a lesser amount of foreign currency is needed to exchange for the same amount of home currency. The more valuable is the home currency, the smaller amount of this currency is needed to exchange for a foreign currency. In direct quotation, also known as price quotation, the exchange rate of the home currency is expressed as equivalent to, for example, 1 or 100 units of the foreign currency. Indirect quotation: foreign currency in terms of the domestic currency.Direct quotation: domestic currency in terms of foreign currency.There are two common ways to quote exchange rates: direct and indirect quotations. For example, an exchange rate of 84 Japanese yen to the Canadian dollar means that ¥84 is worth the same as CAD 1. If you sell to Europe, you will need a GB EORI number which takes 5-10 minutes (plus an XI one for Northern Ireland) and for all overseas sales, you will need HS tariff codes for the items you are selling - this is done by you by working through a long list of options and choosing the relevant sections for your products.The exchange rate between two currencies also known as a foreign exchange rate (FX rate) specifies the value of one currency in terms of another currency for the purpose of conversion. If you buy your postage labels online using Click & Drop, you can set up all the necessary customs settings so that the CN22 customs form will autofill most of the information for you on International orders. You need to earn enough that you are able to build up a contingency pot to cover replacements for lost or faulty goods (not that this should be a regular thing) and make it worth your time doing all the hard work in the first place. Buyers will often end up paying more for International postage than the goods as my price point is lower than many - this is likely to be the case on your smaller items but don't underprice the P&P as this eats into your profit. I have a flat rate postage charge for all countries broken down into, UK, Europe & Everywhere else which covers all my charges and allows me to upgrade to a tracked service for larger orders if I choose to. I can't go into more details as you haven't specifically asked for a shop critique but please do a search online or in this forum, you'll find lots of information on this. If you are thinking of selling to the US and other countries, add sizes of your pieces in inches as well as centimetres as this is what Americans use and you also urgently need to add all the necessary shop return/refund/privacy policies (even if you are only selling to the UK) to make you compliant with UK selling laws - this is for your protection as well as the buyer's. ![]() ![]() ![]() I would also look at raising your P&P charge too as since the post prices went up in January, you don't have much extra on this to cover your packaging materials or Etsy charges on shipping so you must be making a loss here too. I also think the prices for your ornaments is too low - once the fees and material costs are taken out, you cannot be making any money on these. ![]()
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