For those of you with an online store (or those without), I was
curious if you update your pricing to follow the latest data from
the precious metal market or do you keep the same prices for a few
weeks or months or even years?
I was considering hiring a programmer to write a script to update
prices automatically once a month on my web site but I wanted to
hear how others are appoaching pricing in regard to fluctuations in
the market.
Thanks for reading.
SCV
For those of you with an online store (or those without), I was curious if you update your pricing to follow the latest data from the precious metal market or do you keep the same prices for a few weeks or months or even years?
I try to keep the metals prices in my formulas at a point where I
can absorb normal changes in price. Every few months I will update
prices if there has been a large change. I am actually overdue for
that now, so I will probably do it this weekend.
Cheers,
Paul Ewing
Absolutely people price gold by today’s market. We do, and if you
have an account with Stuller and log onto their site, you get prices
(non-account gets no prices). Those prices are always at today’s
gold. Also our chain supplier does the same. Everything is updated
automatically - we do it the hard way, with an abacus…
Hi
Personally I make an active check every Tuesday (It is actually in
my diary every Tuesday first thing) and update my prices if needed.
I also keep an eye on supplier invoices that arrive throughout the
week and if I notice a substantial change, then I will also change my
prices there and then.
All my prices are worked out dynamically on my website so I only
have to change the master price of silver/gold/platinum once and it
has an impact on all the prices thoughout my website.
Some sites ( I would imagine the majority ) are written in old
fashion html which means that each item on each page would need
re-writing individually. I can see for a business that has a website
with 500 products that this could be quite a problem. Even more so if
you are not computer literate and require a web designer to make the
changes for you.
The only way around this is to have your product prices on a
database or to price dynamically like I do.
Chris
Thank you all for your replies, they were most helpful in aiding me
in making my decision. My concern was that if I followed the market
exclusively and used an automatic script to update my site, my
prices would be going up or down too frenquently for my customers. At
the same time, I know that it is necessary to adhere to the market to
some degree or I will be homeless 
I think the solution I will go for is the addition of a script that I
can run manually as oppose to automatically, that way my prices won’t
constantly be in flux and I can use my discretion about if and when a
price hike is necessary.
SCV