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Pricing by the gold and silver index


#1

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


#2
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


#3

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…


#4

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


#5

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 :slight_smile:

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