Day 133 - Rounding Prices On Etsy - Why You Should Consider It To Help Overseas Sales
If you have logged into your Etsy account recently you might have noticed a message about rounding prices in other currencies. This great new feature has recently been introduced by Etsy as part of an experiment that I suspect will ultimately become a permanent feature. Etsy research suggests that it will make your prices more appealing in other currencies which should ultimately lead to more sales.
Many people currently following my account are outside of the USA, however, the USA probably represents the biggest market for Etsy and many of you I know have Etsy shops. Whilst you take care to create good looking pricing here in the UK (using .00, .50, .99 for pence, cents or small currency as well as 5, 9 or 0 as the last pound, dollar, Euro etc digit) this can translate to more ugly pricing in international currencies.
Consider the product below from Marie Therese King which is priced at £79 in its home UK market (to keep it just below £80 where price perception might change). Look what happens when that price is converted to US dollars - $109.09! Doesn't that price look odd and yet the majority of Etsy views might be from that market or other overseas users!
Etsy has created a new feature to allow you to round the price to make it look more attractive in other currencies. Don't worry it always rounds up so you do not lose money but by rounding it creates a much better customer perception of your product. In this instance it would round $109.09 to $110 in the US but would also create equally attractive pricing regardless of the currency of your customer.
Just set the rounding option and save the settings if you see the screen above to join the experiment or click the 'preview a different listing' option to toggle through some of your other product listings to see how they will convert. It all makes perfect sense to me but if you want to turn it off again (or you want to turn it on now because you didn't originally) then you can always change this in settings, shop settings under the heading 'Round your prices for international buyers'.
During the experiment Etsy suggests that it will service the rounded prices to half of your viewers and without rounding to the others but I am sure the evidence that emerges will further strengthen the need to round all international prices. Have you switched this feature on yet?