The Venezuelan Chamber of Electronic Commerce (Cavecom-e) has recently urged its members to continue adjusting to the official foreign exchange rates established by the Central Bank of Venezuela (BCV), with the aim of avoiding distortions in the national economy.
In this sense, the president of the union Richard Ujueta explained that the price distortion, due to the exchange gap, has also impacted electronic commerce, which generates uncertainty in those merchants duly registered with the unions and national authorities.
He indicated that all merchants affiliated with Cavecom-e charge their products and services at official rates. However, informal actors proliferate on social networks that impose rates that are well above the price of the official dollar or euro.
In this regard, Ujueta took the opportunity to urge all informal sellers to formalize their activity and avoid working in “dark areas” that harm the sector, the country and, of course, the buyers.
Excessive increases
Chronicle. One requested quotes for some products through the Marketplace sales platform of one of the most used social networks in Venezuela. The selected product was an AC 1,200 router with a Gigabyte port, especially for Fiber Optic connections.
The device has a cost in foreign currency, according to the publication, of $29. However, by clarifying that the payment would be made in bolivars, the price rises to Bs. 1,500, which implies an increase of 20% of the initial price in dollars, which is calculated at a rate of Bs. 51.72, a figure which is above the parallel dollar that is quoted at Bs. 51.25 at the time of writing this note.
Another mechanism for increasing prices in electronic commerce are the so-called “currency offers.” In an online store that sells its products through the social network Instagram, in its publications they clarify that prices in bolivars have increased. However, it is calculated at the official BCV rate.
The Moto Watch 70 smartwatch has a value of $100, but if payment is made in foreign currency it has a 20% discount, so the price would be $80. When consulting the price in bolivars, the rate used is that of the BCV and the final value to pay was Bs. 4,271.
The dollar, better known as the “average,” has also come into common use in e-commerce. For example, an acoustic guitar is offered on the Marketplace at a price of $70, if payment is in foreign currency. When inquiring about the price for payment in bolivars, the offeror invites agreement on a rate “so that we remain even,” of course, above that established by the BCV.
LInflation also contributes to price changes.
The president of the National Council of Commerce and Services (Consecomercio), Gustavo Valecillos, maintains that in addition to the exchange gap that exists in the country, the slight increase in inflation is also impacting the pricing in the country.
“We have to be very careful and know how to differentiate everything related to exchange distortion and the adjustments that merchants are making due to inflation. Many of our members have had to adjust prices due to the inflationary increase, which, although minimal, has been evident in recent weeks and this must also be understood by the national authorities who are currently carrying out inspections in businesses and companies,” he warned.
The euro is justified
The union member defended the use of the euro rate by merchants as a reference for setting prices, because basically their suppliers have also begun to use the same reference. If it is not used, it becomes impossible to replenish inventories.
“We have been very cautious when it comes to changing our prices, but some sectors, depending on the nature of their business and the product they sell, have found it necessary to make adjustments and we have to do that because economists have told us that if inflation increases 1%, the product must also increase 1%,” he specified.
Valecillos assured that competing with an informal merchant is practically impossible, because they do not have any type of tax commitments.
“Competing against an informal party that does not pay any type of municipal or national tax and in the process charges the rate that it charges, or that is cartelized in some sectors, because we know that many of them agree to charge a very “On top of the black market dollar, it is very difficult and to make matters worse, they are not persecuted and they are not supervised,” he indicated.
Valecillos agreed with the president of Cavecom-e and asked the sellers to formalize their business and comply with all the laws established in the country, in order not to continue harming the national economy.
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Ncia. “This mechanism allows them to operate more sustainably and ensures they can cover costs in an environment where the bolívar has significantly devalued,” Valecillos explained.
Moreover, Valecillos emphasized that the fluctuating value of the bolívar against stable currencies like the dollar and euro is creating an unpredictable market landscape. This volatility leads to increased costs for merchants and consumers alike, as businesses try to protect themselves from losses due to currency fluctuations.
both Ujueta and Valecillos highlighted the necessity for informal sellers to align with formal businesses to ensure a more stable economic environment. They called for increased adherence to official exchange rates and responsible pricing practices to mitigate price distortion, benefiting not only businesses but ultimately consumers in Venezuela.
Thus, establishing a fair market that combats speculation and inflation remains a critical step for the country’s economic recovery.
