Having an Etsy store is an excellent way for an online seller with artistic talents to make a reasonable amount of cash. Nonetheless, making sales and quantifiable profit on the platform could be tricky, especially for beginner retailers.
This article will reveal seven amazing tips retailers can apply to become successful on the platform. Also, readers will see an overview of the Etsy market and other crucial things to consider before kicking off with the platform.
How huge is the Etsy platform for selling?
Etsy is an eCommerce website with a unique business model different from other marketplaces like Amazon and eBay. It offers a unique platform for people who want to monetize their artistic hobbies. And their buyers are passionate about unique or custom goods and bespoke crafts. With the continuous growth of the arts and crafts industry, it’s not a surprise that the Etsy market is experiencing exponential growth.
Based on reports, the Etsy platform has grown from $365 million in 2016 to $2.3 billion in 2021, amounting to a CAGR of 44.9%.
According to Statista, from 2012 to 2021, the Etsy platform has gained over 96.3 million active buyers. Likewise, there are about 7.5 million active sellers. Based on the above data, the market has an enormous potential to make sellers profitable.
Also, Etsy recorded over 2.5 million downloads in 2022, with the US having the biggest share. Interestingly, the US has the largest population of buyers globally.
Hence, sellers who know what they are doing can make excellent profits from the market.
Luckily, the next section will reveal six amazing secrets sellers can utilize to succeed on the Etsy platform.
Six amazing tips on how to become successful on Etsy
Choose profitable products
Etsy sellers shouldn’t sell products they think are profitable. Instead, they should do market research to find profitable products that attract customers.
Because Etsy is an online platform that specializes in unique items, sellers have to bring their A-game when offering their products. There are 3 major types of products to sell on the platform; craft, vintage, and hand-made goods. But the most popular category on the platform is jewelry goods.
Nonetheless, sellers should consider doing quality research to find the most popular and highly-priced products to always sell highly profitable items on the platform. Also, retailers must stay updated with buyers’ demands and check out the latest trends in the various categories. Sellers can use the Etsy spy tool or other Etsy keyword tools to identify profitable products to achieve all that.
Also, businesses have to be unique to make profits on platforms like Etsy. In other words, it’s vital to avoid copying and stick to selling only original products.
Select the ideal store name
Sellers don’t have much time to make an excellent first impression on new customers. At most, they have about seven seconds, and the outcome determines if they get a new customer or not.
And one of the first points of impression is the store name. The store name helps businesses stand out from their competition. Therefore, businesses should choose a memorable name for customers to search online.
On Etsy, businesses have a maximum of twenty characters to create a unique store name. Businesses can start by testing their store names by asking a few questions:
- Will the store name look great on a business card?
- Does it give consumers an idea of what the store sells?
- Does the name mean something else in other languages?
- Is the name easy to read, spell, and remember?
When the name passes the test, businesses have to confirm the name’s availability on Etsy. Additionally, it’s ideal to have other names if the first choice isn’t available.
Make use of high-resolution images
A great picture portrays the quality of a store’s products and allows consumers to see what they are buying.
Here are some tips to help brands take high-resolution images:
- Take images with natural light.
- Choose close-up shots over far-away shots.
- Use consistent and similar backgrounds.
- Edit photos when necessary.
- Use mockups if needed to bring life to the products.
Sellers should ensure that their thumbnail images are properly sized with a consistent look and feel. After all, they are the first images consumers see when going through the product listing.
Identify what can be sold and what is prohibited
It’s easy to set up a store on Etsy, but brands need to identify what they can sell and can’t before uploading products.
This procedure will help protect sellers, buyers, and Etsy from legal issues. For example, some products prohibited on Etsy include weapons and explosives, copyright materials, products that promote violence, drugs, alcohol, and tobacco.
Sellers should note that selling products similar to the prohibited Etsy items is liable to punishment. Etsy has shut down many shops, notwithstanding their long years of selling on the platform. There are tons of horror stories about this subject. Simply Google: Etsy shut down my shop.
Products that sellers can trade on Etsy include digital products written or designed by sellers, products created by sellers, vintage items older than twenty years, etc.
A rule of thumb is to get a copy of Etsy’s seller policy to know the eligible products.
Integrate multiple payment options
Cart abandonment is a serious issue most sellers face online. Some customers are not entirely comfortable sharing their card details online, and others may abandon their carts because the store doesn’t support their preferred payment method.
Luckily, Etsy sellers can leverage a range of Etsy payments and integrate them into their stores. That way, Etsy store owners can offer different payment methods and reduce the chances of users abandoning carts.
However, Etsy Payments is the most used payment method because of its simplicity. Plus, it allows users to get paid in multiple ways.
Some other payments supported by Etsy are as follows:
- Google Pay
- Apple Pay
- Debit cards
- Credit cards
Know the seller fees
Sellers need to take account of the necessary fees while running their Etsy business. Here are the various fees to consider.
Sellers pay 20 cents to list a product on Etsy, and the listing lasts for four months before it expires. In other words, if a seller plans to list five products, the total cost of listing will be $1, which will be renewed every four months to remain on the Etsy platform. Interestingly, sellers aren’t charged for editing their product listing. To get more comprehensive information about the listing fees, check here.
The standard seller fees on Etsy include a 5% transaction fee for every sale. Also, Etsy charges sellers an extra 3% when they use the immediate checkout feature.
Esty premium members pay $10 in subscription fees every month with additional fifteen Etsy credits.
Delivery or shipping fees
Etsy charges delivery fees for shipping goods to consumers, but it isn’t fixed. The reason is simple. There are several factors to determine the delivery fees:
- Location of the customer
- Dimension of product
- Delivery carrier
Sellers can get more information on the shipping rates here.
Etsy sellers are charged 2.5% VAT for every new stage of production. In other words, when there’s a newly added value on a product, the VAT levy comes in.
However, three crucial factors affect VAT rates:
- Different VAT charges for various states.
- Sellers VAT.
- VAT on processing fee.
How can businesses get traffic on Etsy?
There are easy ways sellers can get lots of traffic to their stores. This section will reveal three simple but effective ways businesses can attract more traffic.
1. Optimize the store SEO
SEO is instrumental for sellers who want to boost their visibility on the Etsy platform. Even though it doesn’t happen overnight, it pays to take certain measures to get more views and engagements on the platform.
Here are a few tips sellers can apply to improve their Etsy SEO:
- Sellers must use accurate keywords that perfectly describe the products they are selling on the platform. Creating an over-innovative listing title will not help their products get found on the platform. The rule of thumb is to add as much detail to the product listing title and use long-tail keywords on Etsy. Be specific to get targeted customers flooding your Etsy store.
- To improve an Etsy store SEO, sellers should leverage the complete 13 tags given by Etsy for product listing. That way, sellers will be telling the Etsy algorithm what they are selling. Inserting tags is the perfect way to add keyword phrases related to a seller’s goods.
- Another way retailers can boost their Etsy store SEO is by optimizing their shop sections. Since shop sections help keep Etsy shops organized, they make prospective buyers navigate sellers’ shops with ease. And the organization is a crucial aspect of Etsy SEO.
- Getting quality backlinks to an Etsy store is another way sellers can improve their SEO. To achieve this, they should upload quality images of their goods on Pinterest, Juxtapost, and other related platforms to get backlinks. In addition, running ads or creating high-engaging posts on social media is another way to get premium backlinks.
2. Startup a blog
Setting up and running a blog is another great way to draw buyers’ attention to a seller’s store. Using solid blog posts to give information about each product is a good start. Retailers shouldn’t be scared of being salesy on their blogs. After all, the goal is to make readers buy their products.
Also, retailers can create relevant external links that point back to their Etsy store platform to improve their online visibility.
3. Leverage influencer marketing
Influencer marketing is another great way for sellers to get the word out. The process involves partnering with influencers on social media to promote the products and store. Customer recommendations are also effective as they attract more consumers to an Etsy shop.
Kick off with an Etsy business
This article has practically listed amazing selling tips, mistakes to avoid, and how to get more traffic on the Etsy platform. Also, it has shown a clear overview of the Etsy market. So, it’s left for retailers to take every instruction listed in this article to kick off their Etsy business while maximizing and boosting sales.