It is true that a lot of people today earn money from e-commerce. If the numbers follow the same trend in the next few years, the global retail e-commerce industry is expected to reach $4.5 trillion by 2021. Etsy is one of those websites that you could potentially earn serious money with. Etsy is specialized in selling vintage items to handmade products that you don’t usually see everywhere. Whether you are selling jewelry or shirts, there are a lot of products to choose from.
What Should You Be Selling?
So what exactly should you be selling on Etsy’s platform? First, you have to make sure that you take a closer look at what is usually sold by other sellers. Here, you will have an idea of what to sell. Whether you are selling something that is unique or you are also selling something that is quite a fad these days, the sky is the limit.
The good thing about Etsy is that you don’t even have to produce an actual product that you can put in a box in order to earn some cash. There are some sellers that are actually selling digital copies of photographs and designs or even a web design.
As a seller, you are in control of the pricing and additional shipping cost that you can charge your customers. The thing with Etsy is that you can specify the amount of time needed before the item is shipped considering some items are handmade and made-to-order.
Fees That You Have to Deal With
It is important to understand how much Etsy is actually asking before you start using their platform. Etsy gives you 40 free listings for the first time that you signed up. However, after that, Etsy charges $0.20 per listing that lasts for four months. You are allowed to include 5 photos and you have the option to renew automatically.
You will also have to pay 3.5% of the price of the item to Etsy once your item has been sold. This will then be added to your monthly bill.
In terms of receiving payments, you can have it via PayPal which charges a flat $0.30 per transaction. In addition to this, you will have to deduct 2.7% from the total price of your item including the shipping cost.
On the other hand, you can now have a Direct Checkout option that charges a flat $0.25 per transaction and an additional 3% of the total price of the item including shipping cost. When you make use of Direct Checkout that is provided by Etsy, the deposits are going to be made on a weekly basis into the bank account of your choice. And if you think that you already made enough money in just a couple of days, you can already opt to request a deposit sooner.
Why Choose Etsy?
If you are still trying to decide whether or not to have your own website and sell your items, why choose Etsy? First, if you will look at Etsy’s Alexa rank, it is ranked 41 in the US and 136 worldwide. For this reason alone, it shows you how popular the website is. And since it’s a popular website, you can expect a lot of people visiting the website.
Next, though you can have your own brand and set up your own website, of course, keep in mind that upkeep can be a bit expensive. Unless you are selling bulk items and you are running an established brand, Etsy remains a more practical option. What it offers is convenience for small entrepreneurs.
One of the reasons why entrepreneurs eventually build with their sales is due to the trust that they develop with their potential customers. Buyers can leave their reviews on the products and the things that they have experienced dealing with a particular seller. For this reason, it becomes easier to sell items as you become more established within Etsy’s platform.
How to Increase the Chances of Success on Etsy?
There will be some challenges that you have to face if you plan on selling items on Etsy. In fact, Amazon is already becoming a threat to Etsy with its “Handmade” site that targets the same market segment as Etsy.
One common problem that sellers typically face is the marketing of their products. Be sure to take a closer look at how your products are presented visually. You may have to spend or at least be creative how to present your products’ photos. This means that you either use a professional camera or even hire a professional photographer.
You also need to have the right tags for the product that you are selling. You are allowed to have 13 tags on your product that makes it easy for customers to find the product that they are looking for. One pro tip that you could get is that you have to simply think just like a customer. Do a bit of research and find the most likely synonyms and alternate names for your product. You also have to make sure that you have categorized your item in the right category.
You will also have to be conscious as to what kind of customer service you are going to provide your customers. Keep in mind that it isn’t really unusual to receive messages from customers asking about the items that they’ve bought from you. As rule of thumb, you have to be polite, respond quickly. And of course, be sure to prioritize your customers always!
Is it possible to earn money from Etsy? If your market is hand-made crafts, digital items, vintage items, and many more, then Etsy might be the best option for you. It allows you to transact with your potential customers in a secure manner without worrying about all the intricacies of running your own website.
But can you make Etsy your full-time job? It may take some time before you build customers. Having Etsy as your main source of income may not apply to everyone. It differs from one niche to the next and how you market your products. However, the platform can definitely give you some extra cash.