According to its founders, Etsy is “a global marketplace for unique and creative goods. A place where creativity lives and thrives because it’s powered by people.” While that may sound like a highly ambitious mission statement, Etsy Inc. appears to be living up to it.
Since June of 2005 both buyers and sellers have increased in number every year with 2023 boasting 95 million active buyers, 80% of which are women. It is currently offering over 60 million items for sale.
Unlike eBay and Facebook Marketplace, Etsy caters to artists and crafters, strongly encouraging the sale of handmade or custom made items. If you are a talented artist, jewelry maker, seamstress, wood-craftsman or leatherworker, this may be the perfect way to reach a large audience with your wares.
It is “free” to set up an Etsy Shop. However, sellers are charged a listing fee starting at 20 cents for each item that they list, in addition to which there are transaction fees which are typically 6.5% of the total transaction value. You will also pay 3% plus 25 cents per transaction in payment processing fees.
If you are new to online sales, you might want to start out with one of the more popular categories. Current top sellers include: Jewelry and Accessories, Clothing and Shoes, Wedding and Party Supplies, Toys, Vintage (items 20 years old or older) and Craft Supplies.
Shipping is always a major consideration when selling through an online marketplace. USPS and FedEx are good choices as they have Shipsurance delivery insurance available. Payments may take the form of credit and debit cards, Etsy gift cards and Apple or Google pay.
The world of online selling is highly competitive and sites like Amazon Handmade and Big Cartel and Shopify are fierce competitors. So, why choose Etsy? Etsy has a strong brand that is known for arts and crafts, their monthly subscription fees are lower than that of their competitors and it allows its novice sellers to set up an online store in a few simple steps.
Etsy is, in the opinion of many entrepreneurs, THE place to sell your handcrafted and vintage wares. Still, it does have its downside. The main complaints seem to center around poor seller/buyer communication, items not arriving at the designated time and listing fees that tend to run higher than the other popular online sale venues.
From its original home in Brooklyn, New York Etsy has added locations in San Francisco, Dublin, Paris, London and New Delhi, allowing you to sell internationally!
Thinking this might be the way to amp up your “Side Hustle”? Before you start listing check back with me next time when we take a look at Facebook Market Place. Until next time . . . Linda
Linda Kennett is a professional liquidation consultant specializing in down-sizing for seniors and the liquidation of estates.