Products sold on Etsy are special because these belong to the category of handmade or vintage items, which are hard to sell on traditional eCommerce platforms like Amazon or Shopify. People who look for such unique products straight away log on to Etsy because they know they would undoubtedly get what they are looking for.
Anything crafted by hand or items that are of interest to artists and craftsmen are available on Etsy. It is easy to set up shop on Etsy, and 3.6 million sellers are catering to 70 million buyers who are active on the platform. The list of products sold on Etsy is so long that it can be inspirational for small retailers to take advantage of the selling opportunities to generate a steady revenue stream by choosing the right products. But they must know how to make money on Etsy.
How much money you can make by selling products on Etsy depends on various factors. Setting up a shop is just the beginning, but ensuring high visibility of your products by implementing the best SEO practices should attract more customers. Marketing plays a vital role in the business outcome, and you must implement suitable marketing strategies to generate more traffic that increases sales. The biggest attraction of setting up a shop on Etsy is the user-friendly features that help to set up shop in a few minutes.
Follow these steps for starting a retail business on Etsy, which can be your maiden eCommerce venture.
Select the products to sell
With so many items crowding the product lists on Etsy, it might be an arduous task to decide which products you want to sell to help you make a mark in the eCommerce world. However, the selection of products can make or break your business, and you must be very cautious about choosing the items that you can handle comfortably and for which there is some demand. Besides physical items, Etsy allows selling digital items, like some printable items such as banners, stickers, planners, etc. Imageries that are usable on websites and social media are also among the products sold on Etsy. If you struggle to identify the products, look at what others are selling to get some idea. Next, consider the kind of resources you can access to maintain a steady supply of the chosen products.
Create a brand identity
You must create an online identity for your business that can even become the brand over time. Choose some simple but catchy name for your business so that you can continue with it in the long run. Although you can change the name, it might hinder your brand-building efforts and affect your business adversely. Ensure that the name is unique and easy to remember so that it is easy for buyers to correlate it with products sold under the brand name. Having decided on the name, create a logo that becomes the face of your business and brand. You can either use your artistic abilities to make your logo with the help of some online tools or ask some professional designers to do it for you based on your idea.
Take attractive product images
Since the products sold on Etsy are unique and not commonly seen across other eCommerce platforms, the product photos are critical to introducing the products to buyers. Remember that your product might be amazing, that buyers would like to explore it in the minutest details. Superb photos of the product, preferably taken by professional photographers, should help impress buyers when they see the products first and make them curious to know more about them. If you order some prototype or test products, you can use the images, making the task easy. Once again, look at some other stores that sell similar but not identical products to gather the right ideas about clicking photos with a purpose.
Have some money to invest
Etsy charges sellers for each product listing, and although the charges are pretty low, you must have the money to pay for it. Create a budget by considering the number of listings per week. When starting the business, you can go for the free listings with limited features to get a grasp of the things before opting for opening an Etsy plus account with monthly subscriptions. The paid accounts have more features like shop customization tools and bonus advertising credits that you can use to your advantage and stand out from the crowd. Although the competition is less on Etsy, it is not that easy to gain attraction initially, and proper marketing and store promotion on social media can help drive traffic to your store.
Make a plan for the logistics to deliver the goods to customers at the lowest cost but safely. Whether to use a courier or postal service depends on determining the sale price of your products.