Etsy is a US eCommerce portal which deals in vintage goods, crafts, and handmade products. These items cover a broad spectrum of things, including bags, jewelry, home decor items, clothing, furniture, artwork, toys, and tools.
The site is modeled along the lines of the traditional open craft fairs in the US. This is a unique way of allotting personal storefronts to the sellers, where they enlist their items for US$0.20 for every item.
The trends over the past years dictate that Etsy will be bringing in colossal profit and generating substantial revenue. We walk you through some Etsy statistics that you can glean to augment your sales efforts.
Millennials throng Etsy portals for most items that they fancy. The younger folks prefer buying from smaller brands as it allows them to be prudent with their money. Moreover, niche crafts and vintage objects are a hot favorite among young crowds.
Etsy statistics suggest 62% of sellers are based out of the US. They are located in 234 countries generating $4.97 billion US dollars as revenue last year. This shows that the online marketplace offers the best bang for the buck for crafters all over the world.
Over 60 million products are featured on the Etsy platform. Searches on craft items like letter writing accessories and embroidery sets are up by 354% YoY and 230% YoY, respectively.
Etsy revenue has grown exponentially in the past two years. Most recent statistics estimate that 45.7 million people actively bought Etsy products.
Even though disaster struck in the form of COVID-19, the platform was thriving in 2020, especially in the ‘Home and Goods’ categories. There was also a 472% YoY surge in the search with the term ‘sweatsuit’ on the Etsy site.
Besides, many people sought an alternate source of income during the pandemic or wanted to kickstart their own business, thereby boosting the platform's popularity.
The growing demand has created the need for some of the most successful Etsy sellers to market their products actively on eCommerce sites. Agencies can track the list of Etsy sellers to target the most profitable businesses.
For those willing to trade on Etsy, the first question that comes to mind is undoubtedly this: 'How much do Etsy sellers make?'
Creating products of premium quality that are a class apart can attract buyers instantly. An Etsy seller's average monthly income can range between $500/month to over $10,000.
Targetting the proper demographic is necessary to ensure that the merchandise sells like hotcakes. Building a following on social media and product endorsements via blogs are some effective methods of advertising that Etsy sellers can rely on to boost sales.
To join the ranks of the top Etsy sellers in 2021, you need to know a few things.
Etsy is creating an uproar among the portal’s 2.7 million sellers of late. The marketplace has pushed many crafters beyond their limits owing to the high costs and the gradual loss of control of their businesses. This situation is forcing many Etsy sellers to leave the platform and set up their business elsewhere.
On top of all that, many clients have experienced issues with the quality of some Etsy products. Not every seller on the platform can meet consumer expectations regarding well-made crafts and handmade goods, and a lack of artistry in some items has impacted the site's popularity.
Regardless, Etsy still manages to get a lot of organic foot traffic. Merchants can get more out of the platform by crafting quality products, staying consistent with their listings, and being savvy with their pricing strategies.
The online marketplace's growth in 2020 has been tremendous. Hence, collaborating with Etsy will benefit a seller favorably to engage in a successful business in 2021.
CartInsight is the perfect resource for sales reps who want to extract the most possible value out of their Etsy store. The database has been able to bring a huge chunk of users on board who are selling their products to many eCommerce platforms, including Etsy.