Etsy - global marketplace for unique and creative goods
Handcrafted pieces to vintage treasures
What is Etsy?Etsy is an online marketplace where artists, craftspeople, makers and designers can sell their creations to buyers around the world. In 2017 alone, buyers spent more than $3 billion on the site. It’s relatively easy and cheap to list your creations, and Etsy provides a visually pleasing design that you can customize for your unique, digital storefront.
Who can make money?If you know how to make something, anything, it’s likely that you could sell it on Etsy. The site is all about custom, unique creations in a wide range of categories. Their primary categories are as follows:
- Jewelry & Accessories
- Clothing & Shoes
- Home & Living
- Wedding & Party
- Toys & Entertainment
- Art & Collectibles
- Craft Supplies Vintage (for selling antique or classic pieces)
You’ll also be able to make money if you can craft good product descriptions, not just products. Great photos and compelling descriptions are a powerful way to sell more items on Etsy by convincing buyers that your creation is exactly what they’re looking for. The best descriptions are artful, concise and make each item seem absolutely essential.
How does it work?Once you create a free account on Etsy (though a $10/month Plus account offers more tools), each item you want to sell costs only $0.20 to list. When an item is sold through Etsy’s secure and encrypted platform, Etsy takes a 5% transaction fee and 3% + $0.25 processing fee. The rest of the profits go directly to you. While you’ll handle the shipping yourself, Etsy provides discounted postage that you can download and print directly from your Etsy account. You can also factor these minor shipping costs into the prices of your listed items.
The site also provides a list of powerful seller tools, including the ability to create your own custom website powered by your Etsy shop and guides for marketing on social media and other advertising platforms. You can even run sales and special promotions to bring in more buyers.
How does it pay?Pricing on Etsy is left entirely up to the seller. Research will be your best friend when listing your items. If you list an item that’s similar to another seller’s, but yours is significantly more expensive, you likely won’t find great success. You’ll want to find a balance between offering affordable prices and earning enough to recoup your time and money investment in whatever you create.
That being said, one benefit of Etsy is that it’s no race to the bottom for prices. Many buyers go to Etsy expecting to spend more money for custom, one-of-a-kind creations. You’ll find items listed for many hundreds of dollars. So if you think you create luxury items that will be highly desirable, feel free to price them as you see fit.
- Ability to turn your creations into cash
- Relatively low transaction fees taken by Etsy
- Cheap shipping options Powerful marketing tools Set your own prices
- Start-up can be a slow process as you try to build a reputation and reviews
- Etsy’s fees are minor compared to some other online marketplaces, but the fees are there (a total of 8% plus $0.25 per transaction)
- Creating quality products is challenging for most people