How To Make Money On Etsy In 2020

Want to learn how to make money on etsy?

Did you know your creative crafty ideas can help you earn money in a simple sure-shot way?

Etsy Marketplace is “ALL IN ALL” place when it comes to selling vintage products, arts & craft items and handmade goods. To quote, it has 40 plus million active buyers across the globe making it Etsy an ideal platform for making money by selling your crafts. 

Another question that pops-up, is it worth it to sell on Etsy? Yes, the fact says that 32% of Sellers on Etsy make their living by selling crafts as their sole occupation. People are making thousands of dollars by selling crafts on Etsy 

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In today’s digital era, people find it comfortable shopping online sitting at home. Thereby, bringing fruitful opportunities for Etsy sellers to earn profit especially for those who have a creative eye. Esty Marketplace can help you make your hobby into a profit yielding venture.  

How Do You Sell on Etsy?

• Open your Store
• Stock your store by listing your Arts & Craft
• Sell your goods
• Ship your items to buyers

STEP 1

Launch Etsy app and register, Etsy offers 3 ways to register, new account using email, Facebook or Google. Once registered, you qualify to create an online shop on Etsy. Now, locate “Open a Shop” weblink and click the same to set the language and manage currency preferences.

Etsy marketplace has buyers across the globe, managing language and currency preferences enable you to reach potential customers. The next would be to choose an interesting name for your store. The goal is to pick a name that symbolizes the style of goods you hope to sell, decided name must appear interesting to the buyer. 

STEP 2

Once the store is open, you can stock your online shop by listing your arts and craft items online for sale. Etsy offers no limit on the number of items; you can add as many listings as you can.

In other words, more listings or items mean more chances of being discovered by potential buyers. To list your items, you may have to provide listing details such as images, title, category, type, renewal options, brief description, tags, material, etc.  about the product in question.

Product description plays a quintessential role in catching shoppers’ attention. Providing an intriguing description helps potential customers learn what’s unique about your offering. The name of your Etsy store should convey what you’re selling. Using relevant keywords and tags also helps in finding products in Etsy search engine. 

STEP 3

​Business owners love the phrase sold-out; nothing compares to the “ting” sound after a sale is made online. The basic notion among netizens is that buyers are supposed to pay for the things posted online.

However, there is a meager seller fee associated while creating a shop on Etsy Marketplace. The most common associated fees are listing, transaction, advertising and PayPal Fees. An amount of 20 cents is charged as a listing fee for each item and quantities more than 1, the listing would auto-renew until it sells out. Advertisement certainly spurs sales on both digital and non-digital platforms.

Etsy Marketplace provides an advertising feature to promote your listing with a limited cost. Apart from the transaction fee, there is PayPal and Etsy Payment Processing fee. When a buyer pays via PayPal, the seller is liable to pay 2.9 % of the value of that transaction plus 30 cents per transaction. However, when a buyer chose to pay using a credit card, the seller is liable to pay 3% of that transaction value plus 25 cents per transaction. In short, a buyer choosing to pay using PayPal is more beneficial for the seller. 

STEP 4

Shipping labels are provided by Etsy, for which sellers/store owners are charged. Etsy supports various shipping partners such as FedEx, USPS, etc. The shipping fee is calculated on the basis origin and destination country of the packages. 

The best formula for a store owner to decide to make profit good profit would be: 

Supplies + Efforts + Expenses+ Profit = List Price

Let’s assume that you are selling/listing a portrait wherein you spent $10 on paint and canvas. You spent 2 hours painting the portrait and value your time as $10 per hour. To simplify, let’s say you did paint at home, no additional warehouse rents were involved. In this example, your expenses would be Etsy’s listing, transaction, processing and shipping fees. 

The above equation would look like:

Supplies ($10) + Efforts ($20) + Expenses ($21) + Profit ($15) = ($66) List Price of the portrait

The Mantra of making money online by selling crafts on Etsy lets you turn your hobby into entrepreneur endeavors. There are a few basic strategies a seller may have to take care like branding, marketing and great customer service while setting an online store. 

Attractive product photography is an important aspect of selling items on the marketplace. For best results, play with different camera angles and lighting to achieve a picture-perfect style for your brand. Putting catchy phrases to your photos gives a touch of personality to the image. Business branding helps to meet the attention of the customers. Etsy is an unparalleled online platform to build and promote your brand among customers. 

It is a widely accepted fact that in today’s digital era online shoppers have endless options. There are multiple portals and thousands of sellers. To inspire buyers to choose you over the competition, provide undisputed customer support.

The seller must make every effort to be available to customers and answer their questions quickly. Great Customer support brings in good ratings from buyers wherein bringing more customers to your store. In business Gratitude is memorable, buyers who feel appreciated are more likely to return.

In order to spread the word about your Etsy store, it is highly recommended to use the power of social media. By posting information about your items on different social media platforms can help to bring more potential buyers to your Etsy store. 

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