Rise & Shine! This week, we’re adding up Etsy fees, ignoring PayPal’s price increase, offering advice for when sales are slow, then taking a look at Xwalk and Etsy’s Star Seller Program.
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Etsy’s Earnings: Etsy Marketplace Gross-Merchandise Sales hits $2.8 billion, up 14.2% year-over-year. More about Etsy’s second quarter results below. Venmo ❤’s Cyrpto: Yesterday, Venmo launched a new feature for credit card holders that allows cash-back rewards in Bitcoin and other cryptocurrencies.
Can you list all the Etsy fees that chip away at your bottom line? Listing fees, transaction fees, payment processing fees… whoa, this list is longer than my grocery list when my in-laws are in town. And with so many fees to keep in mind, it can be tough to keep track of these figures when coming up with your final sales price. Are you sure you’re making a profit? How many items do you need to sell to meet your sales goals?
The bottom line: If you find yourself asking these questions, we have the answer! We’ve created our very ownEtsy fee calculatorto add up all those Etsy fees, so you don’t have to.
What about PayPal fees? That’s right, PayPal recently announced an increase in their payment processing fees. So how will this affect your shop? It won’t. Back in 2019, Etsy switched all of its sellers in eligible countries over to Etsy Payments, and did away with standalone PayPal accounts on their marketplace. So for now, you don’t need to worry about any new rate hikes from PayPal since Etsy handles the rate negotiations for their sellers. Just another perk of selling on the Etsy platform. Now back to those other fees…
Use our Etsy calculator to find out exactly how much money you’ll be making so you can continue to keep working hard toput food on your family.
10 Things You NEED to do When Sales Are Slow | The Jam
Just like all retail, every year you’re bound to have a slow season for Etsy sales. When things are busy in your Etsy shop, you’re thinking at a mile a minute and every little shop modification you know you NEED to make, just isn’t a priority over fulfilling orders. On the flip side, when things are slow you probably can’t remember everything that came to mind during your busy season… a conundrum, we know.
That’s why this week on the Jam, we’re talking about some things you can do right now during your slow season to be productive and better prepared for your busy season!
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“Performance is quite remarkable” says Josh Silverman, CEO of Etsy, “when viewed in context of how dramatically the world changed.”
While addressing Esty’s second quarter results for 2021, Silverman continues “It is deeply gratifying to me and our entire team that we are able to report strong year-over-year growth, with GMS and revenue up approximately 13% and 23% respectively. In fact, excluding facemasks, which were an important driver of the prior year period, second quarter GMS for the Etsy marketplace increased 31%.”
“We’re demonstrating just how many purchase occasions Etsy sellers can meet in truly delightful ways, attracting millions of new buyers and engaging our customers more than ever before.”
Silverman reflects on the “strategic acquisitions” of both Depop and Elo7 stating that they are now “focusing on integrating these exciting businesses into [Etsy’s] House of Brands.”
Wait, what? With names like Xwalk & Star Seller Program, you might think Etsy is planning their own reality show dance competition… sadly they aren’t. Still, if you’re an Etsy seller and you’re wondering how to get the “coveted” star badge, sweet dance moves won’t help.
But first, what is Xwalk? You may have noticed this term thrown around in Etsy’s recent quarterly report. Basically, it’s Etsy’s new search engine that gives machine learning a fancy name. With the Xwalk search engine in play, buyers are offered more relevant search results and recommendations on the Etsy homepage. Esty’s goal is to “make content more attractive and engaging to buyers” to keep them on the marketplace longer, and increase conversions for sellers.
Now, back to the Star Seller Program. Etsy’s goal with the Star Seller Program is to “celebrate the best in customer experience.” Basically, every 90 days, your Etsy shop can be audited by Etsy staff. If your shop is consistently performing well in the eye’s of your customers (we’re talking positive reviews, quick message response times, and on-time shipping among other minimum requirements), then you’ll have the chance to rep a fancy new badge like the town’s local sheriff. This is Etsy’s way of setting the bar for what a top-performing shop should look like.