Are you thinking about hosting a Black Friday sale on Etsy this year? You’re in good company. From sprawling big-box retailers to charming independent boutiques, businesses of every stripe capitalize on the sales frenzy of Black Friday and Cyber Monday. And there’s no reason you should miss out. With its reputation as one of the most bustling shopping weekends of the year, this period is ripe with opportunity.
Let’s dive into why launching a Black Friday sale on Etsy can be a game changer for your business this holiday season.
Black Friday Trends in Consumer Behavior
As the 2024 holiday season approaches, Adobe Analytics predicts eCommerce sales are on track to shatter previous records, with an expected total online spending of $240.8 billion between November and December.
This represents an impressive 8.4% year-over-year growth, signaling a robust continuation of the eCommerce boom. Consumers are increasingly turning to online platforms for their shopping needs, drawn by the convenience and variety available right at their fingertips.
The Power of Discounts During Black Friday
In response to the lingering effects of inflation and evolving economic conditions, retailers are expected to offer significant discounts, some as steep as 30%. This strategy is essential not just for attracting attention but for capturing the wallets of budget-conscious shoppers.
Historical data from Adobe suggests that even a 1% drop in prices can lead to a spike in demand, underscoring the effectiveness of discounts in driving sales.
Expectations for Etsy Black Friday 2024
Etsy’s Black Friday in 2024 is set to reflect its historical growth trend, driven by increased mobile transactions and significant discounts that attract buyers looking for unique items. The platform’s focus on enhancing mobile shopping experiences and leveraging influencer marketing is likely to boost its performance, aligning with broader eCommerce trends.
Over the past decade, Etsy’s revenue peaks during the Black Friday period have become more pronounced each year, demonstrating a clear uptick in consumer engagement throughout the holiday season. This growing shopper interest is spurred by Etsy’s unique product offerings, which are particularly appealing during gift-giving times.
As a seller, leveraging these holiday spikes by planning strategic discounts and ramping up your marketing efforts can significantly boost your sales.
Understanding Profit Margins During Black Friday on Etsy
Crafting a Black Friday sale on Etsy is more than just slashing prices—it’s a strategic move that requires a keen understanding of your profit margins.
Accurate pricing is the lifeblood of your Etsy business. By thoroughly assessing the costs of crafting, shipping, and Etsy’s fees, you’re safeguarding your profit margins. This knowledge is critical, especially when considering discounts. Without this insight, you risk not only your profits but potentially wasting time and resources.
Before initiating price cuts, take a look at your profit margin. To do this, you’ll need to understand the cost of your materials, shipping, and any additional fees you payout to Etsy—it can get confusing fast.
Our Etsy fee calculator can help streamline this process, ensuring you’re equipped with precise numbers that accurately reflect your business.
→ Master your profit margin by accounting for Etsy fees
When you’re well-informed about your profit margins, you can smoothly navigate through discount strategies. Consider lowering your profit expectations to entice more customers—what does dropping from a 20% to a 10% profit margin do to your overall pricing?
How does this affect what you pay in Etsy fees? Most critically, is the reduced profit margin acceptable for your bottom line?
To run a Black Friday sale on Etsy, you need to know your pricing inside and out. If not, you could be throwing away your hard-earned money, and just wasting your time.
Narrowing your profit margin (but keeping it positive) ensures you won’t lose money on a sale. Just keep in mind you’ll make less money from each individual product. However, an increase in sales, positive reviews, and happy customers will help your Etsy shop in the long run—an opportunity you don’t want to miss out on.
Bundle Products for Black Friday Sales on Etsy
To optimize a Black Friday sale, it’s not just about lowering prices but moving more products. Striking the right balance ensures that while each sale might yield less profit, volume can compensate.
Take a look back at your sales history—are there any patterns or trends of products purchased together? Considering bundling these products and selling them at a discounted price
If no clear patterns emerge, combine your top sellers or similar styles. Then, slightly increase the individual prices, underscoring the bundle’s value and lifting your Average Order Value.
We’ve gone into great detail about promotional strategies in previous discussions, so be sure to revisit those insights for reminders on how to run a successful sale.
→ Ensure your Etsy promos enhance your earnings with this shop tactic
Use Social Media to Increase Black Friday Sales
Social media is great for amplifying your Black Friday reach. Focus on the platforms that historically drive traffic and sales to your Etsy shop. Forgo less productive platforms like X and Snapchat if they haven’t yielded results in the past.
Leverage the visual aspect of social media—high-quality images and videos—to engage potential customers. Remember, platforms like Facebook, Instagram, and TikTok favor authentic content that keeps users engaged and on their platforms.
Update Your Etsy Products for Black Friday
Refreshing your Etsy shop’s visuals is crucial for Black Friday. You should update shop banners and image thumbnails to show anyone in your store that there is indeed a sale going on.
If you’re using a Black Friday discount code across your shop, put that code in your shop banner and thumbnails. This increases the chances of someone clicking on your listing when it appears in a search result—the same way that YouTubers often put eye-catching text on their image thumbnails.
Get An Early Start Leading Up to Black Friday
Starting early can be advantageous. Some Etsy shops launch their promotions weeks ahead of Black Friday, maintaining momentum well into the holiday season.
If you choose this route, commit to a meticulously planned schedule.
Create a calendar of your sales (what you’ll do and when), and then stick to it. If it’s three days before Black Friday and you want to launch your sales today, you’re too late. But that doesn’t mean you don’t still have time to get ready for the rest of the holidays before the year is over.
Planning well ahead is essential, so decide now, plan accordingly, and commit to it.
→ Prep for the holidays with this easy keyword strategy
Understand Your Target Audience
Understanding your target audience vital for a successful Black Friday sale. Tailor your approach to attract the price-sensitive segment without succumbing to a price race to the bottom.
Utilize Etsy’s discount feature to highlight percentage reductions in search results, attracting those looking for deals.
Keep Your Black Friday Customers Coming Back
It’s much quicker, cheaper, and easier to get a customer to buy from you for a second time than to convert a new customer.
Post-sale, focus on customer retention. Since Etsy restricts traditional email marketing, consider including a thank you card with a post-holiday discount code in their order or direct them to your standalone website for future purchases.
Over to You
Now, it’s your turn to apply these tactics for Black Friday on Etsy. A well-thought-out approach can yield dividends during this high-traffic season.
Will you discount your entire inventory or only a select few items? Share your strategies and join the conversation below.
Good luck and happy selling!
