In the age of social media, Etsy is an excellent way for small businesses to grow. It allows you to be creative and sell your work on a global scale without investing heavily in marketing or production. However, there are specific strategies that can help boost your business over time. This article will discuss the essential tips that will take you from Etsy’s business to grow well in the future.
You have several alternatives for expanding or growing your business based on the amount of profit you’re constantly making. These include:
- Increasing your marketing and promotion activities to attract new customers and sell more of your current items.
- Expanding your product range and offering new items or product variants that will help you acquire more consumers are examples of this.
- If your resources are depleted, and you don’t have time to produce new goods, run your business, and fulfill orders on your own, consider hiring one or more part-time staff.
- Leaving your “real-world” employment to focus solely on the operation of your Etsy business.
- Brainstorming fresh product ideas that aren’t linked to your current offers and setting up a second or even third Etsy business to run alongside your current one.
You should update your shop every few months to assist maintain a continuous flow of customers and enhance your chances of getting repeat business. This may entail correcting all written material and product photos, as well as adjusting the shop’s color scheme and general aesthetic look and reworking your product selections. At the absolute least, it might imply using the Sell on Etsy mobile app’s Shop Updates function regularly to upload more product photos and product lifestyle images to your shop.
Examine your revenue from the past quarter or season every three to four months (essentially every season) to discover which products were the most popular and which were the least popular. Consider eliminating the most miniature popular items from your store entirely and focusing your efforts on always popular ones or introducing new products.
Think about giving seasonal products or things accessible just during certain holidays, such as Mother’s Day, Father’s Day, Valentine’s Day, or Christmas. Consider changing the entire design of your business to coincide with popular holidays, including themed graphics, photographs, and content that focuses on the holidays.
Special discounts or promotions might also be launched over the holidays. You might, for example, give a 10 to 25% discount or free delivery during the Christmas holiday season. Perhaps a “buy two, get one free” deal might be appealing to your target market. You might also put up comparable items and sell them as a bundle for a limited period at a reduced price in conjunction with a particular holiday.
If you’re giving a fantastic bargain that your consumers will love, hosting sales or promotions is a quick, straightforward, and proven technique for swiftly increasing revenue. When it comes to sales or promotions, be imaginative, but don’t get too carried away.
Understanding that your store should constantly develop and not be stationary for more than a month is critical to long-term business growth. So if the actual items you’re selling don’t change for an entire season or longer, you should refresh or adjust material like product listings and product pictures regularly.
Seven Ways To Expand Your Business
When you’re ready, here are some additional tried-and-true strategies to expand your business:
- Add new product listings to your shop to increase the number of goods you sell. However, make sure that your product offers are somewhat linked. Probably add rings to your jewelry line if you currently offer bracelets, necklaces, and earrings. Alternatively, provide a higher-end or premium assortment of similar items at a higher price point. Think about selling the same designs in 24k gold if you currently sell silver jewelry. Offer no random, unconnected things that will not appeal to your target market.
- Enhance the look and feel of your product photos. Consider changing your usage of standard product pictures and lifestyle photographs to better display each of your goods, in addition to making the images seem nicer.
- Try broadening your target market. While you continue to advertise to your core audience, identify a secondary target demographic and launch additional advertising strategies to attract this new or more extensive audience.
- If you’ve not already, make your shop available to foreign buyers and be willing to ship abroad (provided what you’re offering is appealing to a global audience).
- Raise the amount you spend on online paid advertising and think about expanding your advertising options. Increase your social media presence at the same time.
- Try selling on sites other than Etsy. Take part in craft fairs or expanding to sell your items through major retail stores, boutiques, specialty shops, consignment shops, and other internet services once you’ve established a proven and strong market.
- Create faster or more effective techniques to save time in the production or manufacturing process when the requirement for more significant volumes of your product(s) increases.
The Bottom Line
The Etsy platform is a great place to showcase your handmade products and unique creations. The company has been around since 2005 and continues to be popular with both sellers and buyers, so if you’re eager to get started selling on Etsy, there are plenty of opportunities available today. With this, you must also follow the tips mentioned above for growing your Etsy business.