“The retailers which thrive in the future will offer customers something unique”. This is going to be the future of retail, according to Nick Harrison – senior partner at consulting firm Oliver Wyman Labs. And, if there’s one eCommerce platform that’s set up to offer people something unique, it’s Etsy – a marketplace for creatives and artists to sell their handmade items.
Getting started with selling your unique, handmade products on Etsy is one thing. But turning a hobby or side-hustle into a successful business is another. Thankfully, it’s easier than you’d think. And, with almost 48 million active buyers worldwide at the end of March 2020, there is so much potential for you to tap into. Here’s how to give yourself the best chance of success:
Know your audience and how to find them
It’s a good idea to know who or what your model customer is when starting out with a brand-new Etsy enterprise. Map out a target audience that includes common traits, pain points, how they’re finding their products, and how you can encourage new and repeat purchases. It’s not enough to understand your audience either – but how you specifically can meet their needs.
Find a unique selling point… and stick to it
Don’t assume that your products will fly off the virtual shelf just because another Etsy vendor is making a success of selling similar items. You need to create selling points that no-one else can compete with. Everyone is different, after all. So, find a niche for your products and show your personality. Be yourself, do things differently, and tell the story that people will buy into.
Pitch your products at the right price point
Pricing can be a hard balance to get right. On one hand, it’s only right that you’re reimbursed for the time and effort that goes into creating your handmade products. On the other, though, being too expensive could put people off. One solution can be to time your production process and apply an hourly rate to it, while streamlining costs such as materials to get the right price.
Decide what shipping options work for you
It can be all too easy to overlook the actual logistics of getting your products to your customer. There’s always the option of offering free delivery – but can you afford to absorb that cost? An alternative is to scan the different courier and delivery services that are available to you – and pick the one that provides reasonable times and costs that work for you and your customers.
Put in place a marketing strategy that sells You need to spend a fair amount of time on marketing your products and Etsy store. How else will people know how to find you otherwise? The right marketing strategy can give you a huge head-start on your competitors. And you have a wide range of channels to choose from too. It all comes back to your target audience as to which channel(s) is the most appropriate for you.
