What Is Etsy? We Explain Here
An American online retailer called Etsy specialises in vintage or handcrafted goods and craft materials. Vintage items must be at least 20 years old to qualify.
Over 120 million products were listed on Etsy as of the end of 2021, and the handmade and vintage goods online marketplace brought together 7.5 million vendors and 96.3 million consumers. 2,402 people worked for Etsy as of the end of 2021.
Etsy’s platform-wide total sales, or Gross Merchandise Sales (GMS), in 2021 were US$13.5 billion. Etsy generated US$2.3 billion in revenue and US$493.5 million in net profits in 2021. The marketplace fee is 6.5% of the final sale value that an Etsy seller pays for each successful transaction.
On Etsy, opening a shop requires producing and publishing at least one listing, which costs $0.20. Although the store owner sets the goods prices, Etsy claims 6.5% of the final sale price of the listing and 5% of the postage fee.
Potential customers can either “browse” through a list of options on the left side of the homepage, which includes Art, Home & Living, Jewellery, Women, Men, Kids, Vintage, Weddings, Craft Supplies, Trending Items, Gift Ideas, Mobile Accessories, and more, or they can type a “product description” into the search bar on the Etsy homepage.
By selecting the “categories” tab under “More Ways to Shop,” customers can also select from a variety of categories. The user will then arrive at a page with over 30 categories, each of which has subcategories.
Etsy is well-known for being a location to start a side business and for buying products manufactured from recycled and repurposed materials as well as less priced or more unique variations of mass-produced things. One of the things that some customers find appealing about many of the objects for sale is their distinctiveness.
As opposed to conventional catalogue approach, Etsy’s product photographs frequently have an editorial or artistic bent. Buyers can opt to search for items that are nearby, and sellers can add up to 13 tags to their products to aid in finding them.
The business will automatically buy product advertisements on “high-traffic” websites; purchases produced by these leads are subject to a 15% share of the overall order’s revenue. Etsy anticipated that these ads would generate at least “1 in 10” leads. The system has come under fire from vendors, who label the new system.