Etsy’s COVID-19 Mask Millionaires
As the novel coronavirus pandemic ravaged the world and severely damaged whole industries of business, it also helped crafty entrepreneurs grow their stores on Etsy.
With the sudden unexpected demand for cloth face coverings, to make a fortune selling on Etsy, you needed three things. First, you needed to be familiar with the garment industry — ideally, already working in it. Second, you needed to be based somewhere, where cheap, speedy delivery is available. And third, you needed energy, because shipping tens of thousands of masks a month with a tiny crew meant working late into the night, then getting up early the next morning to do it all again.
For those who went all in, the effort was worth it: some small Etsy shops became big businesses overnight, doing in excess of $1 million in mask sales since the beginning of the pandemic.
“It’s been a question of ‘When is it gonna end?’ When is it gonna end?’” said one larger seller. “And you’re put in this peculiar position. Because now I find myself looking at pandemic news, and it’s kind of… if the cases go down, mask sales go down.”
Between April and June, shoppers purchased $346 million worth of masks from Etsy stores, more than 5 percent of which would be pocketed by Etsy itself. It was an enormous surge for the site. Masks accounted for more than one out of every 10 dollars spent on the platform that quarter. For sellers, it was also a huge opportunity: a lucrative new market that existing shops hadn’t cornered. There was money to be made for anyone who wanted it — and for those who already knew the ins and outs of manufacturing, there was a lot of it.
More than 100,000 sellers started offering masks on Etsy during those three months, and most of them appear to be typical Etsy sellers: individuals, predominantly women, who make products by hand in their homes. Many had already been on the platform for years.
At the same time, other online retailers such as Amazon and eBay were busy cracking down on sales of face masks in order to prioritize hospitals. Amazon sellers complained that they had to go through a specific application process in order to get their listings approved, which rarely happened. eBay banned mask sales in March and didn’t start allowing cloth masks to be sold until May 1st. In the month eBay waited, 12 million masks were sold on Etsy.
So why wait? If you are an Amazon seller looking for a new business opportunity, head to Etsy.
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In their latest marketplace newsletter, OnBuy shared what they have new.
Unlike Amazon, OnBuy strives to never compete with independent retailers, according to their statement:
“We’re determined to change the way consumers view online marketplaces, and that starts with our fair approach and commitment to you, our retailers. We vow never to compete with you but to treat you as equal partners and provide the best environment for you to grow.”
They were also working on VAT compliance.
“If this change is applicable to you, you’ll notice this reflected in the ‘VAT collected’ column on the orders page and also in reports on the VAT collected for orders.”
OnBuy further shared the list of their upcoming events:
Garden & Outdoors is a big focus over the coming months, covering everything from gardening and furniture to camping and outdoor sports.
Searches for all things garden started climbing in March, with high demand for garden storage, gardening products and garden furniture expected in late April – May.
We’ve also got promotional pushes planned around Father’s Day (from w/c 16th May), the Queen’s Jubilee (from w/c 9th May), summer bedding (from w/c 30th May) and travel/holidays (from June).
Here you can view the whole OnBuy newsletter:
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This week, Etsy announced an increase of their transaction fees from 5% to 6.5%. Similarly to Amazon, they have done so in a form of a ”feel-good” positive announcement titled “Investing in Etsy’s growth: A message from CEO Josh Silverman”.
The whole notice starts with celebration of success of Etsy sellers and a mention of recorded increase of sales by 23%. It then proceeds to mention that selling fees are getting increased.
Etsy justifies the increase by saying that they invested into marketing, enforcing bad actors and improving customer support.
Here is a copy of the full announcement:
| Dear Seller Community, At Etsy, we’re focused on building a marketplace that allows sellers like you to turn your creativity and passions into real, money-making businesses. Last year, active sellers increased their sales by 23% on average compared to 2019, and in 2021 alone, we showed more than 90 million active buyers worldwide that there’s an alternative to big-box, automated shopping. Together, we’ve made Etsy the global marketplace for unique and creative goods. We plan to make significant investments in marketing, seller tools, and creating a world-class customer experience so we can continue this tremendous growth. To support this goal, on April 11 we will increase our current 5% transaction fee to 6.5%. This change will allow us to make improvements in three key areas: Bringing more buyers to Etsy: Last year, we spent nearly $600 million on marketing. This year we’ll be investing even more, including on TV commercials, influencers and tastemakers, billboards, podcast advertising, and email marketing that bring new buyers to Etsy. The support you need: We’ll grow our support team by more than 20% this year so you can get help more quickly and easily, including faster email responses, expanded access to live chat, and prioritization of your most urgent requests. Keeping Etsy unique: We’ll build on last year’s roughly $40 million investment in the teams and technology that help make our marketplace a safe and secure destination for handmade, vintage, and special items. This year we’ll expand our efforts to remove listings that don’t meet our policies and help you resolve issues with buyers. These are some of the great things we’ll invest in to keep Etsy a beloved, trusted, and thriving marketplace. We don’t take fee changes lightly, and we believe that these investments will enable Etsy, and our seller community, to continue to grow. Thank you for making Etsy a one-of-a-kind marketplace. |
There is also a banner with the announcement published at the top of Etsy’s home page:
I hope you found this article helpful. Many Amazon sellers recently started trading stocks and crypto currencies, hoping to diversify their income, which is a very good idea with all the uncertainty which comes with the platform. For this reason, we launched a new Facebook group, Crypto Arbitrage Income (Bitcoin, Crypto, Altcoins, Blockchain, Trading) – feel free to join us and forget about the troubles of selling on Amazon for a moment!
Regarding Amazon Seller Performance, you can always participate in our Amazon Seller Performance – Friendly Advice – Worldwide group, where you will be very welcome.
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Today, Etsy informed their sellers by e-mail that numerous refunds were erroneously issued to buyers as a part of a site-wide technical difficulty.
Affected sellers were provided with specific orders, for which refunds were issued and advised not to take any action, because Etsy is addressing the matter with buyers and the company is covering all refunds out of their own funds.
Orders, for which full refunds were mistakenly issued are still showing as paid in Orders & Shipping dashboard.
Here is a copy of the e-mail wording from Etsy:
Here is a screenshot of the e-mail:
I hope you found this article helpful. Many Amazon sellers recently started trading stocks and crypto currencies, hoping to diversify their income, which is a very good idea with all the uncertainty which comes with the platform. For this reason, we launched a new Facebook group, Crypto Arbitrage Income (Bitcoin, Crypto, Altcoins, Blockchain, Trading) – feel free to join us and forget about the troubles of selling on Amazon for a moment!
Regarding Amazon Seller Performance, you can always participate in our Amazon Seller Performance – Friendly Advice – Worldwide group, where you will be very welcome.
If you are an Amazon Seller who needs help with any Amazon-related issues such as suspensions, listing blocks or is looking for professional assistance, please don’t hesitate to subscribe to my new OnlyFans page at: www.onlyfans.com/kikaangelic
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