My Etsy Shop – 2023 Policy Changes
I have been away the past few months, enjoying warm summer days, trips to Canada and to Finland and visiting with my grandchildren, . I am back in the UK now and back to work in my studio, updating my Paivatar Web Shop with new handmade, plant dyed products. I still maintain a bit of a presence on Etsy, listing just a few items for sale.
I am utterly shocked by Etsy’s recent policy changes and how it is affecting small sellers. A few months ago, Etsy stopped providing seller protection to any products valued >£250, inclusive of shipping costs. Many sellers, including myself make custom order hand-crafted goods that often take several weeks to make. Because of this restriction, I had to stop accepting Custom orders via Etsy.
Currently, an order that has been shipped without proper tracking or shipped late can be flagged by an Etsy bot as not received, and the buyer is refunded even though the item was received by the buyer. I have had issues lately with delays in Royal Mail. My local Royal Mail Business Post Office is now only open 2 hours a day (8 am to 10 am). I have increased the number of days to ship to help compensate for this.. only to get notice from an Etsy bot that I am not shipping fast enough.
Further to my previous Etsy article a few months ago the situation for Etsy Sellers seems to have gotten worse. In the UK, Etsy has been withholding 75% of Sellers fees for up to 45 days.
BBC – Etsy accused of ‘destroying’ sellers by withholding money.
Sky News – I Can’t Afford Food.
Etsy Seller Protection Policy CindyLouWho2.com
Due to Seller outrage and Etsy boycotts, Etsy is now reducing the reserve to 30%. I suppose that helps somewhat in that the seller can restock some of its supplies, but the Seller makes no profit for several weeks.
Etsy and Crafting is Big Business
Etsy and Crafting is big business, that is produced by the small work-at-home hand crafter, whose average sales are $30-50 per item. Etsy GMS for the past quarter was $2.6 Billion.
Second quarter 2023 performance highlights include:
• Consolidated GMS was largely flat at $3.0 billion, down 0.6% year-over-year and down 0.4% on a currency-neutral basis.:
• Etsy marketplace GMS was $2.6 billion, down 0.7% year-over-year and down 0.4% on a currency-neutral basis.:
◦ Growth in active buyers accelerated to a 3% year-over-year increase in the second quarter and reached a new all time high of 91
million. We acquired 6 million new buyers, reactivated 21% more buyers than during the prior year period, and retained active
buyers at levels above pre-pandemic rates on a trailing twelve month basis. On a quarterly basis, active buyer retention trends improved both from the prior year and prior quarter.
ETSY QUARTERLY REPORT 2023 For those who are interested in Etsy Financial Reports
Etsy 2nd Quarter Earnings Report – Summary by CindyLouWho2.
Etsy and Cash Advances via YouLend
Recently in the US, Sellers have been notified that Etsy will be helping Sellers who are having financial difficulties due to Etsy Payment Reserves by offering a Loan program via YouLend.
YouLend
Hmm.. so Etsy withholds a Sellers payment, then offers a Loan to the Seller to help them through??
Localization and Carbon Footprint
Etsy is now also testing localization of search listings in efforts to reduce carbon footprint. This will have huge impacts on the small OOAK crafts person. I make handcrafted items. Most of my sales were to the International and US market. If Etsy is now limiting my reach, why would I continue to pay Etsy fees or stay in this marketplace?
Making Shopping on Etsy More Reliable and Joyful
• Our fulfillment improvement initiatives are an important component of making Etsy an even more trusted brand. During the quarter,
we added local delivery signals to United States listings, making it easier for buyers to find sellers in their specific region or state. In
addition to improving the buyer experience and driving up conversion rate, this initiative is an important component of our plans to
achieve Net Zero emissions by 2030.
Etsy Alternatives
If you have an Etsy shop or are thinking of setting one up, it may be time to make a change.
In the UK, Folksy seems to be a more human way to go. There are 8 employees who manage the Sales platform, and fees are much more reasonable and affordable.
Or setting up your own website on Shopify or some other platform.
Michaels Michaels is starting up an on-line Marketplace for Makers.
If you know of other platforms that you have had success with, can you please let me know so I can add them to this list?
Gaming on Twitch
When I’m not at my loom, I like to play a bit of World of Warcraft. I started playing the on-line game many years ago in order to keep in touch with my kids. I’m not very good at Raiding and Dungeons, but I like the challenge of the Quest and the craft making such as Leatherwork, Jewellery, Tailoring. There is also now quite an active and growing Crafts Community on Twitch.
Twitch – PaivatarMomma
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Categories: Craft Biz Info, IT Privacy
