Is Selling on Etsy Worth It? – 2024 Update!

This article is a summary of the YouTube video ‘Is Etsy Still Worth It – 2024!?’ by Hannah Gardner

Written by: Recapz Bot

Written by: Recapz Bot

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How does it work?
Etsy’s worth in 2024 debated, challenges highlighted, success requires adaptation.

Key Insights

  • The video discusses whether Etsy is still worth it in 2024 and addresses the frustrations and challenges faced by sellers.
  • The speaker emphasizes the importance of having proper expectations when starting an Etsy business and not selling unrealistic dreams of quick success.
  • The speaker shares personal experiences and suggests that success on Etsy requires adapting and understanding the bigger picture.
  • The video highlights the advantages of selling on Etsy, such as better profit margins and simplicity compared to other platforms like Shopify and Amazon FBA.
  • It is noted that sellers on Etsy need to comply with the platform's rules and may be subject to algorithm changes and market saturation.
  • The speaker mentions the need to be adaptable and malleable to stay successful in a changing market.
  • For success in 2024, sellers should find a balance between maintaining creativity and scalability by systemizing various aspects of their business, from customer service to marketing and fulfillment.
  • The opinion is shared that sellers who have figured out how to scale their businesses while still being creative will be successful in the future.
  • Please note that the response is generated based on the transcription of the video's content.

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Title: Is Etsy Still Worth It? – Transcript

[00:00:00] So in 2024, the people that are going to be successful are gonna be sellers that have figured out a way to still maintain creativeness, but at a scalable level. As we progress into the later months of 2023 and eventually very soon go into 2024, in this video, we’re posing the question, is Etsy still worth it?

[00:00:21] I get a lot of feedback and I collect a lot of data just from posting videos and getting people commenting in the comments section. And recently, I’ve seen an influx of just frustration or what seems to be frustration, whether it’s with the Etsy recent changes or with ads or with competition or with trademark problems.

[00:00:42] In my personal opinion, I feel like the frustration or the letdown, well, let me clarify, because it’s not like I don’t ever get frustrated with my business, trust me. I have a very, very love-hate relationship with Etsy and Shopify, much like all of you guys, right? It’s not like I’m sitting over here like my life is rainbows and butterflies. That is not the case. And you can see proof of that in my channel.

[00:01:06] But with that being said, I feel like the frustration that leads to failure or the frustration that leads to people giving up is really due to a mismatch of expectations, meaning they didn’t previously understand what they were signing up for when they signed up for it, meaning opening up an Etsy business. That is why, as you will see in my channel, I do not like to sell the dream to people of what it takes to build a business, especially if you’re wanting to get into the later six-figure, post-seven-figure mark.

[00:01:35] Even in my big video that I posted that I did over 900K in my first calendar year on Etsy, I make a hard preference that, yes, that was my first calendar year on Etsy, but that was not my first year in business. I had pretty much like two to three years of entrepreneurial failures or things that didn’t work out before I had the identity capital or the know-how to actually build something worthwhile.

[00:02:02] Now, I’m not saying it’s gonna take you two to three years, but that was the case for me. Now, can you come out the gates and just grow a seven-figure business right out the gates? Yes, I’ve seen it before, but it wasn’t the case for me. So if you’ve come into this game already with proper expectations, when times get tough and when things aren’t easy and when all these other external variables of market changes and Etsy changes and algorithm updates and when all those things happen, because they’re going to happen, it’s bound to happen, it’s the nature of this business, if we have the proper expectations set when the times get tough, we can still carry on through the tough times.

[00:02:45] And I feel like in my personal opinion of what I’ve seen with the older sellers that are not adaptable and not growing and changing with the times and with newer sellers that are a couple months in, but super frustrated, having the proper expectations are what’s going to carry you to keep pushing forward when you have a bigger understanding of the bigger picture at play here.

[00:03:11] With all that being said, hopefully by the end of this video, one, understand what my personal opinion on is Etsy still worth it and why? And two, like we already kind of touched on, what are some really core factors? We’ll go over a list of core factors of who is going to be successful in the fast changing future that is coming.

[00:03:31] Welcome back guys, my name is Hannah Gardner. I have been teaching people how to build brands on Etsy and on Shopify, and I’ve been honestly documenting that journey here on YouTube, trying to be as transparent as possible with you guys. And that includes all of my wins and all of my losses.

[00:03:51] First things first, is Etsy still worth it? If so, what are some of the core factors that are going to make it worth it for you? And if so, what are some of the core factors First things first, is Etsy even worth it today with all the saturation, all the changes?

[00:04:07] And my personal opinion is yes, it’s worth it for digital downloads, print on demand, or if you’re selling physical product goods like me. But that opinion also stems from having over five years of experience of seeing how the markets have changed, what ways of making money online became trendy, which ones died off, all of the things that have happened in this wave of online entrepreneurship in the last five years.

[00:04:32] First things first, if you compare the Etsy business model to any other vehicle of selling physical product goods or digital downloads, unless you are just a viral TikToker or a content creator, unless you’re that person and you want to sell things online, Etsy is, in my opinion, still by far the easiest. It yields arguably the best profit margins.

[00:04:57] I compare Etsy to like e-commerce for beginners, like freshman year business, then sophomore year is like Shopify, and then senior year grad school is like Amazon FBA. And the trends and the hype that we’re seeing around Etsy right now and why so many people are drawn to Etsy, especially people like me who came from a really heavy media buying background and extensively understand the ins and outs of Amazon and Shopify, people like coming from those backgrounds look at Etsy and they’re like, oh my gosh, why didn’t I discover this sooner? Because it’s so much more simple than those platforms.

[00:05:32] The exception to that is except if you’re just that organic viral TikToker or content creator that just puts out viral content that drives traffic to your store. Or if you just by the very nature have some viral product that just like went viral, you’re a dime and a dozen and it just went viral immediately.

[00:05:52] Obviously Etsy has parameters on what is even allowed to sell on Etsy. So you obviously have to comply with what is and what is not allowed on Etsy. Now this leads me to setting some expectations. For you to understand my perspective, you first need to understand what are core attributes about selling on Etsy.

[00:06:14] So the first thing that you have to understand is that when you’re selling on Etsy, you’re playing in someone else’s sandbox. You are third party selling, you don’t own Etsy, right? So that means you’re playing by the rules of somebody else. This is not like Shopify, Amazon, eBay, those are also third party selling platforms.

[00:06:35] Shopify technically would be you owning your own destiny. When you open a Shopify store, you own your Shopify account, you own your brand. Now, arguably you’re still at the mercy of algorithms when you run ads on Facebook and Instagram and TikTok and YouTube, but you still have a lot of opportunity to get your name brand and your products out there.

[00:06:58] So on Etsy, when you’re signing up to say, hi, I’m gonna sell on your platform, you’re basically complying and saying that you’re willing to comply with their rules. So from one day to the next, if they wanna change the algorithm, if they wanna make changes on how product images are displayed, if they wanna change how expensive it is for you to acquire in a customer, you’re always at the mercy of another company and you have to be okay with that.

[00:07:25] The reasons I’m okay with that is because I know my cost per acquisition to acquire a customer and then also have the opportunity to get a repeat customer on Etsy is a lot cheaper than on Shopify, specifically for my products.

[00:07:40] Another core attribute about selling on Etsy that you have to understand is that as markets get saturated, as people learn the new trendy way to make money online. Right now, I’m pretty sure Etsy print-on-demand is being searched more than Uber. A few years ago, the keyword was dropshipping.

[00:07:58] A few years before that, it was Amazon FBA. A few years before that, it was Amazon arbitrage. When markets

This article is a summary of the YouTube video ‘Is Etsy Still Worth It – 2024!?’ by Hannah Gardner