As we step into 2024, Etsy shop owners need to be prepared for the evolving market and growing competition. With over 150,000 new shops registered on Etsy each month in 2023, it's crucial to stay ahead of the game. We provide valuable tips on how to prepare your Etsy shop for success in 2024.
1. Stay organized and prepare a strong marketing plan for 2024
The first half of January is usually dedicated to planning. What do you want to achieve in 2024? What are your most ambitious goals? How would you do that?
This time of the year presents an opportunity to think about both what worked well in the last 12 months and what didn't. Is there a product that sold really well? Is there a specific product category where you are seeing the most traction? Are there any events that led to most incomes? The answers of all these questions have the power to ensure a good basis and help you build a solid marketing roadmap that will give you a head start to kick off the first quarter of the year.
2. Real-time SEO - a vital part of your shop’s life
SEO is not something you can do once and forget about it even if you have the luck to do it right the very first time. Looking for new keywords is part of this but the analytical work with listing and keyword data is what triggers the SEO growth over time. So, this is the reason why our SEO team is constantly checking trends and do research and market analysis to make sure our clients products and shops are up to date, not only with the latest trends and shopping occasions, but also with the ever changing Etsy algorithm.
And when it comes to keywords – yes, they are a powerful tool indeed. Sometimes just changing their order in the title might give the boost we all look for. But this is so if they are very well thought out and most of all measured. SEO is not an exact science and the most important part of our work is to measure what we do and adjust accordingly so the traffic we bring to a store is relevant and growing in time. It's not because we write "better" titles and tags, it's because we look at the situation of every listing and decide what should be improved this month based on the stats. Doing this consistently, triggers long term traffic growth and gives you an edge every season.
And we completely understand that you have a certain number of products and cannot create unlimited new items, so what we recommend in this case is to “dress” these Christmas gifts in spring outfits and make them desirable and visible also for Mother’s and Father’s day. In short, being real time is half of the job done.
3. Standout from the competition
Over 150 000 new shops have been registered on Etsy in each of the months of 2023. Is yours one of them or you are one of the sellers back in the time? New or with a solid background and experience, we are all confronting the same reality - growing competition and rising inflation. Then, what do you think will help you have a successful year?
Our benchmark and years of ecommerce experience proved that what makes the difference is your shop to stand out. Pay attention to the overall customer experience your shop provides, work harder towards building loyalty and turn your buyers into brand ambassadors. Develop a recognizable brand identity and stick to it. Make sure your shop “skin” is up to date with the seasonality and trends. Having a Christmas sale banner in mid March is not good practice. You can do better and show your audience your indomitable spirit and constant response to the changing market demand.
Do not forget that running visual and email marketing campaigns around the occasions that fit your brand will help you stand out and convert more of your traffic.
4. Product development and pricing
The dynamism of the economic situation challenged many aspects of business for the last couple of months. The price of materials increased and so did the shipping. This means that now may be a good time to re-evaluate the price of your items. Do not worry - it's not just you.
Try to calculate exactly how much your production price has risen and adjust the product one. Consider a buffer to be able to run sales. This is a deeply psychological moment and $27.99 with 30% off is much more appealing than a simple $19.99.
If you are afraid of a pushback caused by the increased prices, do it gradually and authentically to ensure that your customers understand the situation and are willing to stick through it. All businesses go through similar growing pains and this is part of the process.
In general, the best approach you can take is assuring customers that the increase will help maintain product quality. Customers who are dependent on your products will be more understanding of this reasoning and will want you to maintain the high quality that they're accustomed to.
We have a year of opportunities ahead of us. The market is changing rapidly, and everything is coming together to help top sellers shine brighter than ever before.
