As small business owners, we can tend to be control freaks. We don’t like change, especially change that we have no control over. So naturally, when we hear news about Etsy changes, sellers may worry that it will impact our income. Staying informed about the latest changes and leveraging them to your advantage is key to sustained success. So today, we’re going to talk about what’s changing at Etsy in 2024, including Etsy Gift Mode and the new Etsy seller account requirements for new shops.
Part of being a successful entrepreneur is being flexible and being willing to go with the flow sometimes, especially when things are out of your control.
– Pamela Grice, the Crochetpreneur
What’s New at Etsy in 2024?
Etsy has announced two big changes for 2024, which include:
- Etsy Gift Mode, an alternative browsing experience for Etsy shoppers.
- Added onboarding requirements and fees for new Etsy shop owners.
It’s essential to stay informed about the latest updates that may affect your business. In this episode, we’ll dive into the recent changes at Etsy, including the introduction of Gift Mode and the new shop onboarding process, and discuss how you can leverage these changes to elevate your crochet business. So keep reading or listen to the podcast now to learn more! 👇
Etsy Gift Mode
Etsy’s introduction of Gift Mode is a game-changer for sellers and buyers alike. Here’s a breakdown of what you need to know:
What is Gift Mode?
Gift Mode is a new search feature on Etsy that allows potential buyers to browse for gifts based on the recipient’s interests and characteristics, rather than specific search terms.
How Does Gift Mode Work?
When users activate Gift Mode, they can select the type of recipient (friend, family, coworker, etc.), the occasion, and the recipient’s interests. This feature aims to simplify the gift selection process and inspire buyers who may be unsure of what to purchase.
Implications for Your Crochet Business
As a Crochetpreneur, it’s crucial to understand how Gift Mode may impact your business:
- Visibility: With Gift Mode’s emphasis on personalized gift suggestions, optimizing your product tags and descriptions to align with gifting categories can improve your visibility to potential buyers.
- Consideration: Buyers using Gift Mode may be in the early stages of the purchasing process, so make sure your product listings are engaging and convey the unique value of your crochet items as thoughtful gifts.
Adaptation Strategies
Here are some strategies to adapt to the shift in Etsy’s search landscape:
🏷️ Tag Optimization: Review and update your product tags to align with potential gifting categories, helping your products appear in relevant search results.
🔀 Diversified Offerings: Consider creating gift-specific product bundles or introducing variations of your existing products tailored for gifting purposes.
🎓 Customer Education: Proactively educate your audience about the benefits of your crochet items as meaningful gifts, guiding them to find your products through Gift Mode.
News About Etsy Seller Account Requirements
As Etsy reshapes its shop onboarding process, new sellers face revised requirements and fees that warrant attention. Let’s delve into the key aspects:
Identity Verification
Etsy now mandates new sellers to verify their identity by submitting a government-issued ID and a selfie for authentication purposes. While this process aims to enhance trust and curb illegal activities, it’s essential to understand the impact on your entrepreneurial journey.
Setup Fee Imposition
New shops on Etsy are now subject to a $15 setup fee, intended to cover the expenses associated with ID verification. This upfront cost may pose challenges for individuals starting their crochet businesses on a limited budget.
Payment Schedule Amendments
Etsy is implementing a revised payment schedule for new shops, with specific details yet to be disclosed. These changes could impact the cash flow of new sellers, especially those reliant on prompt access to their earnings.
Strategies to Mitigate Impact
To navigate the new onboarding process with resilience, consider the following strategies:
- Budget Planning: Factor in the setup fee in your initial business budget, ensuring that it doesn’t disrupt your operational and investment plans.
- Streamlined Onboarding: Familiarize yourself with the new onboarding requirements in advance so that you can smoothly fulfill the verification and setup process.
- Diversification: Explore alternative platforms and channels to complement your Etsy presence, establishing a resilient multi-platform sales strategy.
Learning Opportunities for Etsy Sellers
We have some exciting learning opportunities coming up at Crochetpreneur. Check them out and see which one is right for you!
Yarn Biz Blueprint
Are you passionate about crochet but overwhelmed by the thought of turning your hobby into a thriving online business? Introducing Yarn Biz Blueprint, a unique, hands-on workshop designed to show you the possibilities for transforming your crochet dreams into reality – all in just 3 hours!
This dynamic workshop is more than just a learning experience; it’s a collaborative adventure. Together, we’ll navigate the complexities of starting an online business, from ideation to execution.
Learn more and register for Yarn Biz Blueprint here.
Unlocking Growth with the Crochet Business Summit
Exciting opportunities await at the upcoming in-person Crochet Business Summit, where crochet business owners converge to ignite growth and innovation.
Event Details
The Crochet Business Summit will be held in Aurora, Colorado, from April 10th to 12th, offering a dynamic platform for networking, learning, and strategizing for business expansion.
Summit Benefits
Participants can expect enriching sessions covering marketing strategies, productivity enhancements, and sustainable growth frameworks to propel their crochet businesses to new heights.
Sign Up for The Crochet Business Summit Today!
Space is limited and the window to sign up will be closing soon. So if you want to take advantage of this amazing learning and networking opportunity, sign up now, here!
Closing Thoughts
Embracing change and staying agile is the hallmark of a successful Crochetpreneur. By navigating the shifts at Etsy, seizing growth opportunities, and participating in transformative events like the Yarn Biz Blueprint and Crochet Business Summit, you’re poised to thrive in the dynamic landscape of crochet entrepreneurship. Remember, at Crochetpreneur, we’re here to equip you for success every stitch of the way!
