Etsy:

Etsy:
Global Marketplace for Women Sellers & Creators

Story by Cindy
Reid

Etsy, Inc. is
a global online marketplace where people come together to make, sell, buy, and
collect unique items. Founded in 2005, this uniquely American e-commerce
company is headquartered in Brooklyn, New York, where it started as a digital
co-operative of sorts, and is now a hugely successful publicly traded company
with 2,338 employees (not sellers).

Everything
from artisan jewelry, hand bags, clothing, home décor and furniture to vintage
toys, digital art, and craft supplies is available on the Etsy marketplace. If
you can think of it—it’s there.

Etsy has 7.5
million active sellers, 96 million active buyers and nearly 100 million items
listed for sale. They reported $10.3B annual gross merchandise sales in 2020.
Clearly, they have tapped into a global interest for unique goods made and
found by everyday people and creative entrepreneurs.

From the
beginning, Esty appealed to women as buyers and sellers. Creative women have
traditionally dominated the handmade artisan marketplace, and they found Etsy
to be a good fit due to their rigorously honest business practices and
welcoming website, where ‘hard sell’ doesn’t exist. For many women, an Etsy
shop became, and remains, the fastest and easiest way to become an
entrepreneur. All that’s needed is a product to sell and a bank account.

The sellers
create their own unique shop, list their own items, set their own prices and
interact with customers via the platform. Sellers are responsible for their own
shipping and restocking. Etsy provides the digital platform and manages the
financial end—for nominal listing fees and small percentage of each transaction
resulting in a sale. As they say, “Etsy isn’t a get-rich-quick scheme…Earning
a decent income from your Etsy shop is possible, as long as you’ve got
dedication, perseverance, and a great product.”

Women-Owned Businesses

According to
the U.S. Census Bureau, there are more than 12.3 million female entrepreneurs
in the United States. They report the percentage of female business owners in
2018 increased by a whopping 31 percent. For many women, an online business is
the best option. The startup cost is minimal, and the work can be done from
home, usually on their own schedule. There are also women who have recently
become small business owners after losing their jobs because of the pandemic. Far
from being an outlier in the economy, women-owned businesses are robust and
growing.

“No one can
deny the impact women-owned businesses have on our economy. Women-led
businesses employed 10.1 million workers and accumulated $1.8 trillion in
receipts in 2019. The number of employer firms owned by women grew six percent
between 2014 and 2016, twice the growth rate of employer firms owned by men.
This exponential growth was mainly driven by an increase in employer businesses
owned by minority women, which grew 14 percent.” (Source: www.sba.gov )

According to
Etsy’s 2020 Global Seller Census, 81% of their sellers around the world
identify as women. Josh Silverman, CEO of Etsy, says the online marketplace is
an “on-ramp” for women entrepreneurs across the globe.

“It’s
dominated by women sellers,” says company spokesperson Marissa Tarabocchia. “Of
the platform’s 3.1 million active sellers, more than 90 percent are one-person
businesses and 95 percent operate their business out of their homes.” (Source:
CNN Business 3/8/21)

Keep Commerce Human

Etsy is
invested in female success via their marketplace platform as well as in their
own offices. Their history with software engineers bears this out. In 2010,
only 6% of the company’s software engineers were women. In 2012 they grew that
to 22%, and today more than 30% of Etsy’s engineering team is female, almost
double what’s found in similar industries.

Raina
Moskowitz, Etsy’s Chief Operations, Strategy, and People Officer explains how
the company mission is illustrated through its engineering team. “Etsy’s mission
is to ‘Keep Commerce Human’ and an integral part of that mission is our
commitment to fostering a diverse, equitable, and inclusive workplace. This
incorporates gender inclusivity, including for women and all people who are
from marginalized genders. Our company remains a long-time leader in gender
diversity, with women making up half of our executive team, nearly half of our
company, and nearly 44% of our senior leadership. As a workplace of choice for
women, we’re able to create a foundation of support and empowerment for the
community of female entrepreneurs on our platform,” Moskowitz adds. (Source:
www.forbes.com 2021/10/05)

When a company
invests in this level of diversity, it shows in their day to day operations.
Etsy sellers range from hobbyists to professional artists, many of whom have
not sold their work previously. Most of the sellers are businesses of one, and
28% live in rural areas, isolated from cities and craft shows, and far from
where many of the customers for expensive handmade goods live. Having a
worldwide digital platform—with an emphasis on support and inclusivity—makes
selling their goods possible for the first time.

Etsy Question & Answers

What is it
about running an Etsy shop that makes it more accessible to women versus other
types of small businesses?

Etsy offers a
range of services, such as financial tools, and a user friendly platform, which
makes getting started easy. There is a wide range of online support and
tutorials. Being a strictly online business makes it possible for women who may
be limited in their options to maintain a livelihood and bring in extra income.

Do sellers
need any special technical equipment?

Sellers need
the ability to get online and upload photographs of their items. In addition to
the website, they have a very popular app, which can be used for both buying
and selling, eliminating the need for expensive computer or photography
equipment. A shop can be run entirely on a cell phone.

How much does
it cost to sell on Etsy?

It costs $.20
to publish a listing to the marketplace. A listing lasts for four months or
until the item is sold. Once an item sells, there is a 5% transaction fee on
the sale price (including the shipping price you set).

Can I sell/buy
antique or vintage items?

Yes. However,
all vintage items must be at least 20 years old. Vintage T-shirts, quilts,
linens as well as antique furniture can be sold on the site. Mid-century modern
is a very popular category, as are toys and games from the 70s.

What makes an
Etsy shop successful?

As in any
small business, the path to success is putting in the time and effort, not
necessarily the money. Good photographs of your product or vintage items,
honest and interesting descriptions, fair pricing and fast shipping are all
crucial components to being a successful seller. Checking in with your shop on
a daily basis, fine tuning listings, responding quickly to customer’s questions
are also very important. It’s really no different than having a brick and
mortar shop in that regard—customer service is key!

Happiness Factor

Not every Etsy
seller will make a living with their shop, for many it functions best as a
supplemental income. But even if that’s the case, most sellers report a feeling
of satisfaction from marketing and selling their own products. The ‘happiness
factor’ is real and having the ability to send their creative work out into the
world is very meaningful for many sellers. Spreading happiness is joyful!

“At the end of
the day, a full 76 percent of women business owners report being somewhat or very
happy, while just 14 percent report being very or somewhat unhappy. Despite all
the challenges of 2020, women business owners have triumphed.” (Source:
www.guidantfinancial.com/small-business-trends)

For more
information visit www.etsy.com