Etsy continues to grow with more makers and more customers looking for unique items. In 2019 alone Etsy jumped from 2.6 million to 4.1 million sellers. And while each seller brings to the marketplace their own unique combination of specialties, styles and skills, Etsy often makes changes to make it easier for buyers to find what they need and allow their marketplace to expand.
Etsy’s latest transaction fee hike from 5% to 6.5% is a good reminder that the platform is ever-changing and it’s smart to stay on top of developments so you know how they may impact your business.
To that end, we’ve compiled the most recent Etsy updates to help you sell better.
Payment updates
Etsy regularly makes updates to Seller payment accounts. This is so that sellers can have an easier and clearer understanding of what they’re spending and how much they’re earning.
Sellers can then make more informed decisions about which raw materials they’re investing in, how to price their products, and what other methods they can use to stretch their budget further and extend their craft profit margin.
Let’s review the latest payment changes:
New summary groupings
Activity summaries on Etsy are now divided into four sections:
- Sales
- Fees
- Marketing
- Delivery
Let’s review each of them in turn.
Sales summary
Found in one spot now, this makes it easy to track total sales and refunds.
- “Total sales” is now visible on the Sales summary screen
- Refunds are now separated out under “Refunds”
Fees summary
Now with a bit more clarity, (although having something like an Etsy fee calculator will certainly help), all fees can be found in one spot.
- Listing fees, processing fees, and transaction fees are listed separately
- Transaction fee is 6.5% instead of 5% (starting Apr 11, 2022)
- Fee refunds or credits are called out as Credits under each section
- Etsy fee debits or credits will appear as “Misc. Etsy debits” and “Misc. Etsy credits” under the Fees summary
📓 Want the lowdown on all of Etsy’s fees so you can maximise your profits? Download our free Complete Guide to Etsy Fees eBook here →
Marketing summary
Find everything you want to know about marketing changes and marketing fees.
- Relevant marketing changes to channels like Etsy Ads and Etsy plus will be located under Marketing.
Related: Is Etsy Plus a good option for your craft store?
Delivery summary
This is a key section for Etsy sellers to track deliveries and updates. If you want to learn more about shipping changes look below.
- This section will only appear for sellers who are able to purchase Etsy postage labels from third-party sellers in the US, UK, Canada and Australia
Related: Reasons you should offer free shipping in your Etsy store »
New Tooltips
Tooltips have been added for summary items like Sales tax, VAT, and other fees. Tooltips will indicate important information like why a fee is charged and how much it costs.
Recent Activities
Recent Activities line items are now updated to be more specific and helpful. There is now a separate line for each activity (e.g. sales tax and processing fee).
Overwhelmed by all of these updates? Don’t be! Craftybase helps you manage your fees and sales from Etsy and other marketplaces from one convenient location.
Listings & attributes updates
Etsy listing categories and product attributes ensure the right customers find your goods. As customer tastes evolve, Etsy refines the available categories and attributes.
Updating your listings and attributes often will help customers find your products more easily, much like how SEO keywords help visitors find a website. By keeping your listings in line with the phrases customers use to search Etsy, you have a higher chance of showing up in their results pages.
Related: Learn how to improve your Etsy SEO »
Of course, you are not a mind reader. You may need to do a little experimenting before you find the combination of categories and attributes that will get you the most visibility.
So how often should you update these listings? There’s lots of contradictory advice floating around the Etsy community, but most people update either:
- Whenever a listing renews, or
- Every day
For the first option, some sellers treat every listing renewal as if they were uploading it for the first time. They upload new photos, play around with the item description, tweak the attributes, and generally do a deep dive into that specific product, and_only_ that product, until the next one renews.
For the second option, sellers will do a little bit of tweaking for different products each day so that changes don’t happen at once. This also has the added benefit of helping you respond quickly to trends you notice among your customers.
Now that we have a basic understanding of why and when, let’s check out what Etsy has updated most recently:
Categories
If you are selling items within the following categories, you may be able to add more context and depth to your listings by updating them with new sub categories. New categories have been added to:
- Cooking Utensils & Gadgets
- Spirituality & Religion
- Jewelry
- Accessories
- Clothing
- Shoes
- Books
- Music & Movies
- Home & Living
- Video Game
- Boys’ and Girls’ clothing
- Toys & Games
- Sneeze Guards & Partitions
- Face Mask Accessories
- Shelving
There has also been a category name update:
- The Drink Flight category is now referred to as Barware
Attributes
Attributes are equally important for any listing. Adding more attributes can help the right buyers find you. Every craft item is unique, and attributes help explain their value. New attributes have been added to the following categories:
- Jewelry Types
- Techniques
- Fabric technique
- Gemstone Type
- Video Game
- Bollywood
- Trousers
- Jacket
- Tea type
- Tea form
- Powder tea
- Racquet sports
- Yoga equipment
- Wreaths
- Signs
- Candles
- Desks
The following attribute has been removed:
- Poppy as a Flower Type attribute has been removed
If you are looking to learn more about the specific categories and attributes added you can find them on the Etsy running update list.
Shipping carrier rates updates
If you’ve ever tried to deliver a package yourself, you know that doing so costs you in time and fuel. The same thing applies to shipping companies who charge you money to use their thousands of delivery people, vehicles, and equipment to get your product from your warehouse to the customer.
Every January, shipping companies adjust their rates based on costs like fuel and labor. It’s important for you to keep track of these rates and see how they affect your profit margins.
For your convenience, we’ve listed the latest rate adjustments from the major shipping carriers.
FedEx
FedEx is one of the most recognizable names in international shipping, and for good reason. Their services are reliable and fast, especially their next-day delivery option. This speed is essential if you are shipping perishables or are offering next-day delivery in your Etsy store.
- Domestic and International FedEx Express rates will increase by an average of 5.9%
- Domestic FedEx Ground will increase by an average of 5.9%
- Most commonly incurred surcharges will also increase.
Learn more on the FedEx website.
Canada Post
Those located in Canada may choose to use Canada Post as their primary shipping option if they don’t mind sacrificing delivery speed to save a few bucks on shipping fees. Generally speaking, shipping the same item via Canada Post costs twice to four times less than using FedEx.
- Domestic parcels increased weighted average prices by 3.5%
- US and international postage prices will increase by 2.8%
- Priority Worldwide prices will increase by 5.5%
Learn more on the Canada Post website.
United States Postal Service
The USPS is the primary delivery provider in the US, similar to how Canada Post operates in Canada, and there is no overlap between the two service’s coverage. Price wise, USPS is generally cheaper than FedEx, except when you start shipping parcels greater than 2 lbs. FedEx may turn out cheaper in those situations.
- First Class Package Service will increase by USD $0.06-$0.07 for the 1-4oz weights
- Domestic Priority Mail and Priority Mail Express rates will increase by an average of 3.1%
- First Class International rates will increase by an average of 4.2%
- Priority Mail International rates will increase by 3.7%
- Priority Mail Express International rates will increase by 3.2%
Learn more on the USPS website.
Royal Mail
- 1st Class Online postage for Small and Medium parcels will decrease by an average of 7.8%
- 2nd Class Online postage for Small and Medium parcels will decrease by an average of 7.2%
Learn more on the Royal Mail website.
Expanding your Etsy business in 2022
The Etsy marketplace represents enormous potential for your maker business, and you will need a solution that makes managing your book of business easier if you’re going to scale.
Craftybase offers a mix of solutions that help you with nearly every part of your production, short of actually making your products for you. Craftybase provides a robust inventory management system, accurate financial tracking, and intelligent price recommendations - all in support of you so that you can build your Etsy business the right way and at the right pace.
Key Takeaways
It’s important to monitor Etsy for listing, payment, and shipping changes as the marketplace continues to evolve. Doing so can have a significant impact on your business’ prices and profitability.
Stay tuned to this blog as we post more changes to the Etsy marketplace.
