Pricing resources to help you shine throughout the holidays | Announcements

Iridesent · 2023-11-06T20:43:11.140000Z

Having a pricing strategy that fits your specific goals is essential to selling successfully online—especially during the busy holiday season. With so much going on this time of year, it’s not about trying to do everything all at once. Taking a strategic approach based on your shop’s unique goals will help you prioritize where to put your efforts. That’s why we published The Ultimate Guide to Pricing: a comprehensive guide with resources to help you create an effective pricing strategy for your shop, evolve your approach over time, and implement different discounting tools based on the unique objectives you have for your business. Here are a few ideas to help you get started: Are you a new seller curious about the fundamentals of pricing? Make sure you’re covering expenses and planning for the future with a pricing approach that will help your business grow. To get started, read Pricing Basics: How to Price for Profit, Conversion, and Growth. Are you an established seller with a specific growth goal in mind? If you’re feeling confident about your base prices and the profit margins you have to work with, you may be working to achieve other objectives like acquiring new customers, increasing average order value, or increasing order frequency. In Tools for Growing Your Business—and How to Fit Them Into Your Pricing Strategy, learn how discounts, advertising, and sales events can help support the goals you have for your shop while protecting your bottom line. If you decide to participate in our biggest shopping event of the year, schedule a sale of 25% off or more between October 23 and November 29 for the chance to have your items featured. Why 25% off? We know from research that sales with discounts 25% or more could result in more orders!* Our quick action tool makes it easy to schedule your sale in one click: Schedule a sale for Early Holiday Deals happening now until November 19: Set up a sale in one click. Schedule a Cyber sale from November 20—29: Set up a sale in one click. We’ll be investing in marketing to make sure buyers everywhere know all about the Cyber sales event. Plus, buyers can now discover all your great deals in one place—the new Deals tab in the Etsy app! We’ll personalize the page for shoppers, showing them sales and targeted offers for items they’ve recently viewed or Favorited. Curious how Etsy-funded promotions impact your pricing strategy? Etsy-funded promotions are a unique benefit of selling on Etsy—we’re invested in helping you make more sales and keeping your shop top of mind for buyers. They typically consist of buyer discounts, for example, $5 off of orders $25 or more, that are fully covered by Etsy (may only be available in certain markets). These promotions don’t need to factor into your pricing strategy because they’re fully paid for by Etsy, and won’t impact your profit margin. You'll keep your earnings whenever you make a sale during the promotion! Are you an established seller looking for opportunities beyond your current growth marketing strategy? If you’ve already locked in your pricing strategy for the holidays and are looking for even more ways to win this season, don’t miss out on Etsy’s Share & Save program! When you share your unique link to your shop and make an eligible sale, we’ll take 4% of the order total off your Etsy bill—so you pay less in fees for that order. Be sure to use your Share & Save link when promoting your shop or participating in sitewide sales as an easy way to increase your profit margin. Looking for more pricing inspiration? RSVP for our upcoming seller event on November 8 at 1pm ET and tune in to watch Etsy education specialist Abby Lamdan as she interviews a panel of sellers to discuss their different pricing strategies, helpful tips, and insights. We're also experimenting with new pricing functionality to help sellers stay competitive while protecting their bottom line. Some sellers may see our pricing insights experiment within Shop Manager. **Based on a July 2023 analysis with 188K sellers

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Pricing resources to help you shine throughout the holidays | Announcements | Etsy Community