Internet has allowed many people to make money in the most simplest way. Today, anyone having unique skills in creating handmade items are earning from the comfort of their own home.
I’m sure anyone who thinks of selling their handmade products online, Etsy is considered to be one of the most suggested and preferred marketplace available over the web. This selling platform has over 54 million registered users, from which 1.4 million active sellers with 19.8 million active buyers. With this count, Etsy proves to be a rapidly growing platform allowing many creative business owners an ability to sell a wide range of products that includes art supplies, handmade items, as well as, vintage pieces.
Listing on Etsy is simple and clear to understand, while it’s easy-to-use interface allows the most seamless shopping experience to customers. With so many advantages, many business owners are still finding it difficult to make one’s mark.
Below in this article, we will discuss about those mistakes that every Etsy seller should avoid:
1. Overlook the importance of product description and images
One of the most common mistake among Etsy sellers, is they overlook the importance of product description and product image in their listings. Unlike any other marketplace, Etsy's buyers are always looking to connect with artists from across the globe.
What you can do?
Spending more time in crafting a personalized product description and showcasing high quality images will help you build a personal connection with your customers, which is always crucial for any Etsy seller.
2. No policy in place
Many Etsy sellers experience stress when confronted with an issue, and solutions offered are not the same for all. This can create a bad impression for your brand. Therefore, to avoid such situations you need to treat everyone equally.
What you can do?
Design an easy-to-understand policy and make it available for your customers, which in turn, will make them feel confident that they are offered solutions that is the same for all.
3. Manual inventory tracking
Whether you plan to run your Etsy store with handful of products or even hundreds of them, keeping track of your inventory(update listings) is one of the most important thing, that many business owners still do it manually. This does not only waste time, but also increases the chances of major stock issues that directly hampers the bottom line results.
What you can do?
Automating your Etsy store inventory management process will help you save time, cost, and effort that you can use in your creativity and offer your customers with some outstanding collections that cannot be ignored.
4. Ignoring the potential of Etsy app
With the advancement of technology, mobile apps are proving to be a bliss for retailers-allowing them to access and control their business from anywhere, anytime. Another most common mistake, is sellers are ignoring the potential of Etsy app.
What you can do?
Adopt Etsy app that will allow you to re-list products immediately after a sale is made. This ensure your products always show -up with the correct stock availability, which becomes very important for offering a pleasant shopping experience.
5. No marketing program in place
Etsy being one of the most successful marketplace and with it’s large customers base, many sellers tend to ignore the need of a marketing program in place. You’ll will receive orders for your Etsy store, but at the same time targeting relevant customers is must for continual growth.
What you can do?
Take time and come up with a winning marketing strategy that will help you with a continual growth. Social networking sites like Pinterest, Instagram, and Facebook are ideal platforms for promoting your creative platforms. Such platforms allow you to target relevant audience who regularly visit such sites and make purchases.
Facebook and Pinterest have already rolled out “Buy Button”feature that allow online shoppers to make purchases without having to leave their favorite networking sites. This increase chances of sales for your store, while you increase visibility for your products over these leading social networking sites.
The above are the most common mistakes, but if ignored, can lead to bad results for your Etsy stores.
The increasing popularity of marketplaces like eBay, Amazon has made selling so easy, that it allows anyone to get started in minutes. However, many sellers are forced to discontinue their business due to inventory and fulfillment challenges. To fill the gap, dropshipping has proved to be an ideal solution.
You’ll come across many people diving into a business idea based solely on their passion. Dropshipping is one such business! But, if your primary objective is to develop a profitable dropshipping business it's important you do your homework well.
What are those things you need to consider before starting dropshipping business?
1. Select a product of your interest
One of the greatest advantage of dropshipping business, is the freedom of experimenting with all sorts of merchandize. However, in the initial stage, it is always suggested to select a niche product line that will create an excitement and help you get hold of your dropshipping business.
2. Trace relevant suppliers
Next, you need to trace suppliers who will help you fulfill your customer’s orders. So, how can you end up working with trustworthy suppliers for your dropshipping business?
Step 1 - Flip through Yellow pages to find suppliers, then browse the web to review their performance.
Step 2- Select the best ones, but before closing a deal with them, confirm their fulfillment turnaround time, shipping methods, and warranty.
3. Advertise over leading social networks
After you finalize your suppliers, it’s time to be loud! Design a promotional campaign for your dropshipping business and target leading social networks (Facebook, LinkedIn, etc.) to let people know you are in this business. A proper marketing strategy can earn increased customer base day-after-day.
4. Invest in a centralized dropshipment management system
The key for a successful dropshipping business, is to ensure your customer’s orders are fulfilled in time.
Coordinating with suppliers over the phone or even emails, can create confusions and delays in fulfilling your customer’s orders. And, as a startup you cannot compromise with your service, if you want to see continual growth. Dropship management system will help you bring all your suppliers information at one place, from where you can co-ordinate and gain access to customer’s order status in real-time. Eliminating the hassle of manually managing each supplier individually, such centralized software solution will help you run a profitable dropshipping business.
As per an article by TCS on SKU Rationalization, facts confirm that up to 35-40% of the total inventory is stuck in the non-performing, slow moving SKUs, whose cumulative contribution to sales is less than 5%.
With the above information, you can realize how your inventory management directly impacts the bottom line results. And, when speaking about managing inventory, SKU(Stock Keeping Unit) is considered to be the key for maintaining an effective inventory management cycle for your business.
So does your inventory management practice involve SKUs? If not, let me throw some light on its results that you may not be aware of.
1. Stock transparency
Your business will deal with stock ins-and-outs on a daily basis, hence having a system to track them becomes very important to maintain correct stock levels(no more, no less). Allocating SKUs for your inventory will make it easy to determine the actual counts and help you always perform an effective inventory management practice for your business.
2. Easy stock identification
When dealing with few products, it’s possible to identify those slow moving products, damaged products, missing products or even thefts. However, when your business grows, you will have to deal with more products in order to grab every opportunities that come one’s way. This is where SKU makes it easy and quick to track stock and keep levels maintained, which automatically eliminates the risk of unforeseen events.
3. Stock replenishment
You need to ensure products are procured and available to customers all time, in order to keep the business going on. But what about those cases when your product shows as stock available, but after the customer places the order, you realize that particular inventory is not available in the warehouse. Such situations directly hampers bottom line results, and I’m sure you won’t like that to happen. Therefore, automating your inventory management processes and adding SKU to each product variations will eliminate such ugly and costly situations. Also, automation will allow you add threshold limit for every product and ensure the levels of inventory will never get out of hand.
4. Safety lock
Tracking inventory on daily basis is important for practicing an effective inventory management flow. This is done to ensure stock levels of the warehouse are in-sync to stock levels of the inventory management system. And, by adopting SKU management will help you allocate unique identifications for each product variations(size, color, etc.) making it easy to reconcile stock levels for your business.
5. Smarter stock investments
Lastly, an effective inventory management practice in place can help you save hundreds of dollars. Adopting SKU management you don’t need to worry about dead stocks scenarios, as you’ll get a clear picture of your good and bad ones. This way you can take instant inventory decisions and use your capital sensibly.
Source link: http://www.tcs.com/
Simple, yet powerful