Etsy Messaged Me And....

[kmmcrafts]

Anyone else get one of these? 

They are rolling out a new "pricing tool" to help sellers compete with other sellers items... I'm not sure but it seems they're always pestering me to be one of their testers, LOL.. Maybe because I've opted in on several of the test they did over the years and I quit because some of them I'm pretty certain hurt my sales...

I removed some of the message that had links etc.. or any personal info but pasted below is the email.

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Hi there!

We're letting you know that you're getting an exclusive invite to test a new feature! We're working on a new pricing optimizer tool that lets you see how your prices stack up against similar items in the Etsy marketplace, and allows you to easily adjust those prices to help your shop stay competitive. We noticed that some of your listings might benefit from being repriced from this tool.

Try out the new pricing optimizer tool here:

Keep in mind that your item's price should reflect the cost of materials, labor, and the overall quality of your item. Your item prices should also account for occasional sales and discounts you may offer to buyers so that you can still be profitable while also running promotions in your shop. Get fresh tips on ways to refresh your pricing strategy in our Ultimate Guide to Pricing: 
Have questions or feedback as you start testing this tool? We want to hear from you! You can share your thoughts using this survey:

The tool will surface your listings alongside similar listings on Etsy to show how your pricing compares. If you have feedback about the similar listings we’re showing alongside your own, you can let us know right from the tool by clicking the “...” button at the end of the row.

This feature is an early test—so remember things may change, break or not work as intended, but your participation and feedback can help Etsy build a better product for you and the entire Etsy community.

This inbox is unmonitored, so if you respond to this message we may not see it. If you have a question about your shop, you can chat with a member of Etsy’s support team 24/7 from our Help Center. Note that Messages from Etsy employees do not affect your Star Seller message response rate, so not responding to this message will not affect your Star Seller eligibility.

 

 

 

[BadBob]

I tried it. Generally, it did not tell me anything I didn't know. There were a few that were obviously wrong.

[kmmcrafts]

Yeah pretty much what I expected.. I haven't tried it yet.. I suspect since my products are typically higher priced than the majority of others it'll say I need to "reduce" my prices and also offer free shipping. There are tons of folks that possibly could benefit by raising their prices so they don't lose money. I've been doing this for 15 years.. and through trial and error figured out what price points work for me.. if running sales and promos work for me or not.. Low prices and more sales don't always mean higher profits is what I learned when selling ornaments in the $10 - 15 price range.. sure I got lots of work / orders but it was for slightly less profit. MOST online "new sellers" think if they sell at a lower cost they'll take some of the shoppers away from other shops ( competing ) but what they need to worry about is getting their product actually seen. 

If they had the majority of seller pricing higher and not competing in the mass produced sector I'd think that'd benefit etsy's profit.. the end goal for all the things they do revolves around "their profits" not the sellers.. 

[BadBob]

I reviewed mine and looked at all the listings Etsy thought were similar. About half of the comparisons were inaccurate. It would be more useful if it would show all my listings. Perhaps they only show listings that they think are out of range.

1 hour ago, kmmcrafts said:

Low prices and more sales don't always mean higher profits is what I learned when selling ornaments in the $10 - 15 price range.

Oh, get this big time. I have some items that I could sell a lot if the price were low enough, but I would work a lot more and make less money if I have to make a lot of the same thing I burn out on them. I made a pull toy for a custom order and offered it in my shop for a much higher price than the original. It sold, and I raised the price. Every time I sold one, I raised the price, and they kept selling. I got tired of making them and eventually disabled the listing. I follow this model with most items until I get something I can live with. A balance between sales, profit, and work. I refuse to work for free.

I don't have sales. I firmly believe that all you do when you have a sale is train customers to wait until the item goes on sale. I believe this because that is what I do.

Sales are so bad now that if I didn't have a lot of low-priced items, I would be making few sales. The interesting thing to me is these low-priced items are the ones that make the most profit percentage-wise. Material cost is near zero, and they are very easy to make.

[kmmcrafts]

On 10/14/2023 at 11:18 AM, BadBob said:

I don't have sales. I firmly believe that all you do when you have a sale is train customers to wait until the item goes on sale. I believe this because that is what I do.

 

They actually are a very good way to bring in traffic so I do run sales.. the trick to them is strategically price products so you can afford to run sales.. same with wholesale / bulk orders.. When this situation as you say ( people will just wait for a sale ) is because the business runs a sale every week or there is always a running sale on a certain product.. typically done in local box stores.. They run a sale on a product to "get shoppers in the store" and while there they pick up many other items that are not on sale. I don't think crafts sellers understand pricing strategies.. and think that selling at a low price will attract buyers.. 

IF you don't run sales then how do you go about telling people about your items? You cannot get much business by just posting a product on social sites.. without also bringing some kind of value to the person you're showing it too.

I don't personally see how someone can actually grow a business without running specials and or heavy advertising.. Especially for online selling.. we all should know that if you sell a item that particular item gets shown a whole bunch more to etsy shoppers as etsy boost items that gets sold recently because it shows people are interested in that item... Not only selling a particular item, but if they see a item is getting a lot of clicks.. that also boost in searches some.. You'd be alarmed at how many products on etsy that sit there year after year with not a single sale.... maybe if you sell one at a slight loss the next 5 orders for the same item come in at a profit.. Running a sale gets people into the store and gives you a bunch of page views.. heavy traffic to your certain products also boost your items.. If you do nothing but rely on the built in traffic then you get almost nothing in return.. I've always said you get out of it what you put into it.. and pricing is a huge part.. 

Also, So what if a customer waits until your item is back on sale.. if you price items accordingly and your customer is buying on sale and you still selling at a profit even when it's on sale. income is income.. and not running any sale so you get top dollar for everything you sell but you only selling half as much product at full price or sell 80% more at a sale price.. I don't really get your methodology with running no sales.. I guess if it's working well for you then keep going at it.. I've tried that stuff for years and didn't do too well for me.. 

That all said, I rarely do run a sale.. but when I do it puts money in my pocket because people see my higher prices and then when I do run that sale they see they're getting a deal.. I do see your point for those places that run a sale "all the time" BUT, those places got popular by doing what? Sales and advertising those sales.. Taking one of the selling classes back when i sold on Artfire.. they always said watch what the big stores are doing and follow what they do.. IF they are advertising fall sales and you have fall themed items run a sale.. You can't advertise Christmas things in the spring on social sites and expect people to remember that stuff when it's actually time to advertise it..   

Edited October 16, 2023 by kmmcrafts

[BadBob]

You make some very good points. I'm going to adjust some pricing to allow for sales and see what happens.