A new platform will allow Etsy sellers too sell the supplies others use to create the products they in turn sell on the site.
Etsy (NASDAQ:ETSY) brings together 27.1 million active buyers with 1.7 million active sellers on a platform that had 40 million items for sale at last count. The site generated $2.39 billion in annual gross merchandise sales in 2015, and with the announcement of the new Etsy Studio, that number is very likely to see an uptick.
Etsy Studio
Etsy Studio is the first “market” the company has built from the ground up since its foundation. And it is exclusively designed for buying and selling the supplies its sellers use to create their unique products.
Etsy said it interviewed thousands of craft supply shoppers to create the perfect market place, one that inspires creation with the very supplies it sells. And with more than 11 years of experience in the industry, it can safely be said it is an authority on the subject. With this authority and an active customer base of almost 30 million, Etsy is well poised to tackle the close to $44 billion craft supply market in the US alone.
In creating the Etsy Studio, the company says it wanted to bring the same ease of use and fun to craft supply shopping as it did for selling and buying handmade items and vintage goods. In addition to the supplies, shoppers can find DIY projects and tutorials to improve their craft and learn new ones.
With Etsy Studio, sellers can reach a new audience with the paid advertising and marketing campaigns the platform will provide. Etsy announced it has developed a new suite of tools to address the specific needs of craft supply sales and management. This includes search features to simplify the discovery of items and make it easier to manage inventory. These new tools will be available in the coming weeks.
The fees on Etsy Studio will be the same as Etsy with a single 3.5 percent transaction fee, and it won’t cost you extra to list on Studio.
Etsy Studio will launch this spring, with no specific date announced by the company.
Images: Etsy
This article, “Etsy Studio Creates Online Marketplace for Craft Supplies” was first published on Small Business Trends