Sellers Need to Know: Is Etsy Plus Worth It in 2024?

Analyzing the viability of Etsy Plus requires an understanding of recent performance trends within Etsy's marketplace. In 2022, Etsy reported substantial engagement with over 7.5 million active sellers and 95.1 million active buyers, reflecting a vibrant and expanding online marketplace. These figures have slightly increased by 2023, where Etsy houses approximately 8.3 million active sellers engaging with 96.2 million buyers.

And over the past few years, Etsy has shown consistent growth in its Gross Merchandise Sales (GMS) and revenue. In 2023, Etsy's consolidated revenue reached $842.3 million, marking a 4.3% increase from 2022. Despite this growth, the profitability for individual sellers can vary. Etsy reported that the average income for sellers in 2023 was $1,236.

This figure, combined with the costs associated with Etsy Plus, suggests that while Etsy Plus may improve a seller's ability to stand out, its economics may depend heavily on the size and nature of their operations. This article covers the various features Etsy Plus has to offer and weighs the potential benefits and costs. We'll dive in to help you determine if this upgraded platform can take your Etsy store to new heights of success and profitability.

What Is Etsy Plus?

Etsy Plus is a subscription package designed for sellers looking to boost their shop's visibility and functionality. Introduced as an enhancement to the standard Etsy experience, Etsy Plus offers a suite of tools aimed at helping sellers stand out in a crowded marketplace. While Etsy Plus offers tangible perks, it's vital for sellers to evaluate whether the benefits outweigh the cost of the subscription.

What's the Difference Between Etsy Standard and Etsy Plus?

Understanding the key distinctions between Etsy Standard and Etsy Plus is crucial for sellers aiming to optimize their presence on the platform.

Etsy Standard provides the basic tools necessary for sellers to set up shop and start selling their products. This includes access to Etsy's marketplace, transaction processing capabilities, and basic tools for shop management and order processing, which suffice for new sellers or those with smaller volumes.

Etsy Plus takes it a step further by offering enhanced promotional tools and customization options designed for growth-focused sellers. Subscribers receive monthly credits for ads and Etsy's shipping labels, advanced customization features for their shop fronts, and new ways to feature specific listings to attract more buyers. This plan is tailored for sellers looking to aggressively expand their reach and sales.

Pros and Cons of Etsy Plus

Pros

Exploring the advantages of Etsy Plus, one significant benefit is the enhanced marketing tools it offers. Sellers receive monthly credits that can be used for Etsy Ads to boost their product visibility. For example, during the holiday season, decoration sellers can highlight their best-selling items at the top of their store page, potentially increasing visibility and sales.

Cons

The cons of Etsy Plus mainly revolve around its cost. The subscription fee, while reasonable for some, might not yield a favorable return on investment for everyone, especially smaller shops or those just starting. The monthly fee could be a financial strain without a guaranteed increase in sales.

Is It Worth Subscribing to Etsy Plus in 2024?

Deciding whether to subscribe to Etsy Plus in 2024 requires a detailed look at its benefits aligned with your business goals. Here's a nuanced exploration:

Initial Investment:

Etsy Plus charges a monthly fee which might seem nominal, but it's important for sellers to calculate its impact over the year. For high-volume sellers, the fee could be quickly offset by the increased sales from additional features. For instance, a seller dealing in vintage books might find that the advanced customization leads to a greater product showcase, thus driving more sales. However, for someone just starting or with low monthly sales, this might not be the case.

Customization Options:

Etsy Plus allows sellers to customize their shop fronts more extensively. This could mean using carousel banners or featured listings, which could attract more buyers by making the shop stand out visually from others.

For example, a jewelry designer could use the advanced customization to create a visually cohesive and attractive storefront that aligns with their brand identity. For a seller specializing in visually appealing products like art prints, this could enhance the shop's aesthetic and draw in more customers.

Promotional Features:

Subscribers gain access to advanced promotional tools like restock requests and special discounts on advertising. For example, a stationery seller can use these tools to run promotions targeting specific customer segments during the back-to-school season. The seller can increase sales of school bags and pencil cases through timely and relevant promotions.

Exclusive Discounts:

The discounts on branded packaging and promotional materials can be a boon, especially for sellers shipping a high volume of products. This might translate into significant cost savings over time. For example, a seller specializing in handmade soaps could enhance their brand's unboxing experience with customized packaging at a lower cost, adding value to each purchase.

A small-scale seller might find these discounts don't compensate for the monthly fees if their order volume is low.

Long-term Value:

As Etsy's marketplace evolves, so do the features of Etsy Plus. Sellers should consider the dynamic nature of these offerings, assessing not just the immediate benefits but also potential future changes. Regular evaluation of Etsy Plus's value against their business objectives will help sellers decide if it remains a worthwhile investment year after year.

Under What Circumstances Should You Not Subscribe to Etsy Plus?

Limited Operations:

Etsy Plus can be a valuable resource for sellers looking to scale up their operations, but if you're still in the early stages of setting up your shop or if your sales volume is low, the additional features might not be cost-effective. For instance, advanced shop customization and promotional listings are more beneficial for shops with a wider inventory and higher traffic. It's important to assess whether the monthly fee aligns with the current stage of your business.

Budget Constraints:

Financial prudence is crucial, especially for new sellers or those with limited budgets. If the monthly cost of Etsy Plus could be better allocated towards direct inventory costs or other more critical business expenses, it might be wise to postpone the subscription. Evaluate your financial situation and prioritize expenses that directly contribute to product quality or customer acquisition.

Sufficient Current Tools:

If the existing free tools and features on Etsy already meet your shop's needs, upgrading may not provide significant additional value. For example, sellers who manage effective promotions through social media or other marketing channels may not find the additional advertising credits as beneficial. Analyze the tools you frequently use and determine if Etsy Plus offers anything additionally essential.

Conclusion

The value of Etsy Plus in 2024 depends on your strategic needs and the stage of your business. If your shop demands greater customization, advanced analytics, and more aggressive marketing tools, Etsy Plus could be a strategic investment that helps push your business forward. On the other hand, shops focusing on gradual organic growth may find the standard plan sufficient until their development warrants an upgraded approach. Each seller's path will differ, making it crucial to analyze not just the features, but also how they mesh with your specific business objectives and financial plans.

FAQs

Is it worth it to promote on Etsy?

Promoting on Etsy, especially with Etsy Plus, can be worth the investment if you aim to increase shop visibility and drive sales.

How much does Etsy Plus cost?

Etsy Plus is priced at $10 per month, offering additional tools for customization and promotion aimed at boosting shop visibility and sales.

Does Etsy Plus get you more sales?

Etsy Plus can potentially increase sales by providing enhanced promotional tools and customization options. These features help sellers optimize their shop's appearance and visibility, attracting more customers.

What better option than Etsy Plus?

A more flexible alternative to Etsy Plus is the basic Etsy plan, which offers essential tools without the monthly fee. This option is suitable for sellers not ready to scale up or invest in advanced shop customization.

How to cancel Etsy Plus?

To cancel your Etsy Plus subscription, simply go to the 'Subscription' section in your Shop Manager settings. Here, you can select 'Manage Subscription' and then click on 'Cancel Subscription'.