Etsy releases 2023 strategic priorities: strengthen product marketing, launch new seller discounts

It is learned that according to foreign media reports, Etsy recently announced that it will invest more in brand and digital marketing in 2023, and test new marketing channels to help sellers increase store traffic.

Etsy will appear on "can't-miss" advertising channels around the world, including video, social media, podcasts and even billboards, said Raina Moskowitz, Etsy's chief operating officer.

Previously, Etsy revealed that it spent nearly $600 million on marketing in 2021. In 2021, Etsy adopted similar marketing strategies, including TV ads, influencers and fashion makers, billboards, podcast ads, and email marketing. Etsy did not provide specific information on marketing expenses in 2022.

Etsy also did not specify how much it will spend on marketing in 2023.

Etsy is able to invest in marketing in part because it increased its seller commissions on April 11, 2022, when it raised commission fees from 5% to 6.5%, according to the report. On the other hand, if a seller's store has annual sales of more than $10,000, it must use the Etsy Offsite Ad program to fund advertising, which costs a certain fee.

In addition to stepping up its marketing investments, the company said it will also offer discount programs, promotions, and abandoned cart notifications in its app.

Etsy will also improve the tools and resources it provides to sellers. Raina Moskowitz said: "Coupons are popular with sellers, and Etsy will work to make them easier to use this year, and will also introduce new types of offers for sellers."

In the future, the company will roll out more pricing tools. Currently, Etsy is investing in chat support as well as trust and safety.

Etsy will also provide sellers with “more insights into how your ads are promoting your products” to allow sellers to better understand what shoppers are searching for and make more informed decisions about how to use their marketing budget to maximize their reach.

Finally, Etsy announced that it will hold its annual seller event, “Etsy Up,” at 1 p.m. ET on May 18. Last year, more than 80,000 sellers participated in the event.

Etsy describes how it will help sellers grow by 2023:

1. Improving the tools that help sellers run their businesses.

2. Continue to add new features to the new Etsy Seller App.

3. Help sellers continue to save shipping costs.

4. Simplify your time to market.

5. Help sellers find the right pricing strategy.

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.