Hello! This story is from today’s edition of Morning Brew, an awesome daily email read by 2.9 million next-generation leaders like you. Sign up here to get it!
Etsy is expanding beyond handmade “Live Laugh Love” bathroom signs with its acquisition of thrifting app Depop for $1.6 billion.
For Etsy, whose median seller is about 39, it’s a strategic move meant to court Depop’s overwhelmingly Gen Z user base: More than 90% of its users are under 26.
For those of us past our quarter-life crises, here’s the need-to-know on the secondhand shopping platform:
More than 26 million users across 147+ countries buy and sell apparel and accessories.
Revenue, which mostly comes from the commission Depop charges per sale, doubled last year to $70 million.
Depop’s sales grew faster last year than its fashion resale rivals, Poshmark and ThredUp. More than $650 million worth of goods traded hands on Depop in 2020.
Looking ahead…thrifting is expected to get more popular as Gen Z ages into greater spending power and more shoppers favor sustainable products over fast-fashion. But if that’s the glass-half-full take, here’s the OJ-and-I-just-brushed-my-teeth one: Etsy has warned shareholders of impending “possible deceleration” caused by “reopening headwinds.”
This story is from today’s edition of Morning Brew, a daily email. Sign up here to get it!
As mask mandates lift, people are looking for new ways to signal that they’re taking precautions against COVID-19 – and that they’re not conservative.
An Etsy search for vaccine-related merchandise turns up countless results for t-shirts and wearable button pins, many with a simple “vaccinated” message. But look a little further and there are dozens of items with some version of the following message: “Not a Republican, just vaccinated.”
Masks, and especially mask mandates, have been a divisive, politically charged topic almost since the pandemic began. The Centers for Disease Control and Prevention first began recommending them to curb the spread of COVID-19 in April of last year.
Caroline, who is based in Miami, Florida, and owns the Etsy shop CoolGiftAtelier, said she received a custom request a couple of weeks ago from a customer interested in one of her pins that featured a rainbow and said, “Vaccinated, You can hug me.” Instead, the customer asked for the message: “Not Republican, just vaccinated.”
Caroline said she didn’t totally understand why someone would ask for that message because she has been so busy with her kids and her three Etsy shops, but she was happy to fulfill the customer’s request. She also noticed there were already shirts being sold with the message, but no pins.
“Then, as soon as the listing was created, something odd happened: my phone started sending notifications one after the other. 1 heart, 2 hearts, 3 hearts… A lot of people were adding the pin to their favorites,” she told Insider in a message.
“Then the sales kicked in. I think I received almost 50 orders in 1 day. A record for my brand new little Etsy shop,” Caroline said.
She listed even more designs with the message and they have become her bestsellers.
More Etsy stores are picking up on the trend, with lots of new listings popping up. The reviews for the pins are glowing as well, with people saying things like, “So cute and much needed!” and “Such a cute pin! And sooooo needed LOL! I can’t be mistaken for a you know what!!”
Katie, an Etsy shopper who left one of the glowing reviews, told Insider she wanted the pin because “there was a fear of people misconstruing my intent when I do not have a mask on or pulled up.”
Now that she is vaccinated, she does not always wear her mask when she is in spaces that are not very crowded or are outdoors, but she doesn’t want people to think she is anti-mask or anti-vax, both of which have been associated with conservatives.
“It is very important to me that others know where I stand on politics, health issues, and racial injustice,” she said. “I do not want others to assume that I am Republican because I would never want anyone to think I would do something so careless towards them like not wear a mask without being vaccinated.”
Caroline said she believes many of her customers feel the same way, especially the ones who opt for the non-Republican pins over the far more neutral “vaccinated” ones that she offers. She pointed out the extremely mixed reactions to President Joe Biden’s May 13 tweet: “The rule is now simple: get vaccinated or wear a mask until you do.”
“It’s easy to see how divided the nation is about this subject,” she said. “People are definitely afraid of others’ external assumptions.”
“This pin helps them communicate their ‘fully vaccinated status’ in a cute yet humorous political way,” she continued. “There is definitely a ‘belonging’ component.'”
The BUZZ ETF, famously backed by Barstool Sports’ Dave Portnoy, tracks the performance of 75 large-cap US stocks that exhibit the most positive investor sentiment on online sources like social media, news articles, and blog posts.
The ETF’s top holdings, representing more than 15% of total net assets, include big tech giants like Apple, Amazon, Square, Nvidia, and Tesla.
“The April rebalance is one of the more active in recent months,” said Jamie Wise, the founder of Buzz Indexes. “The sentiment shifts are notable and diverse, reflective of the heightened level of investor discussion across social platforms.”
GameStop recently met eligibility requirements for the ETF by hitting a $5 billion market cap.
Van Eck has made it clear in interviews that its ETF is not just a place for “meme stocks,” but this month’s rebalancing showed that multiple top Reddit trader favorites made the cut.
GameStop, Rocket Companies, Palantir, and Chewy have all been popular on Reddit’s Wall Street Bets platform at one time or another.
The Buzz ETF, launched on March 2, now boasts over $400 million in total net assets. However, performance has lagged behind the S&P 500: Total returns are negative 3.4% over the lifetime of the exchange-traded fund.
The social-sentiment ETF has had plenty of competition since going public. It’s one of about 100 ETFs that have made public debuts in 2021, according to data compiled by Bloomberg – the most public debuts by ETFs in over a decade.
Here’s the full list of the ETF’s April additions and departures:
Whether you’re a seller or a buyer, there are several ways to contact Etsy customer service if you have an issue. Etsy’s customer support service can help sellers resolve shop issues, help buyers with orders they’ve placed, and more.
Calling, emailing, or starting an online chat are all options if you want to contact Etsy Support. Plus, the process is virtually the same whether you’re a buyer or a seller.
Life happens, and sometimes we need a break from it all. For Etsy shop owners, there’s an option called Vacation Mode that allows you to step away from your shop for some time.
As the name suggests, Vacation Mode allows Etsy sellers to take a break from managing their Etsy shop. While it’s on, you won’t receive any new orders, but you’ll still able to manage and fulfill existing orders. You’re also still able to issue refunds to customers, cancel orders, and print Etsy shipping labels.
You’ll also be able to set up an auto-reply to anyone who messages you, and put an announcement on your shop page letting people know that you’re away. Here, Etsy shoppers can sign up to be notified via email when your shop returns.
Here’s how to set up Vacation Mode.
You can turn off Vacation Mode later by returning to this menu and clicking “Off.”
Claiming an order links it to your Etsy account. Creating an account and claiming your order will also allow you to review the item you purchased.
Luckily, doing this is easy. You can’t use the app, however – you’ll need to go to the website on your desktop computer or mobile phone browser.
How to find your order confirmation receipt for your Etsy guest purchase
If you’re unable to locate the email with your receipt, check your spam or junk mail folder for an email from firstname.lastname@example.org. Use your email search function to find emails from that address. If this doesn’t work, contact Etsy Support.
If nothing happens when you click the email’s confirmation number, double-check to make sure you’re viewing your order receipt. Other notification emails, like shipping updates and new message notifications from the seller, don’t include links for claiming your order.
If you see an error page, sign out of Etsy and sign into your account associated with the email you used during guest checkout. If you’re trying to claim the order on a mobile browser, make sure you’ve signed out of the app first.
Whether you’re looking to take a break or close your business permanently, taking down your Etsy shop can be accomplished with just a few clicks. Before closing your shop, you’ll need to close any unresolved cases, and any overdue fees. You should also fulfill any open orders.
If you want to close your shop but still have open orders that need to be fulfilled, you can turn on Vacation Mode, which will let you complete existing orders without taking new ones. Once you’ve done that, you can finally close your shop and then delete your account.
Here’s how to close or pause your Etsy shop, and then delete your Etsy seller account.
How to close your Etsy shop
Etsy notes that after closing your shop, it can take up to half an hour for their system to process the request. If you change your mind in that time, you can reopen your shop without penalty.
2. Click the “Shop Manager” icon at the top-right of the screen.
3. Click “Settings,” then “Options.”
4. Navigate to the “Close Shop” tab, then click “Close Shop.”
Note that before you can fully close a shop, Etsy requires you to have resolved any complaints, and paid any outstanding fees. You’re also strongly encouraged to keep your shop open until you’ve completed all your open orders.
However, if you’ve paid the fees and resolved the complaints, but still have open orders and want to close your shop, there are solutions.
Once you’ve closed your shop and completed your orders, you can delete your Etsy account.
Etsy shares rose on Tuesday after billionaire Elon Musk tweeted about how he loves the online marketplace.
“I kinda love Etsy,” Musk said in a tweet early Tuesday, adding that he bought a hand-knit woolen ‘Marvin the Martian’ helmet for his dog.
Although the Tesla founder didn’t comment on Etsy’s financial prospects, its stock surged within minutes of Musk publishing his tweet.
Etsy shares were trading around $213.38 per share, up around 2.2% on the day.
Insider’s Meira Gebel reported the 15-year-old online marketplace competes with brands like Shopify, Big Cartel, and Amazon Handmade, but has grabbed its own niche in the market thanks to a seller pool that is made up of over 80% women. As of 2020, Etsy had more than 3.8 million sellers on its platform, up 51% year-over-year from 2.4 million, according to data from Marketplace Pulse.
According to its latest earnings report, the company generated revenue of about $451 million, up from $428.7 million in the previous quarter.
Etsy is one of the largest and most successful online marketplaces, but it’s not a general-purpose marketplace; the site specializes in creative goods such as handcrafted and vintage items.
If you have a product that feels appropriate for the Etsy community, it’s easy to set up your own storefront and start selling on Etsy.
How to sell on Etsy
Getting started is simple – Etsy makes it easy to configure a storefront and list your first product.
1. Open Etsy’s website in a browser and scroll to the bottom of the page. In the footer, click “Sell on Etsy” in the Sell column.
2. Click “Open your Etsy shop.”
3. In the pop-up window, sign in (if you are already an Etsy user) or create a new account. If Etsy recognizes your email address, you’ll be prompted to enter your password. If not, you can create a new account.
4. Create the settings for your shop. You’ll start on the Shop preferences page, where you specify details like the shop language, country, and currency. In the lower-right corner, click “Save and continue.”
5. Continue following the workflow to name your shop, add one or more listings, and set up payment and billing.
6. When you add a listing, be sure to include photos of the product and a short video if possible. If you’re not sure how well a product will sell, you might want to choose a manual renewal in the Renewal options section to avoid having recurring renewal charges for an item that generates no revenue. Otherwise, the form should be fairly straightforward to complete, particularly if you have ever created a product listing on another marketplace such as eBay – you’ll need to specify the price and shipping details, for example, so the buyer can be properly charged for the shipping fee. You can preview your listing and then click “Save and continue” when you’re done.
7. Complete the initial setup by selecting your payment method on the “How you’ll get paid” page and billing information in “Set up billing.” After you complete this page, click “Open your shop” and your Etsy store is live.
8. At the top of the page, click “Shop Manager” to see a dashboard for your store, add new listings, manage sales and shipping, and more. You can also go here to fine-tune your shop’s appearance, add a description and graphic, and track your store’s performance.
Understanding Etsy’s costs
There are three main kinds of fees you need to pay when setting up and maintaining an Etsy shop:
Listing fee is $0.20: A listing represents the overall product you are selling, even if the item has variations such as sizes or color schemes. So even if you sell a garment that comes in four colors, you only need to create a single listing for it at a cost of $0.20. The listing needs to be renewed for an additional $0.20 whenever an item within that listing sells or once every four months, whichever comes first.
Transaction fee is 5%: When you sell an item, Etsy collects 5% of the sale as a transaction fee.
Etsy Payments fee is 3% plus a $0.25 payment processing fee. If a buyer uses Etsy’s payment system to check out of your store, you’re charged $0.25 plus 3% of the sale price. This is similar to the credit card processing fee you would need to pay if you had your own credit card processing account.