Etsy plans to acquire thrifting app Depop for $1.6 billion in hopes of reaching Gen Z users

Depop
Depop app.

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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.”

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Etsy plans to spend $1.6 billion buying Depop, a social shopping app that’s helping teens get rich. Some Depop sellers pull in $300,000 a year – here’s how to make money on it.

Depop
Depop is a social shopping app targeted at Gen Z shoppers.

Instead of spending weekends or school holidays washing dishes and waiting tables, entrepreneurially minded teens are launching mini businesses to earn money online.

Depop app
The Depop app.

This is largely thanks to new apps that enable young shoppers to buy or sell secondhand clothing and accessories.

Depop, which launched in Milan in 2011 and has quickly gained a cult following around the world, is one of them. 

Depop is easy to use, which is one of the reasons it’s so successful.

Depop
Downloading the Depop app.

Depop has amassed more than 30 million customers in 150 countries since launching in 2011.

First, you need to download the app.

Depop
The landing page on the app.

Depop counts companies such as Poshmark and ThredUp as its competitors, and has been described as a mix between eBay and Instagram.

Depop will then ask you to create a username, link the account to your email address, and add a photo that represents your brand.

Depop
Setting up your shop.

Unlike rivals such as Poshmark or eBay, there’s more of a communal aesthetic on Depop and sellers are primarily listing streetwear, vintage, or late 1990s/early 2000s fashion. 

You’ll need to describe the style of your brand and what you’re planning to sell.

Depop
Explain what you’re selling.

This description will appear just under your username on your personal page. You can also link to your Instagram page to promote yourself more.

Next, you set up your billing address details and link your account to your PayPal. This is where all payments are handled.

Depop
The process is fairly straightforward.

You also have the option to register as a business and add in the relevant tax details. 

It’s as simple as that.

Depop
Now you can list your first item.

You’re ready to go.

Once you have a profile, you can start listing new items for sale.

Depop
Catchy photos pay off.

Depop advises sellers to post at least four photos and a video to give the item its best chance of selling.

You select the category that the item falls under.

Depop
There are 14 categories in total.

These are umbrella categories, such as menswear, womenswear, or sports equipment, for example. You can add a more detailed description of the item in another box, however.

The seller must cover the cost of shipping each item.

Depop
Depop uses Hermes courier in the UK.

In the UK, for example, the seller can either choose to do this process entirely on their own or pay to use a Depop recommended delivery company.

If you’re shipping internationally, you need to set the price yourself. 

Lastly, add the price of the item you’re listing.

Depop
There are no set guidelines for pricing.

There are no set guidelines for pricing, but sellers are advised to benchmark their prices against other products listed on the app.

Depop charges a 10% fee on each item sold.

Depop
Sellers will lose 10% of what they earn on each item.

This 10% is taken off the total transaction amount, which includes the cost of shipping. 

Customers can like, comment on, or save an item to their profile, much like you can on Instagram.

Depop
It has an Instagram-like setup.

They can also leave reviews and rate the seller. This feedback appears on the sellers’ profile page. 

Etsy said Wednesday that it was buying Depop for $1.625 billion as it looked to expand its reach to the Gen Z market.

Depop
Depop is known for being popular with Gen Z shoppers.

90% of Depop’s users are under 26 and it has its sights firmly set on this consumer base.

The company says its mission is to empower young shoppers to disrupt the fashion industry and give them the chance to become entrepreneurs.

Emma Rogue, Depop Seller
Emma Rogue (@emmarogue_ on TikTok) runs the Depop shop Shop Rogue

“This company is for the next generation,” Rachel Swidenbank, vice president of marketplace at Depop, previously told Insider. 

And for some, selling on Depop is a lucrative hobby.

Emma Rogue Depop
Emma Rogue lists a Y2K Fuzzy Animal Print Minibag on her Depop for $22.50

Swidenbank said that some users pull in as much as $300,000 a year selling on the app

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People are buying pins and t-shirts on Etsy that say ‘Not a Republican, just vaccinated’ now that mask mandates are going away

Screenshot of an Etsy store  listing pins that read "vaccinated" and "not a Republican, just vaccinated."
CoolGiftAtelier sells more neutral “vaccinated” pins, but the political ones are more popular.

  • As more Americans receive the COVID-19 vaccine, some cities and states are lifting mask mandates.
  • Now some people are looking for news ways to signal their support for COVID-19 precautions.
  • “Not a Republican, just vaccinated” merch is popping up on Etsy and one seller said they are her bestsellers.
  • See more stories on Insider’s business page.

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.

Read more: Etsy is awash with illicit products it claims to ban, from ivory to dangerous weapons and mass-produced goods

Since then, anti-mask rhetoric has largely come from citizens and politicians on the right side of the aisle. The states that never had mask mandates, or had them for a very brief time period, are almost exclusively red states. But since the CDC updated its recommendations, mask mandates are dropping in most places.

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.

Screenshot of Etsy listings of pins and t-shirts that read "Not a Republican, just vaccinated."
CoolGiftAtelier’s most popular pins read: “Not a Republican, just vaccinated.”

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.'”

Have a news tip? Contact this reporter at kvlamis@insider.com.

Read the original article on Business Insider

Dave Portnoy-backed Buzz ETF adds GameStop, Palantir, and Chewy in monthly rebalancing

GameStop store New York City January 2021.JPG

The Van Eck Vectors Social Sentiment ETF (BUZZ) added 21 stocks to its holdings and dropped 21 others in its monthly rebalancing on Thursday.

Big-name additions included GameStop, Palantir, Ryan Cohen’s Chewy, Rocket Companies, Nike, Visa, and Starbucks.

Top stocks dropped from the ETF included Nikola, Fastly, Etsy, Dropbox, and Twilio.

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.

Read more: BTIG identifies 14 beaten-down stocks poised to dominate the market this earnings season and extend their track record of crushing expectations

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:

Buzz etf adds
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How to contact Etsy customer service as a buyer or a seller via phone, email, or chat

Woman making a call
Etsy buyers and sellers can contact customer service over the phone, through email, or via chat.

  • You can contact Etsy customer service over the phone or internet, but you need to have an Etsy account.
  • You can call an Etsy customer service phone number (1-844-935-3879 in North America) to get help with more advanced buying or selling issues.
  • The simplest way to contact Etsy is using their online Help Center, which lets you chat or send an email.
  • Visit Insider’s Tech Reference library for more stories.

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. 

How to delete an Etsy seller account and close your shop, even if you have outstanding orders to completeHow to close or permanently delete your Etsy account and remove your data from the independent seller platformHow to open a case on Etsy to get a refund, replacement, or have an item re-shippedHow to sell on Etsy, the online marketplace for handmade and vintage items

Read the original article on Business Insider

How to put your Etsy shop in Vacation Mode and pause new orders while you’re traveling or fulfilling old orders

Crafter on tablet
You can put a pause on your Etsy shop using vacation mode.

  • You can turn on Etsy’s Vacation Mode through your account’s “Shop Manager” menu.
  • Vacation Mode stops new orders from coming in, letting you manage your current orders without closing your account.
  • Etsy’s Vacation Mode can be a useful option if you’re sick, traveling, or need to catch up on existing orders.
  • Visit Insider’s Tech Reference library for more stories.

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.”

What is Etsy? Everything you need to know before buying or selling on the handmade and vintage e-commerce platform for independent creatorsHow to sell on Etsy, the online marketplace for handmade and vintage itemsHow to delete an Etsy seller account and close your shop, even if you have outstanding orders to completeHow to open a case on Etsy to get a refund, replacement, or have an item re-shipped

Read the original article on Business Insider

How to claim an Etsy order purchased as a guest so you can open a case or leave a review

Woman and man look at laptop
Etsy lets you purchase items as a guest, but you won’t have full access if something goes wrong with your order.

  • To claim an Etsy order purchased as a guest, locate your email receipt and click on the order number, then make an account.
  • Claiming an Etsy order must be done through a web browser and can’t be done using the mobile app.
  • Making an Etsy account will also let you open a case or leave a review on the item you purchased.
  • Visit Insider’s Tech Reference library for more stories.

For most items on Etsy, you can check out as a guest without creating an account. 

However, if you have an issue with your order and need to open a case on Etsy to get a refund, replacement, or have an item re-shipped, you’ll need to create an account and claim your order to do so. 

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 transaction@etsy.com. 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.

How to open a case on Etsy to get a refund, replacement, or have an item re-shippedHow to leave a review on Etsy to give a seller feedback on your purchase and help other usersHow to cancel an order on Etsy, the online marketplace for handmade and vintage itemsHow to close or permanently delete your Etsy account and remove your data from the independent seller platform

Read the original article on Business Insider

Etsy rises after Elon Musk tweets about how he ‘kinda loves’ the online marketplace for independent creators

Etsy
  • Etsy rose by around 3.5% on Tuesday after Elon Musk, the world’s wealthiest person, touted the company on Twitter.
  • The Tesla founder said he “kinda loves” Etsy, prompting a sharp rally in pre-market trade.
  • Etsy is an online marketplace where independent creators can sell handmade goods. 
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

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.

Read More: This actively-managed SPAC ETF amassed $60 million assets within a month of launching. Its founder breaks down how to pick blank-check firms – and shares 3 to watch in 2021

Read the original article on Business Insider

How to sell on Etsy, the online marketplace for handmade and vintage items

creative professional selling clothes online recording video smartphone
After setting up your Etsy shop, you can begin selling vintage or homemade style items.

  • You can sell certain items on Etsy easily, though there are fees for each listing you add to the store as well as transaction and payment fees.  
  • Etsy is a popular online marketplace for handcrafted and vintage products.
  • Here’s what you need to know to get started creating your own Etsy shop. 
  • Visit Business Insider’s Tech Reference library for more stories.

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. 

How_to_sell_on_Etsy 1
You can start the process of creating your own Etsy shop using the “Sell on Etsy” link in the website’s footer.

2. Click “Open your Etsy shop.”

How_to_sell_on_Etsy 2
Click “Open your Etsy shop” and then create an account or log in.

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.” 

How_to_sell_on_Etsy 3
Set up your shop preferences, followed by naming your shop, adding listings, and so on.

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. 

How_to_sell_on_Etsy 4
After entering your payment information, open your shop.

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. 

How_to_sell_on_Etsy 5
The Shop Manager is your base of operations for checking your sales progress, adjusting listings, changing your shop’s appearance, and more.

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.

Related coverage from Tech Reference:

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