To make some sense of my Etsy sales, I did a sales analysis of my shop...
First: I made a simple chart listing prices $25 apart, and made tick marks to indicate the prices of all my sold items. In 5 minutes or so, I had my answer: I offer jewelry in a price range from $10 - $125, my sales are very much concentrated in the $10 - $50 range.
(items I've sold in this range)
But what category of jewelry is selling best in my shop? How should I concentrate my efforts to make the best use of my time and materials?
Second: I made another chart listing the types of jewelry I sell: necklaces, earrings, bracelets, and other. Again, I made a tick mark for each piece sold, and in less than 5 minutes I learned that my online jewelry sales are concentrated very much in necklaces and ‘other’ (bookmarks, pull chains, and key chains). I found this really interesting, because at shows, earrings are usually my best sellers.
(Earrings I've sold in my shop)
Was I selling jewelry in proportion to the amount of items listed in each category?Do I sell more neckwear and ‘other’ because I’ve listed more of these items?
Third: So, back I went to the chart for an answer. I listed the number of bracelets, necklaces, etc, in my shop, and compared them to the number of sold items in each category. I did a quick % calculation on each: # of items sold divided by the # of items listed.
It turned out that I got a surprising answer; I’m not selling in proportion to what I’m offering. I sold a much higher percentage of necklaces and ‘other’ items. Earring sales are very low compared to the number of earrings I have listed.
Using What I Learned from My Jewelry Sales Analysis.
Based on my findings, I need to be designing more necklaces and ‘other’ items in the $10-$65 range. Hopefully I will be providing what my customers are interested in purchasing online. I hope to see my sales numbers improve as a result.
Make a couple of sales charts and see what you can learn. What changes in your Etsy shop will you make based on what you find?
Hi Lori. Just running thru some new-to-me blows in prep for the Bead Soup Party. I found this post very interesting, and if my Etsy shop were more active, I'd definitely try out your calculations. Something to shoot for! Grace
ReplyDeleteThanks for sharing i am planning opening my own etsy shop very soon i am always looking for tips & advise its a big world out there :p
ReplyDeletePendants and necklaces are beautiful and versatile jewelry pieces.
ReplyDeleteHi Lori, I found your site through the BSBP. Thanx for the helpful advice.I am opening my etsy shop soon.
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