Should you raise your Etsy prices?

Etsy raised its transaction fee by 1.5%. Inflation is up 8.5%, hitting a four-decade high. And every time I drive to the grocery store, I have to take out a personal loan. So why haven't you raised your prices yet?
Today, we're taking a look at your listing Etsy prices and why you should consider raising them. Over the last week, some Etsy sellers have been on strike. And among the different reasons why they felt the need to boycott, Etsy's transaction fee increase seems to be the straw that broke the camel's back.
If you haven't done anything in your Etsy shop and you're still operating business as usual, that's okay, but we're gonna show you an easy way to take an objective look at your Etsy prices, make some adjustments, and put more money in your pocket moving forward.
🧮 Get our free Etsy fee calculator and other useful tools: marmalead.lpages.co/marmalead...
0:00 Intro
1:11 The effects of inflation
2:04 Shrinkflation for Etsy
3:00 Sourcing your materials
3:41 Understanding your profit margins on Etsy
7:23 Raising your Etsy prices
11:05 Reconsider your products
11:57 Etsy promo technique
Want to grow your Etsy shop? Our free on-demand Etsy webinar is a great place to start. Check it out! 🏆 FREE Etsy Webinar: marmalead.lpages.co/webinar-r...
Links:
🧡 Marmalead: The Best Etsy SEO Tool - marmalead.com
📰 Marmalead Blog - blog.marmalead.com
📷 Instagram: / marmalead
🎭 Facebook: / marmalead
🏆 FREE Etsy Webinar: marmalead.lpages.co/webinar-r...
❔ Marmalead Live Q&A: marmalead.com/webinar/
#etsyprices #etsyinflation #etsysellertips

[@MarmaleadSEO]

Have you raised your prices this year? How has it affected your sales?

[@KaraBuntin]

I raise my prices all the time randomly. I had to raise them deliberately last week because my supplier hiked their prices 20%, which wasn't something I could ignore.

[@MarmaleadSEO]

Yikes - A 20% price hike is not cool. We're definitely seeing more of that this year. I like that you're always experimenting to find out what works, even with random price increases. Small incremental changes across the board can lead to a big impact overall! One of the biggest mistakes an Etsy seller can make is to remain complacent with their prices, keywords, products - everything. Thanks for watching, Kara! -Dylan

[@julioarguello1693]

These videos help me so much! The straight to the point simplicity is what I love!

[@MarmaleadSEO]

We're glad you love them! Thanks for watching 😃

[@MechelleLeeBrooks]

Great video! Thank you 😊

[@MarmaleadSEO]

We're glad you liked it - thanks for watching!

[@tracyarizmendi4291]

I’ve raised my prices twice in the last year to account for increased cost of supplies, materials,fees, and shipping.

[@MarmaleadSEO]

Are you still getting the same amount of orders?

[@thriftedflip]

With the postage going up, all my prices are going up to the customers. Another great video. I am almost at 1,000 subs on KZbin. Did you do a giveaway when you hit 1,000? What do you think I should Give Away? 😁 😁 😁

[@MarmaleadSEO]

Thanks for watching! Good luck with your channel 👍

[@arachnesweb6334]

The tools page is broken. I tried to download the calculator and it doesn't work. Just hangs - nothing happens.

[@arachnesweb6334]

Seems like it is only if you aren't already a member. If it knows your email, it won't let you download. :(

[@MarmaleadSEO]

We're sorry about that! Send us an email at [e-mail] and we'll make sure you get the correct link to download the calculator👍

[@jen_crochetfun]

Where are you putting your overhead in that calculator?

[@sonyagreen3249]

Hourly wage too. I like making at least minimum wage for my time when crafting items to sell.

[@MarmaleadSEO]

Overall budgeting would be a great topic to cover in more detail! It's not included in our Etsy fee calculator, but here's the simplest way to factor in overhead for your business. Add up all of your fixed costs for the month, divide that by your monthly sales, then multiply it by 100. So for every dollar you make, you'll be spending X% on overhead.

[@annastowers4948]

Etsy sellers, were we not all encouraged to offer "free shipping"?

[@MarmaleadSEO]

Most shoppers will be more inclined to purchase a listing that offers free shipping, and Etsy has even been known to give a little boost to those listings. So if you can factor shipping prices into your listing price while keeping your profit margin where you want them, AND while keeping your prices competitive - then go for it! You could also consider offering Etsy's free shipping guarantee. If we set this up based on our example from the video and a shopper buys two items from our shop, then they'll get free shipping for their entire order. Just remember that this is a shop-wide setting and it will affect your shop across all listings if toggled on.