How Etsy has changed the crafting economy

Etsy is a common P2P (peer-to-peer) e-commerce website that pays much attention on vintage or handmade supplies and items. It also deals with exclusive factory-manufactured items. These kinds of items are of varying types including photography, food, art, clothing, quilts, jewelry, beauty and bath products, toys as well as knick-knacks. Most sellers within Etsy also deal with craft supplies like beads, jewelry and wire-making tools. All traditional items on the website need to have lasted for at least 20 years.

By the 31st of December 2014, there were about 54 million registered members at Etsy and the website connected about 1.4 million 19.8 million lively buyers with 1.4 million active sellers in the online marketplace for vintage and homemade items. By the end of the same year, the website had listed 29 million items with 685 employees. Moreover, the same year recorded a gross merchandise sale of USD 15.2 millions. This therefore goes without saying that Etsy has become the 21st leading heir of art and craft.

It has helped many people to work independently than ever before, combine their income from a number of sources and practice the kind of work they are passionate about. The website changed the crafting economy than ever before as many people nowadays prefer working outside their customary full-time employment model in order to make income from multiple sources. Surprisingly, most of Australia’s sellers in Etsy (62%) are comprised of independent workforce while only 25% have full time jobs. The online market has really helped to boost micro businesses in the crafting industry thus improving their economic capability. Initially, sellers used to market their products using traditional means and could stay with them for a long time without meeting the buyer.

 

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