Abby Feuer along with other Etsy pros give us some of their tips from their Etsy shops. Abby is particularly an Etsy expert and gives us some beginner tips to forecast your Etsy sales this season and how you can prepare. Along with her suggestions, here are 3 tips to help you prepare for the holidays!
1.Try Different Approaches:
There is more than one way to collect information to forecast your sales. Lauren Falkowski, founder of Lolafalk in Brooklyn, New York makes note of product trends as she handcrafts each item. Then, checks those hunches against the stats in her shop. “I don’t necessarily have a hard data-driven approach, more like high-level speculation that’s come with observation over the years,” she says. “I’ve gotten to know what moves throughout the year based on the season.” Lauren also sells on Etsy Wholesale, so she uses past orders from her repeat buyers to forecast production for the products in her line that are popular in stores.
2. Prepare Accordingly:
Before holiday orders start pouring in, Suzi stocks up on supplies based on her predictions. “Because my pillows are all made to order, it is almost impossible for me to make products in anticipation of my expected sales,” she says. “Instead, I use my sales forecast to determine which fabrics will be most popular and then I try to stock up on those materials so that I’m able to make the pillows as quickly as possible when orders come in.”
Lauren uses her holiday forecast to get a head start on production of her colorful leather goods. “I want to set myself up so that I can continue to sell both ready-to-ship and customer color orders as close to the holiday sales deadline as possible,” she says. “I’m starting to make larger quantities of the basic colors now so that I can be free to do custom work when things get busy.”
3.Learn As You Go:
As a small-business owner, you are constantly learning from experience. With every sale or conversation about your products, you’re building up a storehouse of historical information to draw upon in the future. The more tidbits you absorb, the better your predictions — or forecasts — become. Pillow designer and maker Suzi Dia of The Pillow Studio in Montclair, New Jersey has seen her ability to forecast improve over time. “Over two years, I’ve noticed that even though there are some fabrics that are consistently favorites, customers tend to purchase these fabrics in colors based on the season,” Suzi says. “Lighter, airy pastels are popular in the spring and summer while the darker, deeper reds, oranges and browns start to get more orders this time of year.”
Those pieces of information can help you forecast roughly how many sales you’ll make during a given period of time, which can be especially helpful as you prepare for the holidays.
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