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All Things Etsy

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Well.. as you might/should have heard, Etsy is not paying its sellers as of right now and they are unsure of when they will be doing so again.


If you are unaware, SV Bank is a large bank for tech companies (like Etsy, Pinterest, Shopify, Square etc) and they recently went under because of some terrible investments they made, and them closing down means that they no longer have money to give to the companies that put their money in with them.


There is a lot more that goes into it, but to keep this topic Etsy only, I will be discussing possible outcomes, and what you can do as a small business.


Worst case scenario: Etsy cannot pay its sellers, sellers flee the platform or close up all together, put their shops on vacation mode and Etsy loses just as much money as the banks did and completely crashes.


Best case scenario: Etsy figures things out money wise and pays its sellers and loses just a bit from closed shops and shops on vacation mode.


Possible scenario: Etsy sellers get paid but Etsy has lost so much money they still go under.


Now, what can YOU do as an Etsy seller that may be effected by this? Well #1 its the good ol saying "never put all your eggs in one basket". Open a shop elsewhere just in case Etsy does negatively impact you, and you will have a back up, OR move off Etsy completely until you know you are safe to come back without any risks.


The issue I have when people have given me this advice is the places they typically tell me to go to is places like Shopify or BigCartel, but those places aren't anything like Etsy! They're website hosting platforms and they take a lot more work than Etsy does. I don't want my own website (at least not only) it takes a lot of time I just simply don't have, which makes GoImagine an awesome alternative!


The downfalls of GoImagine:


Its new in comparison to Etsy, it started in 2020, so that means not many people know about it, which also then means there is not a lot of traffic, and then that means you will need to work harder at driving traffic.


They do not have anything that can be compared to Etsy ads, so again, you will need to push your content a bit more than you would on Etsy.


There is no current app just to shop or for sellers aside from their Makers app which is a community app kind of like a Facebook group.


Uploading listing is different - not difficult once you learn but definitely not as easily put as Etsy.


Now the positives of GoImagine:


Etsy was once a new platform, coming out in 2005 but not booming until 2021 with a growth of 74%. So GoImagine being small does not mean it doesn't have the potential for the same growth. So while with GoImagine you may need to push your content a bit harder than Etsy, just remember not that long ago you had to work just as hard on Etsy and it may just take a little bit of patience and awareness on your part as the seller to help the platform grow!


Along with growth come change, and with this means: the larger the platform grows things like apps and advertising comes with it. So as long as there is awareness spread those things will eventually come with. As of right now the website is simply too small to invest in such huge endeavors.


Copyright - GoImagine is very strict with it! (Sorry Disney merch peeps this website isn't for you) This is great for us sellers that sell items that are fighting through droves of copyrighted items to be seen with our one of a kind arts.


They are also very strict with non hand made items, which is also awesome because that means you wont be fighting against AliBaba and other huge, factory made companies.


It is a marketplace just like Etsy, so that means people come on there and can search through different shops unlike Shopify or Big Cartel in which are website hosting companies and means you wont be presented in a search but people will need to know of you in order to find you. Because there is a search they have SEO just like Etsy, however they allow more keywords than Esty does so you are able to get more longtail keywords that best represent your business and bring up the likelihood of being seen.


They donate all their profits to charity! Etsy does as well, but not nearly as much as GoImagine does. This means your monthly payments arent going directly into the pockets of some big wig CEO, but where it actually matters, and gives people more of a reason as to why they should shop with you!


Uploading listings may be difficult in comparison to Etsy because of its learning curve, but there are plenty of how to videos out there, and soon I will have a group strictly dedicated to GoImagine where my admin will teach all there is to know about how to list.


GoImagine, unlike Etsy with its several different types of fees, have three simple fees. Monthly fees in three tiers that are $2.50 $5 or $10 per month. The $2.50 tier is for 25 listings or less with a transaction fee of 5%, the $5 tier has a 4.5% transaction fee and 100 products and the last tier of $10 allows for 1k listings with a transaction fee of 3.5%. Their last fee is the processing fee that comes with which ever platform it sells off of, which they work with Stripe and PayPal.


So my question to you now is.. what are you waiting for? Even if GoImagine doesn't ever pick up speed like we hope, with my code you can get a month free, as well!


www.goimagine.com and use code NA7CXT


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