You may have seen by now that we're running a little experiment to see if we can take my wife's Etsy shop to $100,000 over the course of the next year.
One of the main strategies we plan on using to do that is to add as many viable products as possible.
There are quite a few rumors around the Etsy world that adding products to your store gives you a bump every time.
So we decided to put that theory to the test and add 30 high-quality products in 30 days.
We decided to do this. admittedly crazy, experiment for 3 main reasons.
First, if the” Etsy bump” is correct, it should lead to an immediate increase in sales for our store.
Secondly, we know from previous experience, that additional products also tend to increase our average cart value and the overall lifetime value of our previous customers.
By adding products that people actually want to buy, we may not only increase our overall traffic but also make more money from each person that buys from us. Us.
I don't know about you, but making more money for less work is always a lot of fun for me.
Lastly, as I'm writing this article, we're making our way into the fourth quarter of the year, which is the biggest buying season for this store and so moving into this time with as many products as possible allows us to maximize our sales.
At this point you're probably wondering what happened and how we did it, so let's jump right into it.
All right. One quick note.
Obviously, I can't tell you that you will see the exact same results( you're your own person ), but I can share with you exactly what happened with our business.
With that being said, let's take a look at what happened with overall traffic.
At the end of our 30-day experiment, if we compare our traffic this year to our traffic last year, over the same time, our traffic increased by 379%.
Now, the one criticism you might make is our store is a year older and we added products throughout the year.
Although that might be a fair point, our average traffic increase over last year was only 145%.
This means, while we may not be able to attribute the entire traffic increase to this experiment, it still had a very obvious effect on our overall growth.
Orders and Revenue:
Having more traffic is great and all, I love it when people come to our store and shop around, but the actual name of the game is sales and revenue.
If all our new listings do is bring us people who find us in search and don't buy our products, not only if we failed, but we've likely shot ourselves in the foot with the Etsy algorithm.
At the end of our little experiment, I can safely say that I'm impressed.
Our revenue increased by 276% and our orders increased by 288% over the same time last year.
On top of that, we've noticed a large increase in Etsy recommending our products for their” buy together and get free shipping” program.
This can not only increase our average cart value, but it also has the potential of reducing our shipping costs which would increase our overall profit.
The Biggest Shock
It may sound a bit silly to say that the almost 300% increase in orders and revenue and a massive increase in traffic wasn't the biggest shock of this experiment.
But we did know that adding this number of products would have some effect(just not how much) before we started.
What we didn't know was just how much of an impact the new products would have in just a few days.
When we look at the individual product sales throughout the 30-day experiment, 57% of all sales we made in that time came from products we launched during the experiment.
In fact, our top-performing product during the entire 30-day period of this experiment accounted for 20% of all sales generated and was launched during this time.
The craziest part is, these products were just released and are going to be selling at an even higher volume over the next few months.
That's pretty cool.
I know at this point You're itching to launch a whole bunch of products and test this out for yourself.
Before You do that, I wanted to share one quick piece of advice and the hack that we used to create these products quickly and efficiently.
One of the biggest reasons this experiment worked for us, is that we followed the framework for launching products people actually want to buy.
If you spend all your time and effort creating products, people aren't already interested in, you likely won't see anywhere close to the results that we did and potentially won't see any results at all.
You may want to check out the entire article on the framework we use to launch and sell products in as little as 24 hours, here.
The Product Creation Hack:
Even if you have a giant list of ideas of products that may sell in your market, creating 30 brand-new products and designs can be an extremely time-consuming thing.
For example, if we had a design that we knew previously has sold well on t-shirts, rather than creating a design from scratch, we took a look at our print-on-demand catalog and applied that same design to a pillow or mug.
Although this method doesn't reduce the amount of work that's involved in creating an Etsy listing and linking it to your print-on-demand service, it massively reduces the amount of time the entire process takes.
Should you continue to create new designs?
But you should also take the time to maximize the existing designs you have created, by adding them to a variety of products your market may be interested in.
A Quick Recap
Admittedly, creating and launching 30 new products in an Etsy store over the course of 30 days is not for the faint of heart.
That being said, I would say our massive increases in traffic, orders, and revenue were well worth the effort.
Although we may not be launching 365 products a year, concentrated efforts like this may be a great way for us to see big growth moving forward.
If you haven't already checked out the three-step plan we will be using to grow this Etsy store to six figures over the next year, you can do that here.