“The Progress of a 10-Week Etsy print-on-demand challenge in 2023″ is a video that showcases the journey and success of a 10-week print-on-demand challenge on Etsy. The video focuses on the transition from custom products to original designs and the strategies utilized in pricing and profit-maximization. The importance of psychological pricing, running sales, and offering free shipping is emphasized throughout the video, along with the challenges faced, such as shop suspension and negative reviews. The content creator, Alek, also shares specific examples of large orders and their corresponding profits, providing insights and tips for other Etsy sellers. Additionally, Alek discusses plans for future projects, including developing a Photoshop plugin and a Printify uploader program.
In the video, Alek, the content creator, shares the progress of their Etsy print-on-demand challenge after 10 weeks. The focus has now shifted to original designs that generate passive income, leading to success in the form of large quantity orders. The video delves into profit and pricing strategies for quantity orders, highlighting the significance of psychological pricing and running sales. Alek provides specific examples of profitable orders and touches on challenges faced, such as shop suspension and negative reviews. Towards the end, Alek discusses plans for future projects, including the development of a Photoshop plugin and a Printify uploader program, with the intention of giving away the latter to subscribers once hitting 100,000 milestones.
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The success of the Etsy print-on-demand challenge
The video highlights the progress of a 10-week Etsy print-on-demand challenge in 2023. The speaker discusses the success of the Etsy shop, which has experienced a surge in large quantity orders. The focus of the shop has shifted from custom products to original designs, which allows for passive income. The video also delves into profit and pricing strategies for quantity orders.
Shifting focus from custom products to original designs
After the initial struggle to get new orders following a successful Christmas season, the shop has started receiving several large orders. The shop has transitioned from posting custom products to focusing on original designs. This shift has proven to be beneficial as it generates passive income. The video emphasizes that this shift is crucial for the growth and scalability of the shop. By spending only a little time each day on the shop, the speaker has generated significant revenue and profit.
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Profit and pricing strategies for quantity orders
The video discusses the specific pricing strategies used to attract and fulfill large quantity orders. The speaker emphasizes the importance of understanding the cost of fulfilling each product and setting prices strategically to maximize conversions and profit per order. The use of a “hook price” is highlighted, where one variation of the product is priced lower than others, enticing more customers to click through the listing. Additionally, the video suggests offering sales and promotions to create a sense of urgency and perceived value for customers.
Importance of psychological pricing and running sales
Psychological pricing plays a significant role in perceived quality and customer decision-making. The video explains that higher prices are associated with higher quality in the minds of consumers. By setting a higher initial price and then discounting it, customers are more likely to perceive the product as a better deal and higher quality. Running sales and offering discounted prices further enhances the perceived value of the product. The video urges sellers to take advantage of these psychological pricing strategies to attract more customers and increase sales.
Examples of large orders and their profits
The video shares specific examples of the large orders received by the Etsy shop and the profits generated from them. The speaker showcases an order of 40 mugs, which resulted in a revenue of $432 and a profit of $164. Another example is an order of 16 shirts, which brought in $248.53 in revenue and a profit of $58. Despite the costs associated with fulfilling these orders, the speaker highlights the significant profits achieved with minimal effort. This demonstrates the potential for high profitability when focusing on quantity orders.
Challenges faced with shop suspension and negative reviews
The video acknowledges the challenges faced during the journey of the Etsy print-on-demand challenge. The shop experienced suspension due to a technical glitch, which led to a temporary halt in sales. Additionally, the shop received its first one-star review, resulting in a dry spell in sales. However, the speaker shares that despite these challenges, orders continued to come in, even while they were out of town. The video highlights the importance of persistence and the potential for future growth and passive income.
Summary of profit and loss
Towards the end of the video, the speaker provides a summary of the profit and loss experienced throughout the challenge. The lifetime revenue of the shop is disclosed as $6,664.55, with a profit of $2,472.60. Despite the perceived low number of sales compared to the time invested in the shop, the video emphasizes that this is just the beginning of exponential growth in e-commerce. The speaker encourages viewers to continue investing time and effort into their shops, as it will pay off in the long run.
Psychological pricing and its impact on perceived quality
The video delves deeper into the concept of psychological pricing and its impact on perceived quality. Consumers often associate higher prices with higher quality, and sellers can utilize this association to their advantage. By setting higher initial prices and then offering discounts or running sales, customers are more likely to perceive the product as a better deal and of higher quality. The video emphasizes the importance of utilizing psychological pricing strategies to attract customers and increase sales.
Setting prices strategically on print-on-demand platforms
The video provides insights into setting prices strategically on print-on-demand platforms. The speaker advises sellers to determine the cost of fulfilling each product and calculate the desired profit margin. Platforms like Printify allow sellers to input prices so that the final sale price aligns with their desired profit. Additionally, the video highlights the option to edit profit margins on all product variants at once, making pricing adjustments more efficient. The importance of charging slightly more than the actual cost is also emphasized to cover shipping costs.
Conclusion
In conclusion, the success of the Etsy print-on-demand challenge demonstrates the potential for growth and profitability in this business model. The focus on original designs, profit and pricing strategies for quantity orders, and psychological pricing techniques contribute to the success of the Etsy shop. The challenges faced with shop suspension and negative reviews serve as valuable lessons for perseverance and continuous improvement. By strategically setting prices on print-on-demand platforms and utilizing psychological pricing, sellers can improve visibility, attract more customers, and ultimately increase profits. Following the strategies discussed in the video can lead to higher profitability and long-term success in the print-on-demand business.
