|EcommerceBytes-NewsFlash, Number 2662 - October 28, 2011 - ISSN 1539-5065 3 of 6|
A new tool from Etsy may make it easier for sellers to monetize items. The tool allows sellers to find popular searches for which there are few items on the site. Etsy explained that sellers can use the tool to find inspiration - sellers can also filter by keywords to find opportunities that relate to the types of items they sell. "These popular searches may provide good ideas for your next project," according to Etsy.
The tool also allows sellers to compare ideas: "This tool allows you to compare various metrics for up to 5 searches. If you are brainstorming on what to do for your next project and can narrow it down to a few options, this tool may be able to provide guidance towards choosing the idea that will be the most successful in the marketplace."
For example, if a seller is choosing what to make out of wool, they could enter wool scarf, wool sweater, and wool hat into the Compare Ideas tool. Etsy will then display which searches offer the fewest options per buyer (Market Gap); which searches occur most often (Popularity); which searches cause buyers to start browsing (Stickiness); which searches cause buyers to view the most items (Engagement); which searches have the least amount of items in the marketplace (Scarcity); and which searches have the best overall metrics (Overall).
In testing the above example, Compare Ideas showed that while there were more searches for "wool hat" than "wool sweaters," the term "wool sweaters" had the least number of items per buyer, and revealed that "wool sweaters" had the least number of items for sale.
The Compare Ideas tool does not factor in pricing.
The new tools are part of Etsy's new Prototypes that make it easier for users to "kick the tires" on new features Etsy is working on.
Etsy users can opt in to join prototypes, which are different from experiments, which are temporary changes that are not pre-announced. Each prototype is released with the goal of gathering data and observing how people use them. Given their exploratory nature, these projects may come and go at any time, and they may not always work as expected.
Etsy launched another prototype called HTML5 Color Browser that uses a non-Flash version of the Color Browser. Users can join prototypes and can learn more on the Etsy Prototypes page.
About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to firstname.lastname@example.org.
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