2018 was a big year for Felt sellers, and we wanted to share some statistics and insights with you all, with the hope that it will help you do your thing!
First, a snapshot of sales:
Sales (by revenue to Felt sellers) in 2018
TIP It’s worth having your items listed throughout the year so we have time to weave your beautiful images into our ongoing promotions and to build you up for best results over the Christmas period.
As you can see there are consistent sales through the year with periodic spikes, then a significant increase in sales in the lead up to Christmas. The spikes typically occur around our major promotional newsletters, which go out monthly and around key annual anniversary dates (e.g. Mother’s Day).
TIP We know that buyers often return to Felt to find an item or seller they saw earlier in the year, so keeping your shop updated year round is the easiest way to get these sales. Making multiples of the same item, or listing them as ‘made to order’ saves a lot of time with photography and listings.
Sales and money (2018 vs 2017)
- Buyers spent 19.8% more with Felt sellers Felt database
- 8.4% more items sold Felt database
- Average item price increased by 10.5% Felt database
What this means is that buyers on Felt bought more items at higher prices than 2017. This reinforces something we already know: Pricing is hugely important, and customers will pay more than many sellers think they will.
TIP We often see sellers under-pricing their items – selling themselves short and turning would-be customers away because of the perceived value of lower-priced items. Read more about pricing here.
Traffic and visitors (2018 vs 2017)
- Visitors to Felt spent 6.57% longer viewing your items Google Analytics
- Average time to sell dropped by 2 whole days Felt database
- Bounce rate* decreased by 8.96% Google Analytics
- Across the board, visitors to Felt were more likely to buy in 2018 than they were in 2017 Google Analytics
*Bounce rate is the proportion of visitors who navigate away from the site after viewing only one page. It is a common measure of how engaging a website is – the lower the bounce rate, the better.
Buyers also spent more time on Felt, but bought faster than they used to. We have put a lot of effort into making the browsing and buying experience even better on Felt, and these numbers show us that it is working. This in turn leads to more of your items selling more often.
Relative category sizes
As expected, Jewellery & Fashion remained Felt’s largest top level category, followed by Home & Living and Baby & Child. While these categories are well-populated, this is reflected in sales, and there’s always space for original new products, quality craftsmanship, and unique spins on the traditional.
In 2019, we see particular opportunities for growth in the Weddings category, which also has high collective marketing potential. As our youngest top level category (added in 2015), it has plenty of room for new sellers to find their niche and get established.
TIP There is a delicate balance for Felt between growing demand (finding more buyers) and meeting demand (having more of your items for sale) in the categories. When listing items, think carefully about where or how customers might be likely to look for an item like yours, and what pathways, searches, or categories they might logically take. If your item(s) fit in more than one place then list them in multiple categories.
This year, 13.8% of our visitors were male, but they were only 9% of our buyers. Men also spent, on average, 13% more than anyone else (well, than women).
TIP The single biggest untapped New Zealand market for Felt sellers is men. We also know that the majority of our items appeal primarily to female customers, and as a result we get a lot of female traffic. Three things you might like to try:
- Target some of your marketing at men buying gifts for women in their lives
- Cater to male markets. Consider how different colours, shapes, materials, or styles might make your existing designs appealing to men. Brainstorm new product ideas that match your skill set, or consider learning new skills to fit an untapped niche in the market.
- Suggest Felt to the men in your life as a great place to shop and find gifts – if we’re all working to increase male traffic to Felt, everyone reaps the benefits.
In 2018, 20% of all visitors to Felt were outside of New Zealand, but only 3.5% of sales were international. This represents a huge market opportunity. Make sure you tell a great story in your listings.
TIP We know many of our sellers fear that international shipping costs are prohibitive and so simply don’t add them. Add international shipping, and let your potential customers decide what they want to pay for themselves. Many sellers have been pleasantly surprised…
Here’s to another great year on Felt!