Perhaps, Etsy is the answer to anyone who’s been the butt of a joke where the punchline is “good luck with your Degree in Fine Arts”. This is apropos because my wife did indeed get a Fine Arts degree in college. But, I guess she gets the last laugh because while her shop isn’t making her a millionaire…it’s a pretty sweet lifestyle business that eliminates the cost of daycare and makes her schedule open for whatever, whenever.
Platforms like Etsy level the playing field and make it much easier for individuals to exploit their talents and strike out as a solopreneur. The platform takes care of marketing, sales, financial transactions, statements, shipping labels, shipping fees, tax documentation, receipts, customer communications and much more.
And my wife pays nothing out of pocket for all of this. That’s not to say Etsy is not getting paid because believe me they are. Etsy charges for listing fees , shipping fees, generic sales fees, and transaction fees. All coming out of the revenue of a sale…much more warm and fuzzy feeling than straight out of pocket fees.
They also caught the attention of Wall Street. NASDAQ: ETSY
Before I go astray, the point here is that platforms like Etsy now give individuals all the tools they need to succeed at prices affordable to individuals. Just a few decades ago, only large companies could afford this kind of sophistication.
This democratization of digital tool sets further emphasises the point that companies need to take digital transformation very seriously because the competition for talent will get more and more fierce as individuals have more options.