Etsy just announced an upcoming loyalty program for buyers called Etsy Insider. This is the first-ever program of its type on the platform and the company begins testing in September. Select customers will receive an invite for the service as it gets closer to launch.
So what do you get? It’s sort of like Amazon Prime, but without the streaming video and all of that other stuff. Etsy Insider offers free shipping and access to discounts. Pricing has yet to be announced, but COO Raina Moskowitz says the monthly fee will be close to the cost of a latte. So, anywhere from $3 to $9, I guess.
The company hasn’t decided if this program will go beyond the testing phase, as it all depends on how users respond to it. Etsy says this is part of a larger effort to change how consumers think of the platform.
“We want people to start their shopping journey on Etsy rather than come to Etsy when they’re just looking for something very specific,” Moskowitz said in an interview with AP. This is a very good point, as I’ve never, ever thought of heading to Etsy unless I had something very specific in mind, like a Depeche Mode drink coaster or something.
The company has also been plagued with sluggish sales of late, which forced massive layoffs that impacted 11 percent of employees. Etsy has reported merchandise sales are down over five percent this year when compared to the same period last year. The stock price has also dipped, losing nearly 78 percent of its value since late 2021. To be fair, the stock price rose significantly throughout the early days of COVID-19, as new customers flocked to the service. The bubble burst just as people started going outside more.
Etsy has also been facing tons of new competition. This includes Amazon Handmade, the retail giant’s take on the crafting space, and Temu.
Source: www.engadget.com