Etsy just announced a Upcoming loyalty program for buyers This is the first such program offered on the platform, and the company will begin testing it in September. Select customers will receive an invitation to the service closer to the launch date.
So what do you get? It's kind of like amazon Prime, but without the video streaming and all the rest. Etsy Insider offers free shipping and access to discounts. Pricing hasn't been announced yet, but COO Raina Moskowitz says the monthly fee will be similar to the cost of a latte. I'm guessing it'll cost between $3 and $9.
The company hasn't decided whether this program will go beyond the testing phase, as it all depends on how users respond. Etsy says this is part of a broader effort to change the way consumers think about the platform.
“We want people to start their shopping journey on Etsy rather than coming to Etsy when they’re just looking for something very specific.” Moskowitz said in an interview with APThis is a really good point, as I have never, ever thought about going to Etsy unless I had something very specific in mind, like a Depeche Mode coaster or something.
The company has also been hit by sluggish sales of late, forcing mass layoffs affecting 11 percent of employees. Etsy has reported that product sales are down more than five percent this year compared to the same period last year. The stock price has also dropped, losing nearly 78 percent of its value since the end of 2021. To be fair, the stock price did rise significantly during the early days of COVID-19, as new customers flocked to the service. The bubble burst just as people started getting outside more.
Etsy has also faced a slew of new competitors, including amazon Handmade, the retail giant's bet on the crafts space, and Temu.
