πββοΈ βKeep Commerce Human"... Etsys 4 focus areas of 2024 πββοΈ
May 14, 2024π§ Listen to this blog post as a Podcast instead 'An URGENT update on Etsys future'
In this episode we delve into Etsy's Q1 financial results and the implications for handmade businesses on the platform. Dive in to the challenges faced by Etsy sellers, strategies being implemented by Etsy to reignite marketplace growth, the importance of differentiation in a crowded market, and the focus on improving customer experiences.
πβοΈ “Keep Commerce Human"... Etsys 4 focus areas of 2024 πβοΈ
In the fast-paced world of e-commerce, standing out from the competition is crucial. We all know this, we hear people taking about niching down, knowing your target market and highlighting your USP (unique selling point).
Etsy have recently published their first quarter 2024 financial results. and although results of GMS was down 5.3% year-over-year to $2.6 billion, all is not lost.
Psst...Gross Merchandise Sales means "the dollar value of items sold in the Company's marketplaces, excluding shipping fees and net of refunds associated with canceled transactions".
Gift Mode is going to continue to be a major player to drive awareness of Etsy as a destination for gift giving. Etsy gift giving grew and outperformed the Etsy marketplace’s overall growth and active buyers increased 1.9% year-over-year to 91.6 million.
Josh Silverman (Etsy CEO) had this to say...
“Our first quarter performance, while in line with our guidance, was pressured by the challenging environment for consumer discretionary products, which continues to be a headwind to Etsy marketplace growth,”
“That said, we are encouraged by the meaningful progress we have made to improve customer experiences that we expect will drive buyer consideration and frequency over time, and we are working with focus and urgency to set the foundation to reignite Etsy marketplace growth. I’m confident that leaning into our differentiators to make Etsy even more Etsy will help ensure we stand out in the sea of sameness in e-commerce.”
So, if you didn't already know Etsy connects people looking for unique goods with independent sellers around the world. When you shop on Etsy.com, you can choose from millions of handmade, vintage, and craft supply items created and curated by millions of independent sellers.
It's a crafters dream with ready and waiting customers looking for special gifts that only you can make!
Each item on Etsy is listed and sold by a seller who creates handmade items or curates vintage or craft supply goods. There’s no Etsy warehouse. When you shop on Etsy, you’re directly supporting independent sellers who manage their own orders and inventory.
Here are 4 areas Etsy are focused on for 2024...some you can influence and be a part of, others you can be part of the ride.
What is Etsy focused on?
A huge focus for Etsys mission is to “Keep Commerce Human,” they see this as their best competitive advantage. Whether this be through story telling, getting to know the sellers or keeping products handmade.
Etsy plan to make it more obvious to shoppers what's been handmade, what's been designed by the seller, what's a digital product, etc.
They're also going to focus on the shoppers 'buying mission' and matching this with the inventory Etsy has to offer. Josh Silverman has spoken about how customers are often overloaded and don't know what to choose from and they're presented with the same type of results in their shopping journey.
Etsy are working behind the scenes to show shoppers the best of the best and see this a way for not only Etsy to stand out from its competitors but, for sellers too.
Etsy are have stated they're determined to support small business and help buyers shop unique goods and they're going to be loud with this differentiation and re-estabilish this in the e-commerce market.
Four key focus areas
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1. Suppress & Remove listings that violate Etsy policies, this has been a big push for Etsy over the last 6-9 months with 115% more listings removed YOY for violating handmade policy
2. Elevate listings that represent the best of Etsy and showcase quality listings in Search & Recommendations. Key factors include photos, shipping, reliability, customer reviews, and attributes. Remember the algorithm.
3. Curate the marketplace to show the newest and best listings on Etsy
4. Organise …quality listings on Etsy's marketplace through better site segmentation, making the site easier to navigate and to be less overwhelming for buyers
3 and 4 work together through sellers categories, home and landing pages, gift mode and deals tabs. Etsy acknowledged there's more opportunity to capture impulse buys and window shopping buyers.
They've promised they're going to make Etsy more fun, engaging, inspiring and surprising.
And to get shoppers to come back time and time again.
New announcement
And... they've announced, sort of, a customer loyalty programme! There's no specifics to announce but they've aid a beta form will be introduced in the second half of the year.
It's aim is to focus on occasion buyers to make the more loyalty buyers...eeekkkkkkk!
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