Etsy, the online marketplace known for handcrafted and vintage items, is implementing a major revamp aimed at reclaiming its roots. The company is facing pressure from investors and sellers alike to distinguish itself from e-commerce giants like Amazon and discount retailers like Shein.
A new focus on “Creativity Standards”
A key element of the refresh is a new set of “Creativity Standards“ that define what kind of products are allowed on the platform.The company’s new rules require all items to incorporate “a human touch”. Etsy will now categorize items based on the seller’s involvement, such as “Made by a seller” or “Designed by a seller”. Mass-produced goods are no longer welcome.
Highlighting seller stories
Etsy is also launching a new marketing campaign that celebrates its seller community. The campaign includes television commercials, billboards, and social media content that showcase the human touch behind Etsy products.
A return to Etsy’s roots
When Etsy was created decades ago, the site attracted artisans and craft makers, who finally had a place online where they could sell their niche products and reach a large audience. But in recent years, the company has found itself overrun with mass-produced items. CEO Josh Silverman says the goal is to return Etsy to its original mission of being a marketplace for unique, handcrafted goods. He believes this strategy will resonate with consumers who are increasingly looking for authenticity in their purchases.
Challenges and competition
Etsy faces an uphill battle. The company must balance its commitment to handmade goods with the need to offer a wide selection of products to compete with larger rivals like Amazon, Temu and Shein, which provide shoppers with cheap goods delivered to their doorsteps in a few days. The stakes are huge, as eMarketer estimates the global e-commerce market is projected to cross $6 trillion this year.
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