Etsy just announced upcoming loyalty program for shoppers It’s called Etsy Insider. This is the first app of its kind on the platform, and the company is starting testing in September. Selected customers will receive an invitation closer to service launch.
So what do you get? It’s kind of like Amazon Prime, but without the streaming video and all that stuff. Etsy Insider offers access to free shipping and discounts. Pricing hasn’t been announced yet, but COO Raina Moskowitz says the monthly fee will be close to the price of a latte. So anywhere from $3 to $9, I think.
The company has not decided whether this program will go beyond the testing phase, as it all depends on how users react to it. Etsy says it’s part of a larger effort to change how consumers think about the platform.
“We want people to start their shopping journey on Etsy, rather than coming to Etsy looking for something very specific” Moskovitz said in an interview AP. That’s a very good point because I’ve never thought to go to Etsy unless I had something very specific in mind, like a Depeche Mode drink or something.
The company has also faced sluggish sales recently, which has forced mass layoffs. affected 11 percent of employees. Etsy reported a more than five percent drop in merchandise sales this year compared to the same period last year. The stock price has also fallen, losing about 78 percent of its value since the end of 2021. To be fair, the stock price rose significantly in the early days of COVID-19 as new customers flocked to the service. The bubble burst when people started going out more.
Etsy is also facing tons of new competition. This includes Amazon Handmade and Temu, where the retail giant has embraced the craft space.
