Etsy recently announced an upcoming customer loyalty program called Etsy Insider. This is the very first program of its kind on the platform and the company starts testing in September. Select customers who will receive a service invitation as it nears launch.
So what do you get? It’s like Amazon Prime, but without streaming video and all the 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 think.
The company has not yet decided whether the program will go beyond the testing phase, as it all depends on how users react to it. Etsy says this is part of a larger 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 if they’re looking for something specific,” Moskowitz said in an interview with. AP. This is a very good point, as I never, ever thought of going to Etsy unless I had something specific in mind, like a Depeche Mode drink or something.
The company has also suffered from weak sales of late, forcing massive layoffs affecting 11 percent of the workforce. Etsy reported that merchandise sales are down 5 percent this year compared to the same period last year. The stock price has also fallen, losing about 78 percent of its value since late 2021. To be fair, the stock price went up a lot during the early days of COVID-19, as new customers flocked to the service. The bubble burst when people started to come out on top.
Etsy also faced a lot of new competition. These include Amazon Handmade, the fashion giant’s take on the crafting space, and Temu.
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