Etsy is an innovative online retailer. On April 16, 2015, Etsy had a successful IPO (initial public offering), which valued the firm at $3.3 billion as of the end of the day.
Its company philosophy is described at its Web site:
“Etsy is a marketplace where people around the world connect, both online and offline, to make, sell, and buy unique goods, The heart and soul of Etsy is our global community: the creative entrepreneurs who use Etsy to sell what they make or curate, the shoppers looking for things they can’t find anywhere else, the manufacturers who partner with Etsy sellers to help them grow, and the Etsy employees who maintain and nurture our marketplace.”
“Discover handmade items, vintage goods, and craft supplies you can’t find anywhere else. Get curated recommendations tailored to your taste. Find boutiques, craft fairs and flea markets where you can shop from Etsy sellers offline.”
What makes Etsy especially unique is its status as a “B” corporation:
As a Certified B Corporation, we view our social, environmental, and business goals as inseparable. Some call this ‘business as unusual,’ but around here it’s just business. We don’t just recycle and compost in every office, we know exactly how much our trash weighs and we bike our compost to community farms every week. We provide entrepreneurial training for artisans looking for new ways to support themselves and their families. We give our employees five days a year to spend volunteering in their communities. And that’s only what we have room to mention here.”
Look below to see one what analyst (NBR) has to say about the firm’s business model.
I think that Etsy is definitely changing the marketplace for online shopping, at least in the niche of vintage and handmade items. Being valued at $3.3 billion dollars is a spectacular feat for this company, and I think it will get online consumers to recognize Etsy as an entity. I don’t think this will take too much business away from companies like Amazon, although it can give Ebay a run for its money.
Etsy is an amazing idea. It seems this day and age, the public leans more towards staying green and have natural products. With the use of Etsy it allows for customers to express this feeling among their own and be able to make, buy, and sell these goods. Some say that goods that are made by hand are given more care and love, which is exactly what this corporation will thrive off of. The value at $3.3 million is mind-blowing and just shows how important this type of marketplace is to society today.
Etsy has done a good job with presenting itself to new consumers. Based on the description, new consumers who are looking to purchase vintage or handmade goods would probably turn to this company for sales. New entrepreneurs could also benefit from this website because it can provide experience or give exposure to new sellers. I must say, Etsy has done a remarkable job in persuading me to use their service if I were to look for handmade goods.
I have a friend who uses Etsy to sell photographs, and I got to say Etsy is really making a statement for next generation online shopping. I love browsing Etsy because one can find cute handmade items for cheaper prices, but the only downside is that there is no physical store and one needs to pay for shipping and trust the shopkeeper to send the products. Etsy is really easy to set up for anyone to own a virtual store online without having to pay for rent, electricity, and all the things needed for a physical store. Etsy is just going to become more popular and be the next big thing like E-Bay.
Having shopped on Etsy before, I can confidently say that I love this site. It offers a unique approach to online shopping in that individuals hand-make their items and are in control of their own “shop.” When purchasing from this site I feel good in a sense that I am supporting someone doing what they love. Being valued at $3.3 billion is also a great boost of confidence for Etsy and encouraging for the future success of the company. It also helps that they are “green” and eco-friendly, an increasingly important aspect in this day and age.
This company is small and different. It focus on e-commerce business. Why it attract more customers? I think the reason is that it supply niche market needs. Some customers who need to find different art which it can hard to buy in the real market. My friend is a art student. She always have to find inspiration from different art. So she do not where to go and but these stuff. This website is a good platform to supply and meet customers like my friends need. It is built in Brooklyn which is near to New York art center. That is the reason.Based on the floating population in the New York, company still have more space to expand.
I am definitely an avid online shopper. However, I have never purchased from Etsy and I am actually shocked that the company is doing so well. In my eyes, Etsy is a little shifty and I feel unsure of how much purchases are regulated. I wouldn’t want to spend money on something and then get it to find that it is not what was advertised. However, this post makes me rethink my skepticism. I think it’s interesting that Etsy is a B Corporation; I’ve never heard of that before. But I think that it is awesome that a company has such a strong drive to improve the environment both during personal time and during company time.
Michaela Cody; MKT 101 section 1
“Capitalism With A Conscience” I LOVE it!!! Etsy is the epitome of what we need to see in larger-scale companies in the private sector. The company is also extremely niche-based in their e-commerce sales which is an incredible double-faceted range for a company.
Interesting how NBR, in an attempt to offer an unbiased perspective, states that Etsy’s net loss widened due to an investment in marketing, making it look like a bad thing. That’s a positive in my book any day.
Etsy’s status as a B corporation is interesting, and as the article states, is filling a certain social niche. Though it may not prove to be as large as more mainstream e-commerce retailers such as Amazon, Etsy no doubt will be able to profit a great deal by appealing to a middle-upper class consumer base.
I think Etsy will be well growing company. Because it provides space for everyone. Actually ,everyone is artist, we all have inner interest to make a works by ourselves. It is the unique work and you can not find the same product from the other brand in the shopping mall.I think the reason for its success is that it catches the psychology –we want the unique goods and we can make our brand goods. I think this website really has the innovation spirit and it provides a good space for some individual artist and handmade manufacturers.
I love the company Etsy, and not only because of the variety of unique products and gift ideas but because it allows anyone to be an entrepreneur or business owner. Anyone with drive has access to a successful platform that takes enough of a share of what is sold to keep the company itself afloat, as well as keep the shopkeeper in business with a profit. I believe that everyone should shop on Etsy for products before going to other specialty chain stores (such as marshals or Michael’s) because it supports real people’s financial life instead of corporate salaries.
After browsing Etsy, I find this company provide a nice shopping environment which is more like a art and craft blog. I get the idea why people is attracted by this website. Not only because of its unique culture as a Certified B Corporation but also because of amazing arts and crafts that Etsy carrying. Etsy’s mission makes itself unusual as a company not peruse profit only.
To be honest, this is the first time I ever heard the B corp concept, and feel surprised that there are already almost 1000 businesses are doing the b corp across the world. I think the reason why it could be developed so fast is using the advantages of e-commerce. I like the idea of the B corp, in my mind, this is going to change the world, and in a good way.
Etsy is great! I think that this company provides a good shopping scene. I get the idea why people is attracted by this website. the advantages of B-commerce is probably what made them develop so quickly! great tool for a firm to use. i agree with fellow people who commented, Etsy allows for a unique product variety and it allows individuals to be business owners.