Etsy
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| URL | Etsy.com |
|---|---|
| Commercial? | yes |
| Type of site | E-commerce |
| Registration | Optional |
| Created by | Robert Kalin, Chris Maguire, Haim Schoppik, Jared Tarbell |
| Launched | June 18, 2005 |
| Alexa rank |  161 (February 2012[update])[1] |
Etsy is an e-commerce website focused on handmade or vintage items as well as art and craft supplies. These items cover a wide range including art, photography, clothing, jewelry, edibles, bath & beauty products, quilts, knick-knacks and toys. Many individuals also sell craft supplies like beads, wire, and jewelry-making tools. All vintage items must be at least 20 years old. These items range from old boots and ice skates, to dresses, hats and scarves. The site follows in the tradition of open craft fairs, giving sellers personal storefronts where they list their goods for a fee of $0.20.[2] It has been compared to "a crafty cross between Amazon and eBay,"[3] and to "your grandma's basement."[4]
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[edit] History
The site was launched on June 18, 2005, by iospace, a small company composed of Robert Kalin, Chris Maguire and Haim Schoppik. That initial version had taken two and a half months to build.[5] Later Jared Tarbell joined the team. Former NPR executive Maria Thomas joined as COO in 2008, was promoted to CEO and left Etsy in December 2009. Robert Kalin resumed his role as CEO from December 2009 until July 2011.[6] Investors include Sean Meenan, Spencer and Judson Ain, Union Square Ventures and founders of Flickr and Delicious.[7]
While much speculation surrounds the meaning behind the name Etsy, one story is Etsy got its name because Robert Kalin "wanted a nonsense word because I wanted to build the brand from scratch. I was watching Fellini's 8 ½ and writing down what I was hearing. In Italian, you say 'etsi' a lot. It means 'oh, yes.' And in Latin, it means 'and if.'" [8]
Etsy has grown significantly to eight hundred thousand sellers and twelve million buyer accounts[9]. The engineers frequently add new tools and functionality to the site to help sellers gain exposure and traffic, including Adobe Flash-based visualizations and a taxonomy of categories with tags.[10] Etsy passed $1.7 million in sales in May 2007.[3] On July 29, Etsy had its one-millionth sale and anticipated its two-millionth sale would occur mid-December 2007. In November 2007, buyers spent $4.3 million purchasing 300,000 items for sale on Etsy, an increase of 43 percent from October 2007.[2] In June 2007 it expected to be profitable by the fall,[11] but in December 2007 it was not a profitable company.[12] In January 2008, Etsy received an additional $27 million in funding from Union Square Ventures, Hubert Burda Media, and Jim Breyer.[13]
In February 2008, trouble at eBay, including a strike by some dissatisfied sellers, brought speculation that Etsy could be an increasing competitor.[14] At the same time, however, some Etsy sellers expressed unhappiness with how Etsy was handling complaints about stores.[15] At the time, a comparison of the two websites included complaints that on Etsy, items are difficult to find, the interface "feels slow", and the buying and selling process is United States-centric.[16] Other reviewers have enjoyed using Etsy's specialized search options,[17][18] including the "Shop Local" tool.[19]
In July 2008, Rob Kalin ceded the position of CEO to Maria Thomas.[20] Some longtime Etsy employees left the company in August 2008, including founders Haim Schoppik and Chris Maguire.[21] In September 2008, Etsy hired Chad Dickerson, who formerly worked at Yahoo!, as Chief Technology Officer.[22] The company acknowledged concerns about vendors selling other people's work as their own.[23]
In April 2009, users organized an "etsyday" promotion on Twitter that brought extra attention to the site.[24] As of May 2009, it has approximately 60 employees and sales of $10 to 13 million per month,[25] possibly boosted by consumer interest in cheaper and more personalized goods due to the United States recession.[26] Etsy is popular as a side-business[27] as well as a place to buy goods made from recycled and upcycled materials,[28] along with less expensive or more unusual versions of mass-produced items.[29] The unique nature of many of the items for sale is part of their appeal to some shoppers.[30][31]
In March 2010, Kalin said that the company is profitable and "plans to go public, though not until at least next year."[32] In December 2010, Etsy said it had seven million registered users and predicted $400 million in transactions for the year, and that it would continue to focus on a personal community feel as it grows larger, as that is part of what distinguishes it from eBay.[33] In 2010, Etsy saw revenues increase from $180 million to $314 million, which fell short of the $400 million prediction. [34]
In March 2011, Etsy "introduced a Facebook-style social networking system called People Search... to help buyers and sellers connect with each other and become friends". By doing so, however, Etsy effectively made any past purchase with feedback eminently searchable. Etsy has since made changes to their systems to better guard information regarding users' purchases. [35]
[edit] Operations
Etsy makes money by charging a listing fee of 20 cents for each item and getting 3.5% of every sale,[36] with the average sale about $15 or $20 and mostly sold by women[11] who tend to be college-educated and in their twenties and thirties.[25]
Along with handmade products, people on Etsy sell vintage items,[37] homemade sweets, and craft supplies. Etsy offers multiple options for paying for items, including credit card, money order, and PayPal.
Etsy's head office is located in DUMBO, Brooklyn which features an open Monday craft night to the community in the "Etsy Labs". The site's technology, customer support, marketing/PR, business and communications teams operate out of this office. Additionally, Etsy Labs has a workspace that provides equipment and donated materials where members gather to make items, take and teach workshops, and attend special events.[2]
Etsy is one of the main members of the Handmade Consortium, a 2007 effort to encourage buying handmade holiday gifts.[12]
[edit] References
- ^ "Etsy.com Site Info". Alexa Internet. http://www.alexa.com/siteinfo/Etsy.com. Retrieved 2012-02-02.
- ^ a b c Walker, Rob (2007-12-16). "Handmade 2.0". New York Times Magazine (New York Times). http://www.nytimes.com/2007/12/16/magazine/16Crafts-t.html?_r=2&oref=slogin&ref=magazine&pagewanted=all. Retrieved 2007-12-17.
- ^ a b Ryzik, Melena (2007-06-24). "Where the Crafts Babes and D.I.Y. Dudes Are". New York Times. http://www.nytimes.com/2007/06/24/fashion/24renegade.html?_r=2&oref=slogin&ref=style&pagewanted=all&oref=slogin. Retrieved 2007-12-19.
- ^ Slatalla, Michelle (2007-01-18). "Rooting Around Grandma's Basement in Cyberspace". New York Times. http://www.nytimes.com/2007/01/18/fashion/18Online.html?ex=157680000&en=8b334fa53f7dd9da&ei=5124&partner=permalink&exprod=permalink. Retrieved 2007-12-19.
- ^ Orland, Kat. "Web 2.0 Awards (2006) - Interview with Robert Kalin of Etsy". http://www.seomoz.org/web2.0/interview/etsy/2006. Retrieved 2010-10-06.
- ^ "New Roles at Etsy Inc.". Storque. Etsy. 2008-07-22. http://www.etsy.com/storque/section/etsyNews/article/etsy-announcement-new-roles-at-etsy-inc/2268/. Retrieved 2008-07-28.
- ^ Wilson, Fred (2006-06-05). "Etsy". Union Square Ventures. http://www.unionsquareventures.com/2006/06/etsy_1.html. Retrieved 2007-12-19.
- ^ "How Etsy, eBay, Reddit got their names". CNN. 2011-04-22. http://www.cnn.com/2011/LIVING/04/22/website.name.origins.mf/index.html?hpt=C2.
- ^ "Etsy Press". http://www.etsy.com/press.
- ^ Arrington, Michael (2005-11-08). "Etsy - P2P Commerce with Tagging". Techcrunch. http://www.techcrunch.com/2005/11/08/etsy-is-ebay-20/. Retrieved 2007-12-19.
- ^ a b Miller, Kerry (2007-06-12). "Etsy: A Site for Artisans Takes Off". BusinessWeek. http://www.businessweek.com/smallbiz/content/jun2007/sb20070611_488723.htm. Retrieved 2007-12-19.
- ^ a b Walker, Rob (2007-12-15). "Craft capitalism: Just do it yourself". International Herald Tribune. http://www.iht.com/articles/2007/12/14/business/wbcraft.php. Retrieved 2007-12-19.
- ^ McCarthy, Caroline (2008-01-30). "Crafty commerce site Etsy gets $27 million in funding". The Social. CNET News. http://www.news.com/8301-13577_3-9861216-36.html. Retrieved 2008-02-27.
- ^ "Ebay, After Meg". Knowledge@Wharton. 2008-02-19. http://www.forbes.com/entrepreneurstechnology/2008/02/19/ebay-google-amazon-ent-tech-cx_kw_0219whartonebay.html. Retrieved 2008-02-27.
- ^ Marco, Meg (2008-02-26). "Sellers Growing Increasingly Unhappy With Lack Of Professionalism At Etsy". Consumerist. http://consumerist.com/360889/sellers-growing-increasingly-unhappy-with-lack-of-professionalism-at-etsy. Retrieved 2008-02-27.
- ^ Schofield, Jack (2008-02-18). "Arts and crafts for the space age". Netbytes (London: Guardian.co.uk). http://www.guardian.co.uk/technology/2008/feb/18/etsy.crafts. Retrieved 2008-02-27.
- ^ Takac, Micki (2009-02-16). "Etsy's Handmade Goods Inspire the Shopper in All of Us". Invention and Technology News. http://news.inventhelp.com/Articles/Internet/Inventions/etsy-shop-12587.aspx. Retrieved 2009-05-12.
- ^ Lott, Arlene (2009-02-24). "Do You Etsy?". Steven and Chris (CBC.ca). http://www.cbc.ca/stevenandchris/2009/02/do_you_etsy.html. Retrieved 2009-05-12.[dead link]
- ^ Baxevanis, Alexander (2009-02-19). "Etsy brings handmade crafts closer to home". Marketing Week. http://www.marketingweek.co.uk/cgi-bin/item.cgi?id=64373&u=pg_dtl_art_news&m=271. Retrieved 2009-05-12.
- ^ Kalin, Robert (2008-07-09). "The Long View: Rob & Maria". Storque. Etsy. http://www.etsy.com/storque/etsy-news/the-long-view-rob-maria-2150/. Retrieved 2008-12-08.
- ^ Maguire, Chris (2008-08-28). "A Fond Farewell". Storque. Etsy. http://www.etsy.com/storque/etsy-news/a-fond-farewell-2483/. Retrieved 2008-12-08.
- ^ Steiner, Ina (2009-04-05). "Touring Etsy.com's Brooklyn Headquarters". AuctionBytes.com. http://www.auctionbytes.com/cab/abu/y209/m04/abu0236/s02. Retrieved 2009-05-12.
- ^ Johnson, Bobbie (2008-10-15). "Etsy: eBay for arts and crafts". London: Guardian.co.uk. http://www.guardian.co.uk/technology/2008/oct/15/etsy-arts-and-crafts-online. Retrieved 2009-05-12.
- ^ Fowler, Geoffrey A. (2009-04-24). "How #etsyday Grew on Twitter". Digits (Wall Street Journal). http://blogs.wsj.com/digits/2009/04/24/how-etsyday-grew-on-twitter/. Retrieved 2009-05-12.
- ^ a b "Etsy Crafts a Recession Success". eMarketer Digital Intelligence. 2009-05-01. http://www.emarketer.com/Article.aspx?R=1007066. Retrieved 2009-05-12.
- ^ Miller, Claire Cain (2008-12-22). "For Craft Sales, the Recession Is a Help". New York Times. http://www.nytimes.com/2008/12/23/business/23craft.html?_r=2&partner=rss&pagewanted=all. Retrieved 2009-05-12.
- ^ Haley, Jen (2009-01-15). "Turn your skills or your stuff into extra cash". CNN. http://www.cnn.com/2009/LIVING/personal/01/15/money.for.your.stuff/index.html. Retrieved 2009-05-12.
- ^ Choi, April (2009-04-24). "Artists share love of Earth and crafts". Columbia Missourian. http://www.columbiamissourian.com/stories/2009/04/24/artists-share-love-earth-and-crafts/. Retrieved 2009-05-12.
- ^ Arain, Fauzia (2009-05-03). "An Etsy bitsy fashion secret: Spring trends, affordable and online". Tribune Newspapers. http://www.chicagotribune.com/features/lifestyle/chi-tc-fash-etsy-0504-0503may03,0,3856316.story. Retrieved 2009-05-12.
- ^ Thompson, Clive (2009-02-23). "Clive Thompson on the Revolution in Micromanufacturing". Wired Magazine. http://www.wired.com/techbiz/people/magazine/17-03/st_thompson. Retrieved 2009-05-12.
- ^ Tutton, Mark (2008-09-19). "A crafty way to beat the chain stores". CNN. http://www.cnn.com/2008/TECH/science/09/18/craft.revival/. Retrieved 2009-05-12.
- ^ Evans, Teri (2010-03-30). "Creating Etsy's Handmade Marketplace". Wall Street Journal. http://online.wsj.com/article/SB10001424052702304370304575152133860888958.html?mod=WSJ_hp_editorsPicks. Retrieved 2010-03-30.
- ^ Wortham, Jenna (2010-12-26). "Online Bazaar Builds on Its Base With Sense of Community". New York Times. http://www.nytimes.com/2010/12/27/technology/27etsy.html. Retrieved 2011-01-01.
- ^ "Etsy 2011 Sales Revenue Expected to Exceed $400 Million – Sales Grew 74.4% in 2010". Quarterly Retail Review. March 1, 2011. http://www.quarterlyretailreview.com/2011/03/etsy-2011-sales-revenue-expected-to-exceed-400-million-sales-grew-74-4-in-2010/.
- ^ Grant, Drew. "writer". Etsy's social media DIY-saster. Salon.com. http://www.salon.com/entertainment/tv/feature/2011/03/15/etsy_privacy_people_search/index.html. Retrieved 20 March 2011.
- ^ Marion, Fred (2006-08-08). "Etsy may be the coolest, most feel-good way to shop". Cox News Service. http://www.azcentral.com/style/hfe/crafts/articles/2006/08/08/20060808etsy0808.html. Retrieved 2007-12-19.
- ^ Steiner, Ina (2008-11-02). "Ecommerce Collides with Handmade: An Interview with Etsy". AuctionBytes.com. http://www.auctionbytes.com/cab/abu/y208/m11/abu0226/s03. Retrieved 2009-05-12.
