ALL YOU NEED TO KNOW ABOUT ETSY!
It Is not unusual for a startup to be jacked up by bigger cooperations when they begin to get popular. The owners of the startups are always looking to sell and take in profits from the sale of the startups.
Many expected this to be the case of Etsy, but it wasn’t.
Since its establishment over fifteen years ago, Etsy has not sold off any of its shares. It has remained owned by the cooperation.
Rather than be bought out, Etsy instead went on to acquire other e-commerce startups and online marketplaces. Etsy Inc is also unique, it has always promoted healthy partnerships between sellers and manufacturers.
Moreover, without compromising its principles, Etsy has set itself apart from other e-commerce giants with the methods they have used in running their daily operations.
Etsy takes steps that assure everyone of their commitment to always having human interactions and their creative inputs long term.
Table of Contents
- 1 Who owns Etsy?
- 2 Where is the headquarters of Etsy located?
- 3 Opening an Etsy Store Account
- 4 “Can you open an Etsy store without Instagram and Facebook?”
- 5 Is Etsy partnering with Facebook, eBay, Amazon, etc?
- 6 What are the major disparities between Etsy, Amazon, and eBay?
- 7 What are the long-term goals of the Etsy brand?
- 8 For those asking, if not Esty, what else?
Who owns Etsy?
Etsy is owned by Etsy Inc and was founded in 2005 by Jared Tarbell, Haim Schoppik, Chris Maguire, and Robert Kalin. The current CEO is John Silverman and he took hold of the company’s reins in July 2011. John Silverman replaced the now-fired co-founder Rob Kalin.
It is often a surprise to people with no previous knowledge of how Etsy runs when they are informed that Just one man and the company’s board of directors runs and handles a big corporation like Etsy without any external aid from a parent company.
Since Etsy’s startup year’s till now, that is before they finally hit gold and became the giant we know them as today up till this very moment, Etsy has remained disciplined in its principles.
Instead of them getting acquired, they are the ones now buying and merging with other startups.
The merged companies include e-commerce marketplaces called
- Blackbird Technologies
- A Little Market
- and Lascaux.
Each acquisition brings something new to the company. For example, blackbird technologies add an AI feature to the Etsy brand.
It is quite commendable how much Etsy has been working to achieve the majority of these feats in the last ten years.
Now, Etsy ranks side by side with other commerce giants like eBay and Amazon, even though its operations are smaller when compared to both.
In all these, According to Statista, Etsy now has over 4.36million active sellers in the last year, with almost 82 million active buyers also. It’s also one of the top leading ecommerce companies with the highest marketcap. Etsy has a global reach with interwoven connections with growing business owners.
Where is the headquarters of Etsy located?
Since it was established in 2005, Etsy has maintained its base in Brooklyn, Newyork.
The interior of the 200,000 square foot space is littered with handmade products sold by sellers on the platform. TSpacefeels just kike home to the employees that have to work in person– majorly the technical workers and the directors of the board.
Opening an Etsy Store Account
This is quite easy and straight to the point.
You only need to sign into the Etsy website with an email. Although, you also need to have a financial account and most importantly a homemade product to market.
Using your social media accounts to generate leads Is often encouraged as a bonus marketing strategy.
Some people often ask the question-
“Can you open an Etsy store without Instagram and Facebook?”
Yes, you can.
It’s not a required feature for having an Etsy store.
However, I must honestly state that it will be very hard to market and sell your product without the help of social media.
So for a successful Etsy shop, you need your store linked with heavily optimized Facebook and Instagram accounts with large audiences. Optimizing your accounts puts your brand out there, and it takes real work.
If you do not want the stress of running social media accounts, you can pay influencers to advertise your brand on their pages.
Is Etsy partnering with Facebook, eBay, Amazon, etc?
Officially, Etsy has no contractual agreement with other online marketplaces. They do not partner with any of these sites like eBay, Amazon, and Facebook.
This is largely because they want to have complete control over their operating space and in how they are systematically carving a niche for themselves globally.
Although there is no official partnership, Etsy teaches and recommends ways for sellers to promote their stores on social media platforms such as Facebook, Pinterest, Instagram, and Twitter.
As they also understand that it will help them get noticed easier and faster.
There are also blogposts and handbooks to help sellers generate leads on these sites. The main goal is to be higher on Etsy.com with a large customer base.
The COVID-19 pandemic changed the way people viewed online marketplaces and social media platforms contributed to this.
It helped e-commerce sites have a very profitable year through its Q2, Q3, and Q4. And luckily for Etsy, it is now one of the top 3 global e-commerce brands.
What are the major disparities between Etsy, Amazon, and eBay?
There are several disparities between these three e-commerce giants…
First of all, Etsy is unique. Everything sold in that marketplace is either handmade or vintage ( at least 20 years old). They offer premium features to shop owners that allow them their domain names and websites.
Did I mention that Etsy has its very own search engine – making it easy for customers to navigate to their requested product pages, unlike Amazon and eBay which rely on other search engines?
This alone makes Etsy stand out from the competition every time.
On the contrary, Amazon and eBay have different sections on their site, for brand new products, services, handmade products, and other things.
Simply put, both brands sell Anything and Everything– with partnerships with different business brands.
Rather than partner aggressively with other brands, Etsy converts this energy to making their site more original, helping their business owners place their handmade brands at the forefront of the online marketplace.
The fact that Amazon had to carve out a new section called Amazon Handmade based on the Etsy models convinced a lot of customers that Etsy is the best for handmade products.
Etsy operates more of a C2C system, as most of its sellers purchase their products from other sellers. This way, a seller’s product is outsourced to another seller for more originality.
For example, an art prints seller can sell his prints to a store owner that deals with handmade picture frames. This way the print is put in a frame, and it still retains its originality.
Amazon and eBay cater to big and established brands, with less regard to the small brands. In comparison, Etsy places small brands above others.
What are the long-term goals of the Etsy brand?
I’m here to tell you that I doubt if Etsy would be leaving that top three rank anytime in the nearest future.
Many business owners can testify about the profitability of having an Etsy store, some have even quit their regular 9-5 jobs to focus more on creating more unique products to sell on Etsy.
Yes, some sites will definitely start configuring their features to compete with the Etsy brand. Online marketplaces like Wix and Shopify are currently leading on this. They have begun to host unique businesses on their platform – in a bid to outperform Etsy.
As this is going on, Etsy board are also improving on their own features to retain their spot as an e-commerce giant.
For those asking, if not Esty, what else?
If not Etsy, there are other competing sites. They are all doing their best to stand out and be the best online marketplace for all businesses.
Not to mention, Etsy has added features that provide more benefits to small business owners at an added cost.
These features include Etsy plus and Etsy Pattern. These will allow individual stores to have their domains and websites growing at a better rate in the industry.
A lot of things are expected in the coming years, but I know that with what the future holds for Etsy, it’s going to be very hard to replace the brand.
Etsy has done a good job making its brand stand out globally as a powerful figure in the e-commerce space.
Despite not partnering with any brand, Etsy has done a great job of making itself a powerful figure in the eCommerce space online and all over the world.
It has become a trailblazing brand creating new features that other online marketplaces are constantly emulating. This is such a big thing to do without brands like Facebook helping you.
However, while other companies are trying to emulate Etsy, these companies are also putting in more effort to be unique in their way. Innovative ideas are not scarce to find in the e-commerce world.
In all this, Etsy still ranks in the top three e-commerce brands in several countries globally and I hope they keep up the good work.
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