This article is written by: Kirstin Maguire
Last month, Etsy launched their cutting-edge, bricks and mortar retail platform, Etsy Wholesale, in the U.S. After 2 years in beta, it aims to offer small businesses and established brands alike, an opportunity to move into the illustrious offline market.
The current merge between online and offline retail is providing fertile ground for innovation. Indeed, as Chad Dickerson, CEO of Etsy, told Forbes ‘In a world where 90% of retailing (still) happens offline, you have to have some kind of offline strategy’.
Etsy traditionally partners with small vendors, offering them valuable opportunities to engage with a global market through the online marketplace. With one million active sellers and 40 million members, their business is now worth $1.35 billion.
Etsy Wholesale builds on these partnerships through an inexpensive pricing model, whilst enabling partnerships with more established brands. Artists and designers pay a $100 one-off joining fee, and a 3.5% transaction fee on each item purchased. Much like We Are Pop Up’s Shop Share initiative – Etsy Wholesale is a way for new up and coming online retailers to collaborate with established high street boutiques. An estimated 1,500 Etsy sellers are currently placed in bricks and mortar stores.
Dickerson identified ‘In the old days of big box retailing, it was cool to have what everybody else had. Now, consumers want to have something that nobody else has’. Etsy Wholesale therefore, intuitively combines the individuality of online retail, with what has been coined as ‘The power of tribes’, whereby powerful communities are being formed around brands and experiences.
Etsy Wholesale has aptly aimed their market at short-term and experiential opportunities, as opposed to permanent stores. By hosting local events where creators and consumers come together they are tapping into the creative, intimate relationships that pop-ups and events uniquely provide. Watch this space.
You must log in to post a comment.