With all of the recent success that Etsy has enjoyed through the growing amount of both supply and demand for handmade products, it’s no wonder there are other companies who have taken close watch and are now ready to jump full force into the marketplace.
Amazon, the biggest competitor of them all, is planning to release it’s own Amazon Handmade this summer.
While the official launch date hasn’t been released, the news alone has continued to push Etsy’s stock downward while current shop owners wait to diversify their listings on another, higher traffic alternative. Etsy went public in mid-April, shortly after releasing a platform for promoted products on their site. This was their first attempt to bring on large-scale monetization, but it hasn’t necessarily meant much for stockholders who have watched the stocks negative performance over the past two months. Analysts are mostly asking, what’s next for Etsy? How will it survive when the competition hits hard and fast?
The team at Etsy definitely has their work cut out for them, but so does Amazon. They are new to the handmade goods industry, and while they bring in more online retail traffic than any other website by far, they still need to learn how to work with small business owners. Currently Amazon is built for high volume, low cost transactions and delivery at an unmatched speed. Handmade goods take time to produce, are more expensive, and many times are limited in quantity. All of these points are concerns for entrepreneurs who believe that Amazon’s current customer base will have a hard time adjusting to these drastic changes.
Competition has always been good for the consumer, but in this case it’s also beneficial for the shop owners. Putting all your eggs in one basket as a small business is very risky, so to have an opportunity to sell on the largest online retail platform is a must. This will quickly separate the highest quality shops from the rest, and the best way become part of the elite is to get a jump-start. In the link below you will find an application to be among the first to sign up for the new Amazon Handmade site. It’s a simple 1-minute interest form, and the company is already working hard to attract sellers just like you.
The power is currently in the hands of the seller, so now is the most exciting and profitable time to start your own business and/or bring it to the next level. Get out there and promote those products, and feel free to leave tips that have worked well for your online business by posting in the comments below. Good Luck!