Etsy recently announced their upcoming loyalty program for buyers called Etsy Insider, the first-ever program of its kind on the platform which will begin testing in September. Customers will receive invitations to the service as it approaches its launch. Similar to Amazon Prime, Etsy Insider will offer free shipping and discounts, with a monthly fee expected to be around $3 to $9 according to COO Raina Moskowitz. The company is unsure if the program will move past the testing phase, depending on user feedback, as part of a larger effort to change consumer perceptions. In an interview with AP, Moskowitz emphasized the initiative to encourage users to start their shopping journey on Etsy rather than just for specific items. Unfortunately, Etsy has been experiencing sluggish sales, leading to significant layoffs affecting 11 percent of employees. Merchandise sales are down over five percent compared to last year, with the stock price also dropping around 78 percent since late 2021. The company has seen new competition from Amazon Handmade and Temu in the crafting space, adding to their challenges.
