Etsy said Wednesday it will begin testing its first-ever loyalty program in September, a move designed to boost the e-commerce site's sluggish sales and draw...
Etsy said Wednesday it will begin testing its first-ever loyalty program in September, a move designed to boost the e-commerce site's sluggish sales and draw in occasional shoppers.
Etsy is launching the program — called Etsy Insider — with the aim of reversing a decline in its gross merchandise sales, a measure of the amount of goods sold over a certain period.Etsy did not disclose how much customers must pay for the new loyalty program. But Moskowitz said the monthly fee will be close to the cost of a latte. She also said the company will decide on whether or not to do a nationwide rollout of the program after seeing what resonates with consumers.
The company's stock price has lost nearly 78% of its value since late 2021. In December, it said it would lay off 225 employees, which represented nearly 11% of its workforce.Though Etsy’s business has softened due the wider economic environment and the loss of pandemic-era sales, some of the challenges can also be tied to the fact that the platform has become more challenging for shoppers to navigate, said Neil Saunders, managing director at GlobalData Retail.
Secretary of State Antony Blinken, speaking in Singapore after reports of the assassination of Hamas political leader Ismail Haniyeh, says the U.S. will continue to work toward a ceasefire in Gaza.Microsoft Azure cloud growth fell short, but eased AI spending fears. AMD spiked and Nvidia jumped. A Fed pivot is on tap.
Loyalty Program Sluggish Sales Neil Saunders Raina Moskowitz
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