Etsy, in a nutshell is a website that connects sellers and buyers on the field of handmade products, vintage and crafts. A long time ago people who wanted to buy crafts had to go to markets there were held not that often and had to have the luck that someone was selling what they were looking for. These times are passed now that Etsy is online. On this platforms sellers can put their products on the website for $0,20 and only 3,5% of the selling price goes to Etsy. There are sellers who make crafts or vintage in a wide range, from jewels till special handmade cutting boards. The buyers are people who search for something special and find it here as all products are one of a kind and/or handmade.
– hipster behind a Macbook –
The search for something that is unique is something that a lot of people want these days, there are certain social groups where this is very important (of course the hipster community: http://www.wikihow.com/Be-a-Hipster). This is in line what Saarijärvi et al. (2013) wrote about value co-creation; customers demand a more active role in production. Buyers are proud of what they found via this website. Not only the big and well known artists are there to buy, but there is a lot of room for small sellers for example girls that make their own juwelery in their room sell their crafts here (very pretty: https://www.etsy.com/nl/shop/SpringToFall ).
– handmade bracelet from Spring to Fall for sale on Etsy-
Via the internet there is room for all these suppliers to sell their stuff, in a shop this would not be doable because of the space. Via Etsy you can find lovely bracelets as seen above but next to that there is even room for the seller with the most special, big, not-sold-a-lot things (if you want to have this big wooden table).
– Big handmade outside table, for sale on Etsy-
The value is created by different actors: suppliers, business partners and customers. All these actors work together to make Etsy a success!
- Saarijärvi, Hannu, P. K. Kannan, and Hannu Kuusela. “Value co-creation: theoretical approaches and practical implications.” European Business Review 25.1 (2013).
- Brynjolfsson, Erik, Yu Jeffrey Hu, and Michael D. Smith. “From Niches to Riches: Anatomy of the Long Tail.” Sloan Management Review 47.4 (2006)