Etsy has announced the launch of a new craft supplies marketplace, called Etsy Studio, that will open to buyers in April 2017.
Etsy Studio is being described as “a global market dedicated to craft supplies that seamlessly combines inspiration and shopping in one place.” Shoppers on the site will be able to buy DIY project tutorials and patterns alongside the supplies and tools needed to complete them. For sellers, listings for craft supplies will appear on both Etsy and Etsy Studio with the payment of a single listing fee, and sales transaction fees are the same for both sites.
At the same time as the Etsy Studio announcement, Etsy also announced the rollout of a new Shop Manager. This centralized dashboard for Etsy shop owners is intended to improve work flow for all of the important information to running an Etsy business, such as orders, buyer conversations, statistics, and other information that needs attention. The new Shop Manager will also include the ability for sellers to enter new types of information about craft supply product listings that make inventory management easier for sellers (such as SKUs) or shopping easier for buyers (such as color and dimensions).
The goal for Etsy in launching the new project is to create a one stop craft supplies marketplace, where consumers can find an entire spectrum of products from handspun artisan wool to the latest papercraft lines. With a promised 8 million products at launch, the Etsy Studio marketplace will be an immediate force in an online crafts market that has seen major retailers (such as Michaels Stores) in the industry struggle to establish any weight. Etsy Studio is also a direct counter attack on Amazon, which is a major player in the online craft supplies market. In late 2015, Amazon tried to muscle their way into the online handmade artisan market that Etsy dominates by launching their own “Handmade at Amazon” marketplace. Now Etsy Studio will be challenging Amazon on their online retailing turf.
Investors seem pleased with Etsy’s plans for Etsy Studio. The company’s stock (Nasdaq: etsy) is up over 60 cents since yesterday’s open before the announcement, pushing it to $13.33 at press time.