After publishing Spotify’s and HBR’s customer engagement analysis, it’s time we introduce the third brand added to the customer engagement deconstruction series. We have decided to cover Etsy.
Etsy is a peer-to-peer eCommerce website focused on selling handmade and vintage items. They also sell one of a kind, factory manufactured goods. Being one of the first players in the market, Etsy attracted a huge crowd. Since its inception, Etsy saw rapid growth and acquired a lot of customers, leading to an IPO in 4 years.
As of early 2015, Etsy is said to have over 60 million users and 20% of it are active users, who sells or purchases from Etsy at least once a month. Their last publicly announced revenue was just over $200 million.
Why did we choose Etsy for our deconstruction series?
- Etsy saw a rapid growth and acquired almost 30 million users in just 4 years since their establishment. We were compelled to take a look into their engagement strategy to understand how they facilitated and attracted such a rapid influx of users.
- They are regarded as one of the few ecommerce business that are customer centric first and a business later.
- Etsy’s has adopted an omnichannel AI and Machine learning customer engagement model which is tightly integrated among all existing communication channel.
- Etsy’s tech stack is pretty diverse. They pay a lot of attention to their user’s behavior and use that data to create personalized user experience.
Glimpse of what you’ll find in the full deconstruction
- Is Etsy’s onboarding experience intuitive for its user?
- How does Etsy promote customer loyalty?
- How does Etsy interact with their user on a regular basis?
- How powerful is Etsy’s recommendation engine?
- How does Etsy push a user towards buying their offered products and reduce abandoned cart instances?
- Where does Etsy falter with it’s customer engagement strategy and how it can correct these instances.