E-Commerce Project: Etsy
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e-SWOT and e-TOWS analysis of Etsy. Project for the course: "Digital Business Models and E-Commerce" Instructor: Graham Merriman Students: • Roshani Thomas • Eyba Orce • Lara Zaccaria • Sandeep Ravindran • Chen Xu UCD Michael Smurfit Graduate Business School, Dublin, IE.
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E-Commerce Project: Etsy
- 1. E-COMMERCE & DIGITAL BUSINESS MODELS 7TH NOVEMBER, 2014 Eiva Orce 14201122 Lara Zaccaria 14200346 Chen Xu 12251219 Sandeep Ravindran 14200640 Roshani Thomas 14204128
- 2. Table of Contents Introduction & Overview Value proposition Website and mobile app performance Social Presence - Pinterest, Facebook, Twitter E-SWOT Analysis E-TOWS Analysis Recommendations Sources
- 3. Introduction Founded in 2005 ETSY Community-based marketplace B2C/C2C Over 40 million members Over 1 million online active shops countries with transactions Over 26 Over 200 annual million items listed $1.35B in 2013 total merchandise sales
- 4. Social presence 1,851,099 likes 2,375,278 followers 480,965 followers 219,922 followers 853,497 followers 219,922 followers Figures corresponding to November, 2014
- 5. Value proposition Strong Presence C2C International Designers Originality Artesanal Sellers benefits Handcraft
- 6. √ X Website navigation* Top 5 in organic search Interaction with Social Media Storytelling Secure payment Store usability On-page SEO Website
- 7. Mobile App For Buyers For Sellers • Shop Activity Feed- track customer • Orders Management • Listings Manager • Conversations • Shop Statistics • Notifications • User interface • Follow other members • Trending list
- 8. Pinterest √ X Interaction with website Boards Organization Quality of the pictures Connection with sellers’ profiles Responsiveness Lack of keywords
- 9. Facebook √ X Editorial plan Interlink to website Customer engagement Comments can’t be posted on timeline Hashtags Milestones
- 10. Facebook √ X Etsy Worlwide Etsy AU/NZ Etsy Wedding Diva Etsy Theme Shop 1,851,918 likes 22,376 likes 21 ,068 likes 35,582 likes 1-2 posts a day 2 posts/week 2 posts/4 weeks 1 post / week Differentiation - share Catered to Auz and NZ your #etsyfind Crafts Handmade wedding crafts and attire / wedding team page & sellers Buy digital confectionary High Interaction – 500 likes– 100 comments Medium interaction - 30 likes 10 comments Poor interaction Poor interaction – 60 likes , 12 comments Link – Twitter, Pinterest, Blog Link – twitter, pinterest, blog Link – Website & blog Link website & Blog Negative – Spam by sellers & Commentary by buyers/artists Negatives – less interaction Negatives – less interaction Negative – less interaction No contests/ games Pop up events No contests/ Games No contests/ games Highlight – Etsy Roadtrip Highlight – Etsy design awards Highlight – One of a kind dress and Crafts Highlight – themes, digital basket of goodies
- 11. Twitter Corporate and Multiple Twitter accounts @Etsy@Etsystatus@EtsyCOUNTRY@EtsyHelp@EtsyWholesale Etsy integration-Interlink with the website. Factors affecting eCommerce: Engagement- MEDIUM Impact- HIGH Responsiveness- LOW Allows sellers to announce new items. Integration with twitter Powerful tool for brand awareness. Retain customers. Build business growth Increase of traffic-drive sales. Customer engagement
- 12. E-SWOT Analysis Strenghts Weaknesses Opportunities Threats
- 13. E-SWOT Analysis STRENGHTS B- Corporation considering society and environment in addition to profit. Leader for online handmade items. Low service fees for sellers & Free for buyers. Trustful online Payment - Paypal. World-wide reach for consumers. Efficient internal Search Engine. Website gets user deeper into the site experience. User friendly- “Ask a question”-option included. Includes customer’s review on items. Easy checkout- one click. Mobile App- offers analytics for optimization. Engagement with use of multiple digital platforms-Multichannel retailing Digital tutorials- a new concept for e-Commerce
- 14. • Delivery process- min 5-weekday processing time. • Delivery cost of goods + tax • Abuse of value “ handmade by you” products • Trust over products- authenticity of handmade. • Strong competitors of eCommerce handmade products. E-SWOT Analysis WEAKNESSESS
- 15. “Guarantee Tag” from Etsy Improvements in the customer-seller gap New niche target for luxury goods Improvements in the connection between the website and Social Media 3D product experience Round Robin system Virtual try for certain products Seller and Buyer Loyalty Program E-SWOT Analysis OPPORTUNITIES
- 16. Seller loyalty Tax issues. Website vulnerability. Competition- Current and future. Seller price fixing E-SWOT Analysis THREATS
- 17. E-TOWs Analysis TOWS ANALYSIS
- 18. E-TOWs Analysis S.O. Strategies “Etsy Control” of pricing. Request an Out-of-Stock option. Suggestion of similar products. Follow up feedback email. Discounts with loyalty program.
- 19. “Guarantee Tag” from Etsy to avoid handmade label issue. Improvements in the customer-seller gap. Strategically placed warehouses. Improvements in on-page SEO. E-TOWs Analysis W.O. Strategies
- 20. Low service cost + brand loyalty = seller loyalty. A good website coupled with Paypal decreases the chance of threats. Seller price fixing can be initiated. E-TOWs Analysis S.T Strategies
- 21. Decrease the overall delivery timelines. Authentication of products. Enhance responsiveness and engagement to lower the impact of competitors. E-TOWs Analysis W.T Strategies
- 22. Recommendations Improve customer engagement on social platforms. Signing in using social media on mobile app. Creating warehouses in strategic locations. Keep the important data above the fold, fix on page SEO. Guarantee tag.
- 23. Sources http://www.handmadeology.com/sell-on-etsy-mobile-etsy-app-for-sellers/ https://blog.etsy.com/news/2013/new-delivery-process-for-digital-goods-on-etsy/ http://socialmediastrategiessummit.com/blog/brand-need-multiple-twitter-handles/ http://www.lumosforbusiness.com/EtsyBusinessModel.pdf https://ecommerce.shopify.com/grader?url=www.etsy.com http://www.alexa.com/siteinfo/etsy.com http://likealyzer.com/etsy https://www.etsy.com/ http://www.lumosforbusiness.com/blog/835 http://www.huffingtonpost.com/shannon-whitehead/how-etsy-changed-the-rule_b_5708565.html http://www.slideshare.net/katymorgan89/etsy-business-case-presentation http://savvypanda.com/blog/intermediate-level/ecommerce-lessons-from-etsy.html http://www.slideshare.net/ChirapatVorratnchaiphan/etsy-presentation-11723448 http://platformed.info/uber-etsy-and-the-internet-of-everybody-a-visual-guide-to-networked-businesses/ http://www.nytimes.com/2013/11/12/opinion/etsys-industrial-revolution. html?hp&rref=opinion%2Finternational&_r=1& http://itrevolution.com/building-resilient-user-experiences-with-mike-brittain-of-etsy/ http://swot.advisorgate.com/swot-e/13792-swot-analysis-etsy.html http://conversionxl.com/how-to-come-up-with-a-value-proposition-when-what-you-sell-isnt-unique/#.
Editor's Notes
- Multichannel
- International designers Handcraft goods Unique ( originality of goods ) Low cost C2C Strong presence
- Secure payment: Paypal On-page SEO: title tag & description tag are too long + no XML sitemap + no alt tag images Store usability: no clear contact us section + no clear shipping section Website navigation: Etsy has a great system to avoid the website to shut down, ancillary service and primary service are divided so If they fail Etsy simply hide it. Storytelling: brand awareness. + also for shops
- SEO: images with no keywords No customer interaction- no engagement.
- Editorial Plan: posting content such as promotional activities, brand awareness, partnership, new products from designers.
- Editorial Plan: posting content such as promotional activities, brand awareness, partnership, new products from designers.
- Etsystatus- updates about the website-
- 1.Leader for Online handmade craftsmanship 2.Seller benefits from low service fees & free for buyers 3.Website : User friendly + Customer reviews + easy checkout 4.Paypal security 5.Mobile App for sellers - offering analytics of customers 6.Benefit corporation - Niche experience 7.Worldwide reach for consumers 8.Engagement with customers over various digital platforms - Blog 9.Efficient internal SE 10.’Ask a Question’ - relevant option 11.Multi channel retailing 12.Low labour cost
- Taxation is different in every country. Companies with the same USP- future competition. Website vulnerability- phising.
- Out of stock option click- Suggestion of similar products after the initial purchase. Discounts with Loyalty Program for sellers and buyers.
- Low service cost (for sellers- free signup fee, low charges) + brand loyalty (for customers) = seller loyalty. Being the leader for online handmade craftmanship Etsy can start analyzing the seller price fixing process.
- decrease the overall delivery timelines to improve customer retention. By retaining clients and suppliers by giving enhanced response and activity decrease the chance of emergence of other competitors.
- Various contests in social media to improve the customer interaction shorten the meta description and title tag in the website. Guarantee tag- no physical store to check authenticity.