Etsy Announces Etsy Insider Buyer Membership Program Ahead Of Q2 2024 Earnings

Etsy is hoping to put their own spin on Amazon Prime, introducing Etsy Insider buyer membership program ahead of today's Q2 2024 earnings report.

The program will rollout in a closed-beta test to select US buyers in mid-September, offering free domestic shipping, special access to discounts and other perks in what Etsy hopes will become "an important lever in turning our strong brand affinity into deeper customer loyalty."

Meet Etsy Insider: Etsy’s new buyer membership beta program

Etsy NewsSimona Shakin Jul 31, 2024

In mid-September, we’ll launch a closed-beta version of Etsy Insider to select buyers in the United States.

Shoppers who receive an invitation will have the option to purchase a seasonal or annual membership, which will unlock special benefits, including:

• Free US domestic shipping on millions of items
• A birthday bonus
• Limited edition annual gift, designed by an Etsy seller
• First access to special discounts and select merchandise
• Double impact with Donate the Change

Etsy was quick to assure sellers these perks will come at no cost to them and will be funded by Etsy and through the membership fee - but curiously the announcement failed to specify what exactly that fee will be.

Chief Operating and Marketing Officer, Raina Moskowitz, declined to put an exact dollar figure on Etsy Insider according to the Associated Press, but indicated it would be "about the cost of a latte."

Etsy plans to test its first-ever loyalty program as it aims to boost sales

Etsy says it will begin testing its first-ever loyalty program in September. The effort is designed to boost the e-commerce site’s sluggish sales and draw in occasional shoppers.

AP NewsHALELUYA HADERO

“We want people to start their shopping journey on Etsy rather than come to Etsy when they’re just looking for something very specific,” Raina Moskowitz, the company’s chief operating and marketing officer, said in an interview...

...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.

We'll likely hear more about the program when Etsy reports Q2 2024 earnings at 5:00 PM Eastern today - stay tuned for updates!