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Dive Brief:
- Following an uptick in wedding gift interest, Etsy debuted a new online wedding registry feature, the company announced on Wednesday.
- With Etsy Registry, couples can make, manage and share their registries with their loved ones. Shoppers can choose vintage, handmade goods and customized items, per the announcement.
- To launch the service, the company tapped TV personality Antoni Porowski and his fiance Kevin Harrington to create a wedding gift registry with their desired Etsy items.
Dive Insight:
Etsy said it launched the registry service after seeing a sharp increase in handmade gift searches. The platform has seen an 872% spike in handmade gift searches in the last three months compared to the same period in 2022.
“One of the best parts about registering with Etsy is that you can choose custom, personalized gifts that never feel cookie cutter,” Porowski said in a statement regarding the tool.
Etsy has unveiled its registry as other options for the service have dwindled. Bed Bath & Beyond once had a robust wedding registry program, but engaged couples reportedly began dropping items from those lists in January around the time the retailer warned that it could file for bankruptcy. Those concerns were validated in April when Bed Bath & Beyond filed for Chapter 11 bankruptcy and embarked on a liquidation process.
David’s Bridal also has a registry program, among other bridal and wedding services. That retailer also filed for Chapter 11 bankruptcy last month and is laying off more than 9,200 employees. As it searches for a buyer, David’s Bridal is considering liquidation if it can’t sell its operations.
Meanwhile, Etsy recently reported its Q1 earnings. The company’s consolidated revenue rose 10.6% to $641 million year over year, while consolidated net income dropped 13.4% to $74.5 million.
“While we remain cautious on the broader macroeconomic climate, we are pleased to see positive trends in our first quarter 2023 buyer data, particularly the return to year-over-year growth in the Etsy marketplace’s active buyer base,” Rachel Glaser, chief financial officer at Etsy, said in a statement. “We believe that our disciplined investment approach can enable above e-commerce industry growth and best-in-class profitability on average and over time.”
via https://www.aiupnow.com
Tatiana Walk-Morris, Khareem Sudlow
