Etsy overtaking Elo7, the Brazilian marketplace which is popular for its handmade products. Elo7 is a unique platform for handmade items in Brazil that falls in the top 10 list. Etsy is a world-famous marketplace that is known for its unique handmade products. Sellers can sell their art and crafts to people who admire and understand the value of handmade items.
The official announcement was made on the Etsy platform. The Elo7 has around 1.9million active buyers and 56000 sellers, a great advantage for Etsy. The company is selling its stakes to Etsy for US$217 million in cash with some adjustments to it. The Elo7 is a huge marketplace with over 8 million products for sale. Appears like, Etsy is going to make huge profits from this acquisition in the coming days.
In regards to this major takeover, Josh Silverman, Etsy, Inc. CEO, said, “Elo7 is the ‘Etsy of Brazil,’ with a purpose and business model similar to our own”.
Why Etsy is overtaking Elo7?
As mentioned, the Elo7 is a top-ranking peer-to-peer Brazilian marketplace with a large customer base. Several local sellers and millions of products will benefit Etsy in various ways.
Another advantage for Etsy is that the company will not have to make big changes in the policies as both have the same niche.
Elo7 is expected to provide Etsy with a range of local brands in the rapidly rising Latin American market. Along with this, the eCommerce penetration is around 10% since Brazil is the largest eCommerce market in the region.
The eCommerce market is expected to reach $1 trillion by 2020. In 2021, it is expected to be around $29 billion, with a 26% increase forecasted CAGR through 2024.
Elo7 is well-positioned to benefit from Etsy’s expertise to accelerate growth and value creation in the Brazilian Marketplace.
Etsy also acquired Depop
Recently, Etsy acquired another famous marketplace Depop that has a very similar business model to Etsy. The acquisition with Depop and Elo7 is significant thus has a tremendous growth opportunity in respective countries.
About Etsy Marketplace
Etsy, Inc. is empowering creative individuals since 2005 with its two-sided online marketplace. It brings together millions of enthusiastic and creative shoppers and merchants from all over the world. Etsy.com is a global destination for one-of-a-kind and creative items. Etsy buyers get inspiration from handmade unique products curated by creative businesses.
Reverb, a leading global online marketplace for buying and selling new, used, and vintage musical instruments, is also owned by Etsy, Inc.
How to sell on Etsy?
Start selling on Etsy with simple registration and become a seller. If you own a business that creates unique products, Etsy is the platform for you. Anyone can become a merchant on this creative hub.
There is a chance that you are already selling products on your website. As a result, it becomes daunting when you have to manage the same inventories at two different places.
To save yourself from this horrible task, you should use a marketplace integrator. This indeed reduces extra efforts and help you manage orders and inventories from your website itself.
KnowBand Etsy Marketplace Integration
The marketplace integration for Etsy is robust that allows you to connect your website with your Etsy profile. The real-time sync, easy order management, stock management and inventory management will become easy and effortless.
The Etsy Marketplace Integration plugin is installed by more than 450 PrestaShop stores. KnowBand’s Marketplace plugins are available for PrestaShop, OpenCart, Magento and Magento2 platforms. There are 100+ downloads for every platform.
Facilities provided by Etsy Marketplace integration:
- Automated product listing
- Seamless store integration
- User-friendly UI/UX
- Easy order management
- Payment and Shipping Regulations
Demo for the Marketplace integration is available. Click here to explore more.
Finally, Etsy is an amazing platform where you can find good business opportunities. Create unique stuff and start selling on the world’s only platform that has given value to handmade products and their creativity.