Identify key factors of Etsy’s brand that will help them plan for uncertainties and tends in the market.
Rise in share economy
Instant retail is becoming a necessity
Adjust Brand’s “How, What, Why” to gain a larger scope of influence.
Step 1: Investigate
Desk Research: Market Trends, Company Audit, 4 C’s Analysis, Positioning Map
Qualitative Research: 1X1 Interviews with makers and buyers
Step 2: Identify Etsy’s Current “Why, What, How”
LEFT TO RIGHT: WHY, WHAT, HOW
Step 3: Identify Market Trends and Uncertainties
Step 4: Future Map
Using a five year scope, each trend was positioned as an axis revealing four future scenarios for Etsy.
BUSINESS AS USUAL (Bottom Left):
In this scenario both trend stay the same. Since there is no change, we can assume Etsy can go along with business as usual.
OPERATIONS CHANGE (Bottom Right)
In this scenario the trend shift is that “Instant Retail” has become a necessity for consumers. To respond to this change Etsy would need expedite their shipping time which they could be achieved by making some operational changes.
EXPANDED PLATFORM (Top Left):
In this scenario the trend shift is that “Owning Economy” had transitioned completely to a “Sharing Economy”. To respond to this change Etsy would need expand their online platform to allow makers to foster skill sharing on an online platform through classes.
NEW BUSINESS (Top Right):
In this scenario both trends have shifted. To respond to this change Etsy could need meet both needs of instant retail and a share economy by creating a brick and mortar makerspace. This would allow craft lovers and makers to instantly experience crafting and foster skill sharing.
Change Etsy’s WHY from “Keep Commerce Human” to “Inspiring Creativity”
This will allow Etsy to expand their “How” and “What” sections to have a grater sphere of influence regardless of which different market trends emerge.
Step 5: Recommendations for “New Business"
Introduce Etsy Makerspace
Expanding the definition of a maker.
This in store experience allows craft makers and lovers to experience crafting and foster skill sharing.
Partners in Crime: Joe , Elyse, Rachael
Class: Strategic Thinking