eCommerce News: Etsy Buys Depop
This move is set to help Depop continue to grow its global community, and accelerate their mission - to build the most diverse and progressive home of fashion in the world.
A little about Depop
Depop is the community-powered fashion marketplace adored by Gen-Z across the globe. The platform where many young eCommerce entrepreneurs springboarded to success, Depop has firmly positioned itself as a strong online marketplace competitor in the industry.
Since being established in 2011, Depop has grown massively, with over 30 million users registered in over 150 countries, and is now operated by a staff of over 400 employees in Manchester, New York, Los Angeles and Sydney.
Kinder to people and our planet, Depop created a platform that celebrates pre-loved fashion and has become far more than just a marketplace, but a hub of potential for entrepreneurs, fashionistas and influencers alike.
A little about Etsy
Etsy needs little introduction. Keeping commerce human since 2005, Etsy uses the power of business to strengthen communities and empower small creative business owners, by providing marketplaces that connect millions of creative buyers and sellers across the globe.
Etsy.com is the household name for creative goods. Providing inspiration to buyers and handy business tools to sellers, the services this site offer address key business needs that were initially out of reach to small-time sellers.
What will change?
So, what’s set to change now that Depop is owned by Etsy? Much like Facebook purchasing platforms including Whatsapp, Snapchat & Instagram, this business move won’t change much on the surface of Depop.
Depop will continue to be headquartered in London, and run as a standalone marketplace, with the same leadership team. What will change is the resources available to them. Esty and Depop share a common goal for spreading genuine human connection through great eCommerce experiences, which means that this merger should successfully keep Depop’s spirit untouched, and services in line with this goal.
Etsy is well on the way to building a “house of brands portfolio” that will dominate the industry in the coming years.
eCommerce vs High Street
The battle rages on. But which will win, the convenience of eCommerce, or the trust in the High Street?
With Arcadia Group and Debenhams dissolved and an overwhelming feeling of struggle in the high street, it would seem that Etsy’s latest move is delivering yet another fatal blow to in-person shopping.
The pandemic forced many businesses into survival mode, where adaptability is an essential quality. Resale eCommerce such as Depop, Ebay and Vinted have all benefited from consumers spending time and money at home with both sales and listings spiking.
And, it seems this trend is set to stick around. Analytics firm GlobalData predicts the resale clothing market will reach $64bn in the next five years.
What does this tell us?
Firstly, it emphasises the importance of high street shops adopting an eCommerce platform in order to not only thrive, but survive.
Secondly, the matter of sustainable, ethical fashion is becoming increasingly prominent.
Thirdly, with such market growth comes increased competition, so we now see eCommerce stores and apps fighting for customer attention.
Adaptability and innovation are the drivers of success in business, especially in eCommerce.
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