Etsy sellers have been experimenting with a new feature called ‘Make an Offer’ that allows them to accept price offers on their items. The feature was launched earlier this year and is available for vintage items listed in USD currency. While optional, Etsy believes this tool can help sellers streamline inventory movement, encourage bulk sales, and offer more pricing flexibility.
To make the pricing feature more helpful to sellers, Etsy has made further refinements. Sellers can now choose specific listings for receiving offers, instead of being limited to suggested listings. Additionally, they have the freedom to activate offers whenever they find it suitable, addressing a common complaint from the original roll-out. Moreover, buyers can now specify quantities, which enables sellers to extend personalized bulk offers & facilitate faster inventory turnover.
The availability of the ‘Make an Offer’ feature has also been expanded. Initially, it was limited to a handpicked assortment of U.S. shops, but now all Etsy sellers using USD as their shop currency can access it. While Etsy’s version of ‘Make an Offer’ does not have all the functionalities of eBay’s ‘Best Offer,’ the company plans to keep it as a permanent feature.
Reactions to Etsy’s version of ‘Make an Offer’ have been mixed, much like when eBay introduced ‘Best Offer’ in 2005. This pricing strategy may work well for some sellers, while others may not find it practical or beneficial for their specific business. Etsy’s CEO, Josh Silverman, acknowledges the challenges of implementing ‘Make an Offer’ due to the unique nature of pricing handmade items without manufacturer’s suggested retail prices (MSRPs).
Sellers need to thoughtfully consider whether the ‘Make an Offer’ feature aligns with their business strategy. The ability to choose when & which listings to select for this feature offers sellers more flexibility. Concerns about a potential race to the bottom in terms of pricing are valid; however, this is already a common challenge on any marketplace with similar products. Buyers tend to prioritize pricing when the offerings are comparable.
To avoid a race to the bottom, offering one-of-a-kind items is essential. However, many sellers can’t provide unique products even if they are handmade. The primary purposes of ‘Make an Offer’ are inventory management, encouraging bulk purchases, and refining pricing strategies. Although introduced in April, the feature is still under development, and more enhancements are expected in the future.
It’s important to note that ‘Make an Offer’ is an optional tool for sellers. Etsy emphasizes that it may not be suitable for every seller & requires careful consideration to yield positive benefits. For some sellers, this tool may not be suitable for their business at all.
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