Watch out Etsy, there’s a target on your back and Amazon’s holding the hand-crafted bow and arrow!
World dominating e-tailer Amazon already went after Etsy’s independent seller when it launched Amazon Handmade in October 2015, but now The Amazon Handmade Gift Shop will include gift items as well (think artisan jewelry and gifts that people never knew they needed like personalized flasks). According to a CNN Money report, Etsy shares fell more than 4% on the recent news. Although Etsy’s stock is up almost 35% so the full result remains to be seen over the holiday season.
“Every item on Amazon Handmade has a story behind it — and after hearing from customers and artisans, we are thrilled to make gift shopping an experience they will look forward to,” said Amazon Handmade head of marketing Katie Harnetiaux in a statement.
While Etsy has the branding and has always been a go-to for handmade, Amazon is a go-to for virtually everything, so it’s truly a one-stop-shop. Amazon’s stock is also soaring, up more than 30% this year. The e-tailer is worth 470 billion and founder Jeff Bezos is now the second-richest person on the planet according to Forbes — worth nearly $82 billion.