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etsy's "handmade" represents the authenticity requirements for products and also builds a unique brand image for the platform. amid the booming development of ai technology, etsy has to make a choice: should it embrace ai technology and integrate it into the operations of the platform? this leaves etsy facing a dilemma of transformation and balance.
in the past two decades of development, etsy has relaxed its restrictions on handmade many times. in 2013, etsy acquired lascaux co., a company that allows sellers to sell handmade items made by outside production partners. this is etsy's first major change to its "handmade" values, which directly drove platform sales to grow to $1.34 billion. during the epidemic, etsy once again allowed sellers of fabric masks to sign cooperation agreements with clothing factories. these changes show that etsy does not simply rely on the traditional model of handmade products, but actively embraces innovation and continues to expand its market space.
etsy's "gift mode" is an example, which uses ai technology to help users filter products on the platform that are more in line with their wishes. etsy has also upgraded its platform search capabilities to improve matching between buyers and sellers and rebuild trust. in addition, etsy launched the "etsy insider" program to provide free shipping services to member users to further improve the consumer experience.
still, etsy maintains its emphasis on handcrafted items. they continue to explore new possibilities and try to extend "hand-made" to the field of ai virtual products. this also reflects etsy’s open attitude and its active embrace of the opportunities of the ai technology era.
future outlook
etsy faces challenges and opportunities that require a balance between tradition and innovation. as artificial intelligence technology develops, etsy will have the opportunity to become the leader in ai virtual products and will ultimately create new market space. etsy’s choice not only changes the platform model, but also represents its attitude towards future development.
