Amazon (NASDAQ:AMZN) has launched yet another marketplace, and this one offers handmade crafts to compete with online retailer Etsy.
In an effort to win Etsy sellers over to Amazon Handmade, as it's being called, the e-commerce giant is offering craftspeople the opportunity to fill out a questionnaire for a sneak peak of the soon-to-launch platform, reported The Street.
Thus far, there has been no announcement from Amazon about the price or launch date for the new venture.
The news comes after Etsy, which recently went public in April, announced a jump in revenue to $58.5 million. However, losses were up from the previous year's numbers to $36.6 million.
Etsy only has 21 million customers compared to Amazon's 278 million active users, and, to make matters worse, Etsy doesn't have the efficient delivery platform that Amazon does.
Currently the retailer charges its third-party sellers 15 percent on commission. Etsy also takes 3.5 percent of the listing price and a flat fee of 20 cents per item.
Amazon is not one to sit back and let other retailers corner the market on niche consumer needs. The e-commerce giant has been quick to add in new services and platforms to compete with other retailers. In 2015 alone, Amazon has already launched new offerings such as one-hour food delivery in Manhattan, video and music-streaming services on JetBlue airlines, the Amazon Business marketplace, Home Services, and Destinations, a hotel search site dedicated to local getaways.
-See this The Street article
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