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Ailing Etsy rolls out its first loyalty program in move to spark growth
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Etsy said Wednesday it will begin testing its first-ever loyalty program in September, a move designed to boost the online retailer’s sluggish sales.
The company said it will send invitations to a select number of Etsy buyers who will beta test the program. Etsy Insider members will receive free shipping on purchases and discounts on certain products, among other perks, the New York-based company said.
Etsy did not disclose how much customers must pay for the new loyalty program, but Raina Moskowitz, the company’s chief operating and marketing officer said the monthly fee will cost roughly as much as a latte
“While Etsy Insider’s benefits deliver great value for buyers, the program comes at no cost to the Etsy seller community,” Simona Shakin, Etsy’s vice president of product and retention marketing, said in a statement. “Benefits, including the free shipping, will be funded by Etsy and through the membership fee.”
Etsy, which started as as an online crafts marketplace, grew quickly during the pandemic, when homebound consumers turned to the website for items such as artistic face masks.
Since then, however, the company has faced more challenges since the worst of the pandemic eased. Online shoppers, who typically go to Etsy to purchase discretionary items, are now feeling the pressure from inflation and have decided to reign in spending.
Etsy Insider is launching as the company is trying to reverse its decline in gross merchandise sales, a measure of the amount of goods sold over a certain period. Etsy reported merchandise sales were down 5.3% during the first three months of 2024 when compared to the same period last year. Competition from Amazon, Temu and Shein have also contributed to Etsy’s slump.
“Etsy used to be a very focused site that really was about makers, crafting, authentic and unique products,” said Neil Saunders, managing director at GlobalData Retail. “That’s still true to some extent, but there’s a lot more junk on the site and a lot of random things being sold.”
Etsy shares have lost nearly 78% of their value since late 2021. Etsy said in December it would lay off 225 employees, which represented nearly 11% of its workforce.
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Sneak peek: The Search for JonBenét’s Killer
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FAA bans drones over several New Jersey towns. See the list.
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NEW YORK — Drones have been banned from flying over several New Jersey towns, the Federal Aviation Administration confirms to CBS News.
The FAA order covers nearly two dozen towns, including Jersey City, Harrison, Edison, Bayonne and Camden. It will be in effect until Jan. 17.
The order says no unmanned aircraft can operate below 400 feet within one nautical mile of the airspace specified in each area. Additionally, it allows the government to use “deadly force” against the drones if they pose an “imminent security threat.”
“Pilots of aircraft that do not adhere to the procedures in the national security requirements for aircraft operations contained in this section may be intercepted, and/or detained and interviewed by federal, state, or local law enforcement or other government personnel,” the order reads in part.
Several of the zones are centered around infrastructure, like power substations. Others cover areas like the Kearny, New Jersey port and airspace around military installations like Joint Base McGuire-Dix-Lakehurst in South Jersey, or airports such as Newark-Liberty International Airport.
Earlier this month, the Florham Park, New Jersey police chief told residents drone sightings had been reported above “water reservoirs, electric transmission lines, rail stations, police departments, and military installations.”
Where are drones banned in New Jersey?
North Jersey:
- Cedar Grove
- Bridgewater
- North Brunswick
- Metuchen
- South Brunswick
- Edison
- Branchburg
- Sewaren
- Jersey City
- Harrison, Essex County
- Elizabeth
- Bayonne
- Clifton
- Kearny
Central Jersey:
South Jersey:
- Burlington
- Evesham
- Camden
- Gloucester City
- Westampton
- Winslow
- Hancocks Bridge, Salem County
See the full order from the FAA here.
Mysterious drones over New Jersey and beyond
Drones sightings have been reported all month long, first over Morris County, New Jersey and then over several other East Coast states.
Federal, state and local officials have been demanding more information about where they are coming from and what’s being done to stop them. The FBI is leading the investigation and tells CBS News it has received thousands of tips.
While the White House says there is no known threat, New Jersey Gov. Phil Murphy recently sent a letter to President Joe Biden asking for more federal resources.
On Wednesday, a push from Sen. Chuck Schumer to give local law enforcement more ways to track drones was blocked in the Senate.
Check back soon for the latest updates on this developing story.
contributed to this report.