Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Business

Etsy sellers call for boycott after money held

Online marketplace Etsy is facing growing calls for sellers to boycott the site for withholding their money.

A reserve system meant some sellers had 75% of their takings frozen for 45 days, leaving them struggling to trade.

Furniture seller Stephen James is one of the hundreds who have joined social media groups calling for other sellers to come off the platform in protest.

It is not clear how many would join in any boycott. Etsy said it would continue to review its reserve system.

It added that it took seller feedback seriously and that payment reserves were used to “keep the marketplace safe” and cover any potential refunds.

Small Business Commissioner Liz Barclay told the BBC her team were receiving a rising number of complaints about Etsy.

They had also noticed a growing number of people joining social media groups to discuss a strike or boycott.

On Facebook, the Etsy Reserve Strike group has more than 800 members and many are sharing tips on moving to other online platforms to sell their goods.

On Reddit, a thread known as a sub-Reddit, has been set up called r/EtsyStrike. The online group Not on Amazon has also become a place where Etsy sellers are airing their complaints.

A strike or boycott of Etsy would mean a seller would put their store on holiday mode, effectively stopping people from buying from them.

It is not clear how many people in these social media groups are sellers and how many of them would join a strike.

But with just under a million users in the UK, a boycott could dent the amount of commission and fees which Etsy received from each sale. Etsy told the BBC it had six million sellers worldwide and that only 2% of those active had reserves on their accounts.

Read more:
Etsy sellers call for boycott after money held

    You May Also Like

    Stocks

    In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved