Etsy Inc (NASDAQ:ETSY) shares took a dip as the company faces more competition from one of the biggest names in the e-commerce industry.
Amazon.com, Inc. (NASDAQ:AMZN) rolled out its online Handmade Gift Shop, which is an expansion of the retailer’s Handmade offering that first launched in 2015. The Handmade Gift Shop includes thousands of handcrafted products designed to make holiday shopping easier than ever before.
Since the shop’s inception two years ago, it has added a number of products that will appeal to all generations, including clothing, shoes, jewelry, pet supplies, as well as home and kitchen items. The move marks yet another industry in which Amazon is hoping to dominate and take over the business of companies such as Etsy.
The e-commerce company’s recent acquisition of Whole Foods has put a damper on the grocery business following Amazon’s price reduction gimmick. Plenty of organic products at Whole Foods were cheaper, sending the stocks of a number of other grocery stores lower.
Amazon has also been entering the business of handheld electronics and smart home hubs over the last few years, introducing new versions of its Kindle e-readers, as well as its Echo speakers that come equipped with digital voice-activated assistant Alexa.
The company hopes to one day roll out drones that deliver products straight to your home.
ETSY shares fell 3.8% Monday, while AMZN shares slipped 1.3%.