Problem: Etsy is based, largely, in the US. It’s hard to get hand-crafted, artisanal crafts from abroad. My hunch is that the same is true in other parts of the world (i.e. in India, it’s hard to get crafts from Scotland; in Canada it’s hard to get crafts from Mexico, etc.)
Solution: This business would serve as an “Uber” or an “Esty” or an “eBay” marketplace with the purpose of connecting individuals to hand-crafted goods from across the world. The idea would be to get them gifts, crafts, blankets, and more that they otherwise would not be able to get in person by developing an infrastructure and method for shipping this unique items to potential buyers who may be located thousands of miles away.
I came across this idea while browsing YouTube and stumbled upon a video titled “Meet The Last Family Keeping The 400-Year-Old Rogan Art Alive | Still Standing.” The video details how “Rogan art has been passed down in the Khatri family for eight generations. Now, with no tourists visiting due to the COVID-19 pandemic, the business has slowed, and the survival of this centuries-old craft is under threat.” They also offer resources to learn more: https://www.instagram.com/jabbar_rogan/ and http://www.roganartnirona.com/. What’s interesting about the Khatri family is that they largely made their living from physical tourists. However, due to COVID19, there is now no more local tourism to prop up their business. This got me thinking, what about international tourists or “couch tourists?” Millions of people would probably by the rogan art if they had a way to access it.
This “International Etsy” could be seen as a way to connect non-traveling americans to experiences and artwork from around the world. In all of my travels, I always try to purchase one piece of local and artisanal work from the places I visit: glass from Murano, a beaded Jaguar Head from Mexico City, a machete from Sierra Leone, and more. What if, though, these amazing, international gifts could be delivered to you right at home along with a story or experience of the craftsman who made it? This would be the mission of the business.
My hunch is that the business would be extremely popular: only 42% of Americans have a passport so “traveling” from home could appeal to the 58% of Americans who can’t, don’t, or would not want to participate. Currently, Etsy has a market cap of $20.6B despite not tapping into the market identified in this post. While they claim to be “global” they are mainly focused on the west (see their blog post where they only mention countries like Germany, UK, Australia, Italy, etc.) Their main geographies are the US, UK, Canada, Australia, France, and Germany; however there are hundreds of other countries that they aren’t focusing on which could also yield a big business. Perhaps services like Etsy Payments (rolled out in August 2020 to sellers in Israel, Malaysia, Mexico, Morocco, South Africa, Turkey, and the Philippines) may be starting to change this.
I think it’s a huge growth opportunity that could potentially create another Etsy-sized opportunity or, at the very least, one 5% the size and still a unicorn.
Monetization: Percentage of sales from these goods.
Contributed by: Michael Bervell (Billion Dollar Startup Ideas)