ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Etsy Revolutionizes Gift Selection with Innovative AI-Powered Tool

Gift Mode is designed to assist shoppers in finding the perfect gift for any occasion
PUBLISHED JAN 29, 2024
Cover Image Source: AI-powered shopping | Etsy
Cover Image Source: AI-powered shopping | Etsy

In a groundbreaking move to enhance the shopping experience for its users, Etsy has unveiled a new feature that combines the power of artificial intelligence (AI) with human curation. This cutting-edge tool, known as Gift Mode, is designed to assist shoppers in finding the perfect gift for any occasion while addressing common challenges faced by gift-givers.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by etsy (@etsy)


 

Etsy CEO Josh Silverman announced the launch of the company's latest feature, stating, "Gift Mode helps to solve two of the most vexing problems for givers. One, finding the perfect gift, something that feels creative and personal even if the gifter doesn’t know a ton about the recipient. Two, relieving the stress around procrastination and the gift arriving on time."

To utilize Gift Mode, shoppers must input information about the recipient, enabling the platform to suggest curated items from Etsy sellers. The selection is powered by Etsy's machine learning (ML) technology, which has been trained on over 200 different personas. These personas, such as "The Music Lover," "The Adventurer," and "The Pet Parent," guide the algorithm in recommending gifts that align with the recipient's personality and preferences.

One of the standout features of Gift Mode is its ability to accommodate last-minute shoppers. The tool can send a dedicated gift page at a time chosen by the gift-giver, notifying the recipient about the upcoming gift and providing real-time tracking information. This not only adds an element of surprise but also ensures that the gift arrives on time, alleviating the stress associated with delayed deliveries.



 

Silverman emphasized that Gift Mode makes thoughtfulness effortless, using the collection of over 100 million items on Etsy and bringing curation to a larger scale. The ultimate goal for the company is to position itself as the go-to destination for gifting, aiming to increase the current 12% share of shoppers who consider Etsy when looking for gifts.

This innovative feature will be a focal point in Etsy's marketing efforts, including a high-profile appearance in a Super Bowl commercial. The company aims to showcase Gift Mode as a game-changer in the world of online shopping, particularly in the context of gift selection.

Etsy | Getty Images
Image Source: Etsy | Getty Images

However, the move towards integrating AI into the shopping experience aligns with broader industry trends. PYMNTS Intelligence reports that generative AI is playing a significant role in personalizing the retail shopping experience. The study indicates that 92% of companies are using AI-powered personalization to drive growth, with 44% of consumers expressing openness to using chatbots for product information before making purchase decisions.

For Etsy, the introduction of Gift Mode comes as part of a smart strategy to refine the shopping experience and solidify its position as a premier destination for unique and personalized merchandise. The company recognizes the challenges presented by the current macroeconomic conditions but remains committed to innovation and adaptation.

MORE ON MARKET REALIST
When the rare coin showed up on Harrison's table, he had to take his old man's approval for the deal.
9 hours ago
Fans said that such behavior was unnecessary and slammed the antics as self-congratulatory.
11 hours ago
Several customers took to social media to complain about spoilt milk that they purchased from the store.
12 hours ago
Despite the massive appraisal, the brothers shared that they would never sell their collection.
13 hours ago
Harrison is often impressed by suits belonging to legendary musicians or actors.
14 hours ago
The founder of 'Permaplug' had done his research on the Sharks to help make a decision.
1 day ago
When the item turned out to quite a valuable artifact, Harrison refused to let it go.
1 day ago
The Sharks formed teams and ditched their partners to get a deal with "The Woobles".
1 day ago
With a tiny margin of four steps, the player won prizes worth $8,000 after a tense game.
2 days ago
The recall was issued amid reports of multiple deaths and over a dozen illnesses across 13 states.
2 days ago
The player celebrated her way to the stage and then got more than one reason to celebrate.
2 days ago
The investment turned out to fruitful as 'Simple Sugars' went on to make millions.
3 days ago
The long time host of the show expressed his love for the cast members of the show.
3 days ago
Fans took to Reddit to blast both the Bonus Round puzzle and Seacrest's mistake.
4 days ago
In the end, the founders of Turbo Trusser couldn't 'chicken out' of a deal with Chef Wonderful.
4 days ago
The entrepreneurs impressed all sharks with their chocolate flavored birthday treats.
5 days ago
The pristine collection of 'Magic Trading Cards' blew away the expert too.
5 days ago
The player's team members and Harvey kept laughing uncontrollably.
5 days ago
The autographed 1919 Cincinnati Reds Championship baseball turned out be a great investment.
5 days ago
The two cunning Sharks worked out a creative deal for the innovative product.
6 days ago