Internet market etsy is launching a new purchase protection program for buyers and sellers on its platform, the company announced on Monday. Starting August 1, buyers on Etsy will be able to receive a full refund for purchases that do not match the product description, are damaged, or are not delivered at all.
The company says it also plans to invest at least $25 million a year in a purchase protection program to cover refunds on behalf of sellers for qualifying orders up to $250 at no additional cost to sellers. Etsy notes that the investment will allow sellers to keep their sales revenue when something happens beyond their control.
“Easy problem solving is an important part of the ecommerce shopping experience, and our new Etsy Purchase Protection program aims to make shopping on Etsy even more worry-free,” said Etsy COO Raina Moskowitz. “This program will help buyers feel more confident when they shop with small businesses on Etsy, while we directly invest in our sellers to provide them with an important level of confidence.”
Etsy says today’s announcement is based on feedback from buyers and sellers on its platform. The company also says it plans to continue to invest in products and customer service. Etsy previously announced that it plans to invest over $50 million to improve customer support. The company plans to increase its support team by more than 20%, improve chat support and improve response times.
Purchase Protection Program Launch Comes Months After Over 14,000 Etsy Sellers went on strike as the platform increased transaction fees from from 5% to 6.5%. Etsy says on its website that the increased commission supports its plans for “significant investments in marketing, seller tools, and creating a world-class customer experience.”
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