1. Etsy sells Brazilian marketplace Elo7
In a surprising turn of events, Etsy has sold its Brazilian marketplace, Elo7, to Brazilian firm Enjoei S.A. for an undisclosed amount. Etsy had acquired Elo7 two years ago for $217 million, with the aim to expand its global footprint and support creative microentrepreneurs. However, due to unanticipated performance issues and challenging macroeconomic conditions, Etsy decided to sell Elo7. The transaction is expected to close in the third quarter, after which Etsy’s House of Brands will include Etsy, Reverb, and Depop.
2. Walmart offers discounted membership to government assistance recipients
Walmart has launched Walmart+ Assist, a program that offers a 50% discount on Walmart+ memberships to customers on government assistance. This move is seen as a strategic effort to capture and retain a broader customer base. Walmart+ is similar to Amazon Prime, offering free shipping and other benefits to paying members. The discounted membership will cost $6.47/month or $49/year for qualifying recipients.
3. eBay revamps trading card listing rules
eBay has announced that sellers will no longer be able to list trading cards as “used”. Instead, they will be required to specify whether the cards are “graded” or “ungraded”. For graded cards, sellers must provide the grader’s name, numerical grade, and certification number. The changes apply to all single trading cards in specific categories and will be implemented in October 2023.