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The Synopsis
Company. Etsy: Building an Internet Marketplace in the Shadows of eBay and Amazon
Oct 23, 2023
This podcast covers the founding history of Etsy, issues with the founder, turnaround under new CEO Josh Silverman, improving the buyer experience, how Etsy makes money, the impact of Covid-19 on ecommerce, international opportunities, capital allocation and acquisitions, competition with eBay and Amazon, and analyzing Etsy's growth and return on invested capital.
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Quick takeaways
- Under the leadership of CEO Josh Silverman, Etsy has experienced significant growth and has doubled its buyers to over 90 million with revenues reaching $2.7 billion in 2022.
- Josh Silverman focused on improving trust, reliability, search, and marketing initiatives to enhance the buyer experience and drive growth.
Deep dives
Etsy: From Homemade Marketplace to Global Growth
Etsy is a homemade marketplace where artisans and craftsmen sell their unique goods. Under the leadership of CEO Josh Silverman, Etsy has experienced significant growth. In 2019, they had 44 million buyers and $800 million in revenue. By 2022, buyers had doubled to over 90 million and revenue reached $2.7 billion. The COVID-19 pandemic contributed to Etsy's boom, with face masks becoming a top-selling item. However, buyer growth has stagnated in recent years, highlighting the challenge of retaining new customers. Silverman focused on improving trust, reliability, search, and marketing initiatives. He implemented programs like Star Seller, purchase protection, and Etsy ads to enhance the buyer experience. Etsy's revenue is primarily generated through marketplace fees, including commissions on sales and advertising fees. Despite challenges and stock market volatility, Etsy has maintained a strong position in the e-commerce market.
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Discover
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