US-based e-commerce marketplace Etsy sees a strong quarter by ‘keeping commerce human’. Etsy’s gross profit for the second quarter of 2020 was $317.4 million, up 159.1% year-over-year. The brand’s total revenue was $428.7 million for the second quarter of 2020, up 136.7% year-over-year, driven by strong growth in both marketplace and services revenue. During the second quarter, the Etsy marketplace saw an influx of 18.7 million new and reactivated buyers.
“Our extremely strong second-quarter results, with consolidated GMS and revenue up 146% and 137% respectively, are a testament to the agility of our team, the strength of our brand, the innovation of our sellers and the unique and special nature of inventory on our core Etsy marketplace,” said Josh Silverman, CEO, Etsy, Inc.
“Our mission to ‘Keep Commerce Human’ matters now more than ever – and we are showing the world just how many purchase occasions our sellers can meet in a truly delightful way. Etsy marketplace GMS increased 125% in the quarter, as we are attracting new buyers and engaging our existing customers more than ever before. Our ‘Right to Win’ strategy provides a clear and enduring roadmap for product and marketing investments that make it easier to shop on Etsy, build top of mind awareness and solidify buyer trust. Couple this with the strength of the Reverb marketplace, and we have a solid foundation for long-term growth and are well-positioned to build on our momentum,” he added.
Also read: Farfetch is a tech company at heart
As Etsy sees a strong quarter by ‘keeping commerce human’, the brand continued to deepen the human connections and trust in the marketplace. Etsy did this through product development efforts focused on the core buying experience, improving shipping, fulfilment, post-purchase experiences, while making the Etsy app more engaging and habit driving.
Some of the factors contributing to its “extremely strong performance” included quick response across the organisation to invest in brand and marketplace, coupled with several tailwinds such as the shift from offline to online shopping, specific competitive dynamics, retail business closures, stimulus checks and emerging categories such as face masks.
In addition, Etsy has made additional progress in search and discovery by leaning into saved searches and favourites. More data on favourites provides information on what buyers like and saved searches highlight what their tastes and preferences are. By leveraging this data and making the site more organised, Etsy has made the search feature easier. It continues to improve on recommendations too. Further, to better showcase unique items, Etsy has unveiled a new augmented reality (AR) feature on the mobile app, which helps buyers to visualise the items in a much better manner.
“Events of the last few months have driven dramatic shifts in consumer shopping habits, which we believe will increase the total available market opportunity for Etsy, particularly given our powerful, purpose-focused brand, the agility of our vibrant two-sided marketplace and our unique competitive advantages,” stated Silverman. “While we have limited visibility for the fourth quarter, particularly related to macro trends and consumer spending around the holiday, our third quarter guidance clearly indicates very strong overall performance for 2020. So far, we’ve seen our strong second-quarter trends extend through July. We are choosing to take this opportunity to make significant investments today that we believe can continue to provide opportunities for growth in 2021 and beyond.”
US-based online marketplace Etsy connects passionate and creative buyers and sellers around the world.
How much technology is too much technology? Tech has inevitably become asApril 15, 2021 | By Shruthi Nair
According to a report by the United Nations, the fashion industry accountsFebruary 18, 2021 | By Shruthi Nair
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
UAE-based Al Maya Supermarkets is hosting a two-week food festival at select
Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the
Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created
UAE-based Al Islami Foods, one of the largest frozen food companies in
Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free
World’s largest fully integrated online brand in fresh fish and meat e-commerce
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
According to a new report by GlobalData, the penetration of online sales
In a 180-degree turn from 2020, retailers’ expansion plans are outpacing plans
Research by GlobalData found that eBay’s job postings in the US and
London based luxury retail and branding experts, House of Luxury (HOL), is celebrating their
Data presented by Fraîcheur Paris indicates that beauty products accounted for 22% of the
Tighter restrictions on hotels, restaurants, shopping malls and entertainment venues on account of
British fast-fashion retailer Primark says it has no plans to sell its
All hotels and restaurants have been directed to temporarily hold entertainment activities
The new Dubai Gold Souk is “very much on track”, according to