Etsy sees a strong quarter by ‘keeping commerce human’


August 9, 2020 | By RetailME Bureau

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.

 

For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.

Comments

comments

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau
Lulu Hypermarket to open in The Dubai Mall in 2023

Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in 

Continue Reading

November 10, 2022 | By Rupkatha B
Beyond Meat’s Q3 2022 results “disappointing”

Plant-based meat brand Beyond Meat’s financial results for the third quarter of 

Continue Reading

November 10, 2022 | By RetailME Bureau
Barakat unveils new biodegradable packaging

UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire 

Continue Reading

October 27, 2022 | By RetailME Bureau
Pure Harvest CEO Sky Kurtz

UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of 

Continue Reading

October 27, 2022 | By RetailME Bureau
Carrefour signed up as anchor tenant for Midtown Project

Carrefour, owned and operated by Majid Al Futtaim – Retail in the 

Continue Reading

October 27, 2022 | By RetailME Bureau
Grandiose Supermarket announces country-wide expansion plans

Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in 

Continue Reading

October 26, 2022 | By Rupkatha B
100 years of Valrhona

The Valrhona journey began 100 years ago with a cocoa bean. Since 

Continue Reading

October 24, 2022 | By Justina Eitzinger
On-demand grocery delivery in 15 mins

Deliveroo UAE has announced the expansion of its rapid grocery delivery service 

Continue Reading

October 24, 2022 | By RetailME Bureau
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment

The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE 

Continue Reading

October 17, 2022 | By RetailME Bureau

Abu Dhabi-based leading supermarket chain Lulu Group has appointed investment bankers Moelis 

Continue Reading

October 13, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine