(Image Source: The Verge)
After reporting first-quarter earnings results, Etsy’s CEO Josh Silverman shared that the company’s promotion focus in the next period will be social media influencers.
“So many influencers who love Etsy, who are passionate about Etsy and talk about Etsy to their community already, we’ve created a tool where those influencers can curate their own collection of their favorites on Etsy and then broadcast that out to their community and say, ‘Here’s what I love on Etsy,’” Silverman said in an interview.
Etsy’s quarterly revenue surged by 141,5% on a YoY to $550.6 million. However, the company only expects a 15-25% of growth on a YoY basis, a sharp decline compared to the previous quarter. This caused the company’s stocks to tumble by more than 14% on Thursday. Etsy’s CEO doesn’t seem to be too concerned about this and he is satisfied with the demand dynamics that Etsy is having.
With these dynamics, Silverman believes that the sellers, artisans, craftspeople will rapidly adapt to new market trends post-pandemic. Apart from that, what makes Etsy stand out is the bond they create between sellers and buyers. The originality of the platform is valuable for market competition and long-term growth, according to the CEO:
“Everyone else is playing Amazon’s game. They’re trying to sell you that same mass-produced stuff and try to ship a little faster than Amazon or sell it a little cheaper, and good luck. Etsy plays a different game. We lift up our sellers — now 4.5 million artisans, craftspeople — selling on Etsy that you can connect with directly and buy from.”