An article published but the New York Times over the weekend looks at the changes and developments currently underway at Etsy. It’s well worth a read if you sell on the vintage and craft marketplace.
Etsy is currently in a state of transition with a new CEO, Josh Silverman, who took the helm earlier in the year with the aim of improving performance and profitability at the company. In particular the article looks at the transition between the former CEO Chad Dickerson and Silverman, the significant lay-offs that took place and also the need for swifter product developments.
The article also looks at the views of staff and sellers in what many seem to characterise as a detrimental change to the atmosphere and approach at Etsy.
What is clear is that Silverman’s changes are helping the company grow but it would seem that Wall St. is impatient and the stock price has taken a battering even thought the latest set of results published on November 6th were quite strong and showing improvements.
At the core of the review is the struggle for the heart and soul of Etsy and what it wants to be in the future. Many sellers in the past felt that the unique attraction of Etsy was the community vibe and the partnership offered to sellers by Etsy. They fostered a sense of community that was lacking in other marketplaces such as eBay and Amazon.
But, put simply, it is a public company with the duty to deliver profits and shareholder value, so it’s perhaps inevitable that the very warm former community vibe will diminish.
Are you an Etsy seller? Have you seen any change or improvement to the selling experience on the marketplace over the past few months? Is the marketplace performing strongly this Christmas season and delivering you good sales?