Etsy CEO's Inspiring Update - Aug 2017

Etsy CEO's Inspiring Update - Aug 2017

Table of Contents:

1. Introduction 1.1 About Etsy 1.2 Objectives of the Update

2. Focusing on the Core Etsy Marketplace 2.1 Cutting Out Distractions 2.2 Doubling Down on the Marketplace 2.3 Improving the Buyer Experience 2.4 Increasing Sales

3. Encouraging Results and Future Growth 3.1 Faster Product Launches and Experiments 3.2 Shareholder Call Highlights 3.3 Predicting Faster Growth in Q3

4. The Importance of the Holiday Season 4.1 Planning for Christmas 4.2 Sales and Promotions 4.3 Shipping Concerns

5. Managing Shipping Costs 5.1 Buyer Perception 5.2 Importance of Describing Value 5.3 Tools for Effective Descriptions 5.4 Investing in Calculated Shipping and Labels

6. Driving More Buyers to Etsy 6.1 Direct Marketing and Digital Advertising 6.2 Amplifying Sellers' Voices 6.3 Enhancing Discoverability of Products

7. Working Towards a Successful Holiday Season 7.1 Commitment to Sellers' Success 7.2 Addressing Seller Requests 7.3 Continual Improvements

8. Conclusion

Update on Etsy's Strategy: Focusing on Core Marketplace Growth

Etsy CEO, Josh, delivers an update on the company's progress and future plans. In this video, he emphasizes the importance of cutting out distractions and doubling down on the core Etsy marketplace to drive faster growth and increase sales for all sellers. Josh acknowledges the valuable feedback received from sellers and highlights the encouraging results already seen. With the holiday season approaching, he outlines strategies to help sellers compete and succeed in a highly competitive market. This article explores the key points discussed by Josh and provides further insights on Etsy's strategy and initiatives.

1. Introduction

1.1 About Etsy: Josh begins the video by expressing his honor and privilege to be the CEO of Etsy. He mentions having spent three months at Etsy and emphasizes the significance of providing an update on the company's progress and plans.

1.2 Objectives of the Update: The objective of this update is to inform sellers about Etsy's commitment to focusing on the core marketplace, improving the buyer experience, and driving sales growth. Josh also encourages sellers to participate in the upcoming QA session to address any questions or concerns they may have.

2. Focusing on the Core Etsy Marketplace

2.1 Cutting Out Distractions: Josh reiterates the consistent message he's heard from sellers - the need to cut out distractions and prioritize the core Etsy marketplace. He assures sellers that Etsy has been working diligently to make significant improvements in this area.

2.2 Doubling Down on the Marketplace: To ensure faster growth and increased sales, Etsy is doubling down on the core marketplace. This means investing time and resources in key initiatives aimed at improving the buyer experience and providing sellers with the tools they need to succeed.

2.3 Improving the Buyer Experience: Enhancing the buyer experience is a top priority for Etsy. By making the marketplace more user-friendly, intuitive, and visually appealing, Etsy aims to attract more buyers and increase sales for sellers.

2.4 Increasing Sales: The ultimate goal of Etsy's strategy is to drive sales growth for all sellers. To achieve this, Etsy is moving faster, testing new approaches, and implementing effective strategies to improve conversion rates and increase customer satisfaction.

3. Encouraging Results and Future Growth

3.1 Faster Product Launches and Experiments: According to Josh, the fast pace of product launches and experiments has been instrumental in driving Etsy's growth. He emphasizes that while this approach may cause occasional frustration among sellers, Etsy remains committed to open communication and providing context for the changes being made.

3.2 Shareholder Call Highlights: During a recent shareholder call, Etsy announced that it expects sales in the third quarter to grow even faster than in the second quarter. This milestone showcases the positive impact of Etsy's strategy and validates the efforts made to enhance the core marketplace.

3.3 Predicting Faster Growth in Q3: The anticipated faster growth in the third quarter further highlights the company's commitment to driving sales and providing sellers with a platform that delivers results.

4. The Importance of the Holiday Season

4.1 Planning for Christmas: As the holiday season approaches, sellers need to plan their inventory, identify popular items, and strategize their marketing and promotion efforts. Sellers should stay attuned to the changing dynamics of the market and arm themselves with the necessary tools and context to compete effectively.

4.2 Sales and Promotions: Sales and promotions have become increasingly prevalent during Christmas. It is crucial for sellers to run relevant and impactful sales and offer coupons to attract buyers. Etsy has introduced a tool that simplifies and enhances the effectiveness of running promotions, and sellers are encouraged to utilize it.

4.3 Shipping Concerns: Shipping costs play a significant role in buyers' purchasing decisions. Etsy has conducted extensive research and found that high shipping costs are one of the main reasons buyers abandon their carts. Addressing shipping concerns and managing the perception of shipping costs are critical for sellers' success.

5. Managing Shipping Costs

5.1 Buyer Perception: Buyers often perceive high shipping costs as wasted money, which deters them from making a purchase. Etsy acknowledges the importance of managing the perception of shipping costs and recognizes that buyers tend to compare the perceived value of the item to the cost of shipping.

5.2 Importance of Describing Value: To mitigate buyer concerns about shipping costs, sellers should effectively describe the value of their items. By highlighting the craftsmanship, uniqueness, and overall worth of the product, sellers can help buyers understand the value proposition, making shipping costs seem more reasonable.

5.3 Tools for Effective Descriptions: Etsy is continuously working on providing sellers with tools and information to describe their items and shipping costs effectively. Features such as calculated shipping and shipping labels are available to sellers and are encouraged to be utilized for a better buyer experience.

5.4 Investing in Calculated Shipping and Labels: Etsy understands the significance of calculated shipping and is investing in making these tools available to more sellers. Utilizing calculated shipping helps sellers offer accurate shipping costs, improve buyer confidence, and reduce cart abandonment rates.

6. Driving More Buyers to Etsy

6.1 Direct Marketing and Digital Advertising: Etsy is actively investing in direct marketing and digital advertising efforts to amplify the voices of sellers and attract more buyers to the platform. By increasing brand visibility and showcasing the diverse range of products available on Etsy, the company aims to drive more traffic and boost sales for sellers.

6.2 Amplifying Sellers' Voices: Etsy values the contributions of its sellers and recognizes their stories as a powerful marketing tool. By showcasing sellers' unique stories and the passion behind their creations, Etsy aims to connect with buyers on a deeper level and create a stronger brand identity.

6.3 Enhancing Discoverability of Products: Improving the discoverability of products is another key area of focus for Etsy. The company continuously works on enhancing its search and recommendation algorithms, providing buyers with tailored and relevant product suggestions.

7. Working Towards a Successful Holiday Season

7.1 Commitment to Sellers' Success: Etsy is committed to helping sellers have a successful holiday season. By addressing their concerns and providing effective solutions, the company aims to create an environment where sellers can thrive and achieve their sales goals.

7.2 Addressing Seller Requests: Etsy recognizes the importance of addressing seller requests and is actively working on top-requested features, such as a bulk editing tool and more shop sections. The company also acknowledges the feedback provided by sellers regarding shop manager and stats, and plans to make necessary improvements based on this feedback.

7.3 Continual Improvements: Etsy emphasizes its commitment to continual improvements and acknowledges the ongoing contributions and partnership of its sellers. The company aims to build on its strong foundation and work collaboratively with sellers to make Etsy the world's best platform for creative entrepreneurs.

8. Conclusion Josh concludes the video by highlighting Etsy's unwavering dedication to driving growth, focusing on the core marketplace, and providing sellers with the tools and support they need. He expresses gratitude for the sellers' trust and engagement and invites them to continue the conversation and submit questions in the upcoming QA session.