{"id":123120,"date":"2021-03-01T16:01:05","date_gmt":"2021-03-01T21:01:05","guid":{"rendered":"https:\/\/www.borndigital.com\/?p=123120"},"modified":"2021-07-23T11:21:34","modified_gmt":"2021-07-23T15:21:34","slug":"etsy-grows-111-in-2020-outlines-e-commerce-future","status":"publish","type":"magazine","link":"https:\/\/brainstation.io\/magazine\/etsy-grows-111-in-2020-outlines-e-commerce-future","title":{"rendered":"Etsy Grows 111% in 2020, Outlines E-Commerce Future"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Need to Know&nbsp;<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Etsy reports winning 2020 figures, growing 111% since 2019.<\/li><li>The third-party e-commerce marketplace, which hosts artisans and makers, brought in $1.73 billion in 2020.<\/li><li>Etsy said it has attracted 61 million new or reactivated shoppers to its site and recorded nearly 160% growth in \u201chabitual buyers.\u201d<\/li><li>Etsy attests its growth to the number of shoppers moving towards e-commerce during the pandemic, including those looking for handmade masks.<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Analysis<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><\/h3>\n\n\n\n<p>E-commerce marketplace Etsy has seen great success this past year, growing 111% in 2020, with the company citing the pandemic as a major explainer for the increased revenue.&nbsp;<\/p>\n\n\n\n<p>According to Etsy\u2019s CEO Josh Silverman, e-commerce as a whole grew 40%, and Etsy\u2019s growth was almost triple the average. The company\u2019s 2020 revenue totaled $1.73 billion, achieving Etsy\u2019s 2023 business goals three years ahead of schedule.&nbsp;<\/p>\n\n\n\n<p>The reason for the sudden spike in sales? In the early weeks of the pandemic, many shoppers turned to Etsy to find locally and handmade masks by artisan designers. Half of those buyers came back to buy something different later in the year.&nbsp;<\/p>\n\n\n\n<p>And as the pandemic carries on, with retail businesses coming in and out of different stages of lockdown, consumers are looking for new ways to spend their money.&nbsp;<\/p>\n\n\n\n<p>\u201cDuring the pandemic, people can\u2019t spend on travel, they can\u2019t spend on dining, so they are spending a disproportionate share of wallet on retail, and when they\u2019re spending on retail, they can\u2019t go to the mall so they\u2019re spending a disproportionate amount on e-commerce,\u201d explained Silverman.&nbsp;<\/p>\n\n\n\n<p>Additionally, consumers are spending more time at home and are shopping for home goods, home furnishings, and even wedding-related products, which are areas that Etsy hopes to further tap into.&nbsp;<\/p>\n\n\n\n<p>In its most recent report, Etsy said it has attracted 61 million new or reactivated shoppers to its site and recorded nearly 160% growth in \u201chabitual buyers.\u201d<\/p>\n\n\n\n<p>The popular marketplace has proven fruitful for merchants as well, with <a href=\"https:\/\/handmadeseller.com\/single-post\/2020\/08\/18\/the-backstory-to-this-etsy-sellers-overnight-success-with-100-sales-in-her-first-month\/\" target=\"_blank\" rel=\"noreferrer noopener\">one artist<\/a> selling over 100 items in her first month.&nbsp;<\/p>\n\n\n\n<p>\u201c[My business] was launched in June 2020 and it feels wonderous to see [it] up and running after all these years of dreaming about it,\u201d said Etsy merchant Lois Calli-Smith. \u201cI feel as though I am at the start of a very rewarding journey teaching people how to sew their own accessories.\u201d<\/p>\n\n\n\n<p>Silverman explains the appeal of a third-party marketplace for merchants: \u201cCreating your own shop today is creating a lemonade stand in the desert. It\u2019s harder and harder for an individual site to rise above the noise and become a brand that people can remember.\u201d&nbsp;<\/p>\n\n\n\n<p>Etsy fourth quarter earnings show soaring profits, 129% growth, and an 8% rise in stock.&nbsp;<\/p>\n\n\n\n<p>While we all hope there is an eventual end to this pandemic, that doesn\u2019t necessarily mean life will return to the normal we once knew. And for online retailers, that may be a good thing.<\/p>\n\n\n\n<p>\u201cWhat I don\u2019t know \u2014 and what I don\u2019t know that any of us know \u2014 is what\u2019s going to happen to consumer spending overall as restrictions ease,\u201d Silverman said. \u201cWhat I do know is that if you look over the long term, if you\u2019re looking at 2022 and 2023 and beyond, e-commerce is bigger and stronger, and we\u2019ll be bigger and stronger I believe as a result.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Need to Know&nbsp; Etsy reports winning 2020 figures, growing 111% since 2019. The third-party e-commerce marketplace, which hosts artisans and makers, brought in $1.73 billion in 2020. Etsy said it has attracted 61 million new or reactivated shoppers to its site and recorded nearly 160% growth in \u201chabitual buyers.\u201d Etsy attests its growth to the [&hellip;]<\/p>\n","protected":false},"author":76314,"featured_media":110777,"menu_order":0,"template":"","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,3397],"tags":[3069],"magazine-region":[385],"magazine-series":[],"magazine-topic":[3678,3679],"class_list":["post-123120","magazine","type-magazine","status-publish","has-post-thumbnail","hentry","category-News","category-retail","tag-etsy","magazine-region-new-york","magazine-topic-marketing","magazine-topic-product"],"acf":[],"_links":{"self":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/123120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine"}],"about":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/types\/magazine"}],"author":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/users\/76314"}],"version-history":[{"count":1,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/123120\/revisions"}],"predecessor-version":[{"id":125006,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine\/123120\/revisions\/125006"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media\/110777"}],"wp:attachment":[{"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/media?parent=123120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/categories?post=123120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/tags?post=123120"},{"taxonomy":"magazine-region","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-region?post=123120"},{"taxonomy":"magazine-series","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-series?post=123120"},{"taxonomy":"magazine-topic","embeddable":true,"href":"https:\/\/brainstation.io\/wp\/api\/wp\/v2\/magazine-topic?post=123120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}