“We try to create a marketplace that’s really flexible and adaptable,” Silverman tells Fortune. That strategy is particularly crucial as shoppers pull back on purchasing from its bread-and-butter categories: home goods and apparel. Silverman, a tech industry veteran who’s been Etsy’s CEO since 2017, disputes both criticisms.īut he acknowledges there’s room to extract more business from existing customers by better leveraging the site’s strong brand recognition, and he’s investing in a big marketing campaign targeting occasional Etsy shoppers to introduce them to a broader range of categories. Meanwhile, the investment bank Jefferies last month said Etsy suffers from too much shopper turnover and downgraded the stock. In February, Citron Research, an investment newsletter, accused the marketplace of selling counterfeit goods. Wall Street is taking a closer, critical look at the longtime darling. While Etsy has succeeded in holding on to most of the gains made during the pandemic boom, softening business is not the only challenge CEO Josh Silverman faces these days.
But in 2022, the value of items sold on Etsy hit $13.3 billion, down 1.3% from the prior year.
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