Etsy is set to invest hundreds of millions into its marketing platform after years of growth during the pandemic.
The online marketplace’s CEO, Josh Silverman, has said that the company is “investing more than $600 million [£525 million] in marketing this year” to make sure that the brand is “front of mind with buyers at a time when they need us most.”
“While a lot of other people might be pulling back, we think this is a great time to be leaning in and gaining share,” Silverman added.
Etsy is said to be preparing itself for the upcoming holiday season despite previously facing a hardy macroeconomic environment. Silverman projects “pretty robust sales” in the third quarter of this year.
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The company’s financials have increased quarter on quarter since September 2021. In Q2 2022, Etsy sellers amounted to around $3 billion in sales.
According to the CEO, the brand’s sellers have “seen their sales go up 23% since pre-pandemic, even as we’ve added two-and-a-half million more sellers.”
“I would say that during the pandemic, people shopped on Etsy because they had to shop on Etsy. What felt so great is people are coming back again and again now with limitless choice. They’re coming back because they want to shop on Etsy.”
“Our sellers also have the opportunity to raise their prices if they think that’s appropriate. The fact you’re getting something handmade just for you is valuable and our sellers ought to be able to price for that.”
