Etsy held its annual shareholder meeting this morning, and it held no surprises. Etsy CEO Josh Silverman gave a brief presentation, and there were no questions from shareholders. (Unlike eBay, Etsy included the Q&A session in its webcast, while Amazon does not webcast its annual shareholder meeting at all.)
During the presentation, Silverman said Etsy was the antidote to commoditized commerce – “the home for special.” He also noted last month marked his 2-year anniversary as CEO.
The majority of buyers come to Etsy only once a year, he said – for a calendar holiday (such as Valentine’s Day), or for a special occasion (such as an anniversary). “We know there are many more purchase occasions that would be relevant to our buyers in a given year, and we are focused on making these “search for special and unique” more aligned with the Etsy marketplace.
“To do this, we don’t need to invent new purchase occasions, we just need to string together their existing purchase occasions, and get our buyers to come back to Etsy more often.”
The above image was included in the slide presentation.
The CEO said Etsy was in the early stages of its opportunity and had a long runway for sustainable growth.
“We had a great start to the year as we delivered solid financial performance in the first quarter of 2019,” he said, noting accelerating GMS growth and with revenue up 40%.