Bice 1

STRATEGIC ANALYSIS
BDAL 701 Course Project
Professor Chance Farago
Fall Quarter 2016
Haley Bice
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Table of Contents

 Introduction page 3
 Organizational Overview pages 4-9
o Company Description
o Revenue Model
o Company History
o Executive Organizational Chart

 Analysis pages 10-46

o Mission & Vision
o Logo & Slogan
o Company Goals
o PEST
o Market & Competition
o SWOT
o Products and Services Marketing
o Financials
o Analysis Summary

 Strategy Formulation pages 47-48

 Business Model Canvas page 49

 Conclusion page 50

 Works Consulted pages 51-54

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Introduction
Etsy is an ecommerce website where individuals and small businesses can sell artwork,

vintage, handmade, or unique manufactured items. It is a website where people from across

the globe meet to exchange goods in a marketplace format. It also provides merchant services

to sellers that wish to operate like a brick-and-mortar store or that want to expand their online

business.

This document serves as an outline to the company’s business in terms of how it is

currently operating and how it will operate in the future strategically. This document analyzes

both financial and marketing strategy, as well as current operations. It looks to calculate based

on that analysis what improvements Etsy can make to continue operating in the future and

what successes the company can look at going forward. As a leader in online commerce, Etsy is

relatively new to the game. This document will also serve as a marker of how Etsy has been

successful thus far and hopefully outline how they can continue that success.

Image Source: “Mission and Values” web screenshot

< https://www.etsy.com/mission>
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Organizational Overview
Company Description
Etsy is a for-profit corporation that Etsy is headquartered in New York,

connects buyers and sellers of craft and art but it has branches in Berlin, Germany;

with one another on a global scale. It is an Dublin, Ireland; London, United Kingdom;

online marketplace like Amazon or eBay, Melbourne, Australia; Paris, France; San

but specifically for artists and creators. Part Francisco, CA; Tokyo, Japan; and Toronto,

of the appeal of sites like Amazon is that it Canada (“About Etsy”). This broad range of

sells literally everything commercially locations is due to Etsy’s mission as a global

available, but this can alienate buyers that marketplace.

are looking for items that are handmade.

The difference is comparable to a big box

store versus a local market. Some of the

items listed are in both marketplaces, but

one store has quantity while the other has

quality. The difference in products between

sites like eBay and Etsy is that eBay is a

bidding site for what tends to be second-

hand products, whereas Etsy sells new

products directly from the creator.

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Revenue Model

While Etsy does not have any business partners per se, it invests in outside technology

such as API software, and also has an affiliate program for companies that have Etsy listings

linked on the affiliate websites. Technically speaking, as it is an online marketplace, it also is the

hub for many small businesses in the arts attempting to sell products. Etsy considers all of these

sellers and anyone involved with the manufacturing process as partners to its business,

The heart and soul of Etsy is our global community: the creative entrepreneurs who use

Etsy to sell what they make or curate, the shoppers looking for things they can’t find

anywhere else, the manufacturers who partner with Etsy sellers to help their individual

businesses grow, and the Etsy employees who maintain and nurture our marketplace

(“About Etsy.”).

This is the company’s way of acknowledging the fact that without the individuals that use Etsy

to create and sell, Etsy would not function. Etsy makes a profit every time a buyer and a seller

complete a transaction through a 3.5 percent fee and a .20 listing fee rather than selling a

particular product itself (“About Etsy”). Thus, without a seller or buyer, Etsy as a company

would not make a profit.

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Company History

This business was created to fill the need for an online marketplace for artists. At the

time, online marketplaces existed for other markets, but these marketplaces mostly consisted

of commercial businesses rather than individual sellers. Mail-order websites existed and then

evolved into what we now consider e-commerce sites (Tozzi). Since 2008, when Chad Dickerson

took over, Etsy has created a culture of engineering and creating new ideas for commerce. The

focus of Etsy’s website was no longer specifically on the artists, but the ease in which buyers

can interact with those artists (“About Etsy”). Etsy became a culture that promoted usability

from both the standpoint of the artist and the buyer, without language barriers or having to

exchange funds due to currency differences.

Image Source: “About Etsy” web screenshot

<https://www.etsy.com/about/?ref=ftr>

Etsy has grown from a three-person operation out of an apartment in Brooklyn in 2005

to a worldwide commerce website for artists of all trades. It has also instituted sustainability

efforts and promotes volunteer hours (“About Etsy”). Those aspects of the business would not

have made much of an impact at the start, but are important aspects of the culture of the

company now that it has more than nine hundred employees and 1.7 M sellers.
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Executive Organizational Chart

Images courtesy of etsy.com/team

Chad Dickerson - Chief Executive Officer, President & Chair

His job as the CEO is to lead the company in its vision

of being a global community of artist sellers and art

purchasers. He is also in charge of maintaining the

brand locally in New York’s DUMBO district and

serves on various boards for the community,

promoting Etsy’s involvement (“Our Team”).

Kristina Salen - Chief Financial Officer

Kristina’s job as the chief financial officer is to

spearhead the team of accountants, investors, and

insurance reps. Her job is to make sure Etsy’s

business practice is financially sound and that the

company’s funds are being put into the right

locations for the business to operate. Kristina is

leaving Etsy soon. (“Our Team”).

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Linda Findley Kozlowski – Chief Operating Officer

Similarly, Linda’s job is to control operations.

Though based on Etsy’s website, her focus

seems to be marketing and promotion as well

as day-to-day operational tasks. She also

works closely with several of the software

engineers to continue improving and

upgrading the operations from the user-end

of the website (“Our Team”).

John Allspaw - Chief Technology Officer

John is in charge of technology services, both in

terms of internal technology and in terms of

software development for the buyers and sellers on

the Etsy marketplace. He previously worked at Etsy

on infrastructure and operations, so Linda and John

have similar, albeit separate, tasks (“Our Team”).

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Heather Jassy - Senior Vice President, Values-Aligned Business

Heather is in charge of maintaining Etsy's brand

and affiliate's "value-aligned business" which

basically means she makes sure the Etsy mission

is focused on all areas of Etsy. She also is in

charge of the offices in Hudson, New York,

whereas the other employees so far have been

out of Brooklyn (“Our Team”).

Brian Christman - Senior Vice President, People and Workplace

Brian’s job description involves similar aspects to

Heather’s. However, where Heather’s job is

focused on the brand image and the business as a

whole, Brian’s job is focused on the individuals.

He basically runs the HR department at Etsy, but

also makes sure employees have opportunities to

get involved and create the culture that Heather

maintains (“Our Team”).

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Analysis
Mission Statement Analysis

“Our mission is to reimagine

commerce in ways that build a more
fulfilling and lasting world.”
("About Etsy")

This mission does not say a lot about the core values of Etsy’s business. It also doesn't

describe exactly what they mean by "reimagining commerce," nor does it describe how they

help "build a more fulfilling and lasting world." Part of what Etsy believes in as a company is

creating a global community of artists that specialize in handmade products. Another quote

from the Etsy site emphasizes "creativity, community, thoughtfulness" ("About Etsy"), which

may be a better analysis of Etsy’s mission than its mission statement. The thoughtfulness aspect

relates not only to Etsy's customer service, but also relates to the company's sustainability

efforts. That is probably what Etsy means by "building a more fulfilling and lasting world" but it

is less clear than simply "ecological thoughtfulness."

When it comes to how it wants to change how online marketplaces conduct commerce,

that is a broad way of saying that Etsy wants to change things, but "reimagining commerce"

does not describe what or how it wants to change anything. Both the creativity and community

aspects of the second quote from Etsy's website are better descriptors, because those terms

describe what Etsy does differently than its competitors, which is essentially what Etsy wants to
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put forth by "reimagining commerce." Etsy does not want to change anything specifically about

its business; it wants to brand itself as a company that does commerce differently than other

online marketplaces. "Creativity, community, thoughtfulness" are the three things that Etsy

itself puts forth as what makes the company different, so those should be the focus in the

mission statement, not "reimagining commerce." Etsy’s format for buying and selling is, as

mentioned on page 3, different than other ecommerce sites. Etsy is not eBay. It is not a place to

bid on items like an auction house. It is also not Amazon, where one can click to buy 100 of the

same commercial product. Etsy artists sell handmade goods; thus, the goods are available in a

limited quantity. This is how Etsy “reimagines commerce” but this is all wrapped up in the

“handmade” aspect of the mission and does not need to be expressed with a vague statement

about selling product.

Though "creativity, community, thoughtfulness" is a better idea for the mission for Etsy,

an actual statement rather than three simple words might sound like, “Etsy's mission is to strive

for creativity, community, and thoughtfulness in order to reimagine how artists globally

conduct commerce.”

Image courtesy of etsy.com/press

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Vision Statement Analysis

“Our vision is to build a new economy

and present a better choice: Buy, Sell,
and Live Handmade.”
(Strine, Allison et al, 10)

While one cannot find a vision statement on Etsy’s website currently, in 2009 it listed its

vision as, “Our vision is to build a new economy and present a better choice: Buy, Sell, and Live

Handmade” (Strine, 10) which sounds a lot like a combination of Etsy’s current mission

statement and the new mission statement suggested. It fails to mention the sustainability

efforts of Etsy. To be fair, however, in 2009 those efforts were not at the forefront of the

company’s values. Etsy did not become a certified B corporation until 2012 (“Etsy” Certified B).

The community aspect of Etsy’s vision is also not as apparent, but the aspect of “living

handmade” implies a sense of community that is lacking in its current mission statement.

If Etsy were to narrow down who exactly uses Etsy, it could help Etsy’s vision and

mission improve. In its former vision statement, it is obvious that its users were those that

bought and sold handmade items. Today, Etsy talks a lot about creating a global community,

but fails to define who is welcome in that community. If Etsy were to speak more to the

audience that community consists of, Etsy’s vision would improve. The audience has not

changed a lot since 2009; it still consists of artists and artisans that value the handmade and

those that want to buy handmade art. There is a new element of wanting “vintage” art that was
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introduced around 2010, but overall the overarching idea of craftsmanship has not changed

(Strine, 10).

The vision from 2009 is not that bad as far as vision statements go. To rewrite the

statement, it could be updated from the previous version to a contemporary vision. Perhaps,

“Our vision is to build a sustainable community of buyers, sellers, and visionaries that value the

handmade” is a more up-to-date example.

Image Source: “Etsy Values” web screenshot

< https://www.etsy.com/mission>
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Logo Analysis

The color of Etsy’s logo is a

muted orange. In some ways

this color reflects its ideals of

being a sustainable company,

without using the stereotypical

green color, especially since

Etsy also uses

Image Source: “Etsy

Corporation B” web screenshot
<https://www.bcorporation.net/community/etsy>

white text on an orange background occasionally, which makes for variety from printing in a

monochrome format. Research in color theory states that orange is a color that promotes

communication (think certain cell phone stores or television companies) which implies that Etsy

is concerned with creating a place to communicate easily. This aligns with Etsy’s goal of making

a community. Orange is also a color often used in companies that want to emphasize human

interaction and drive for social change (“Psychology of the Color…”).

If Etsy could use a different color or additional color, teal may be the way to go. It would

reflect the eco-friendly aspect of sustainable water without using an overdone green. It also

complements the current orange well, so perhaps Etsy could use a combination of both colors

to reflect communication and sustainability. Since Etsy’s logo is a wordmark, it is recognizable

as representing the company. The typeface that Etsy has chosen for its logo is also nice because
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it is not a cheesy, gimmick type of font like papyrus or wingdings. It implies creativity without

being unprofessional. Adding another color to the mix would not drain from Etsy’s professional

and creative enterprise by being too busy or loud.

Slogan Analysis

“Your Place to Buy and Sell All Things

Handmade.”
(“About Etsy”)

This slogan is something of a rehash of Etsy’s vision from 2009. It basically has all of the

same faults as the vision from 2009 as well. In other words, sustainability and community are

not explained. It also fails to define who is the “your” that the slogan is referring to. Etsy’s

dream of a global community may want to be inclusive, but it fails to acknowledge the arts

community from which it derives its business. While it mentions “Things Handmade” it does not

instill confidence in the artists who spend their time making handmade things, because it does

not acknowledge them. In other words, this slogan focuses too much on the commerce and not

enough of the people that make up a community on Etsy. As a new slogan, “Etsy: the

handmade, sustainable, grassroots community” could reference the business’ beginnings and

its future values.

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Goals for Etsy’s Future

Etsy lists its goals on its 2015 Progress Report for investors as follows:

•business •wholesaling
•individual sellers •manufacturing

Growing
Continuous
Sustainable
Improvement
Business

Real World Nurturing the

Impact Marketplace
•in reference to •starting and growing
corporate volunteer relationships
efforts •conversing w/ seller
•giving back to community
community & •celebrating
environment sustainable buyers
and sellers

These goals are focused on improving things that Etsy already does, but the business does not

seem to have many new goals. One new goal for Etsy would be to better understand its

audience. While it was very focused on the vintage and handmade craftsmanship in the past, it

is now focused so much on the community and creating relationships that it has lost some of

what made it unique. Etsy is not a social media platform, though social media plays a part in its

success, and while a community of sellers is important, common ground between those sellers

is just as important.
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Socio-
Political Environmental Technological
Economic

PEST: Political Analysis

 Laws regarding “certified B” corps

Benefit corporations–not the same as certified B corps– need to have certain clauses in

its articles in order to be certified as B corps. As Etsy goes forward, it will need to renew its

certification every 2 years because it is incorporated in the state of New York (“Corporation

Legal Roadmap”). Furthermore, Etsy needs to maintain its status as a certified B corp not only

by following the laws of Benefit corporations, but also by following the environmental laws set

aside by Blab in order to be certified.

 Postal service issues / downsizing of the Postal Service

One outside factor that Etsy will have to keep an eye on is the political climate regarding

the postal service and other shipping services. Etsy’s consumers pay for the shipping costs of

the items they are buying. Consequently, as the costs of shipping increase, Etsy’s consumers

may look to cheaper alternatives. This also comes into play as national postal services

downsize. With less employees to work with, the national postal services will take longer to
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ship products both nationally and internationally. Additionally, Etsy will have to keep up on

international trade laws (Fidler, David). As Etsy wants to maintain its “global community” these

trade laws will become a huge factor in where and how Etsy is allowed to do commerce.

Image Source: “Overall Consumer Confidence” TRUSTe Stats

<http://www.truste.com/blog/2012/07/17/the -state-of-consumer-privacy-confidence/>

 Regulation of Advertising & Consumer Privacy Internationally

An important international trade network called ICPEN is one form of government

regulation on international trade. The website ecommerce.gov is mostly for reporting

international scams, but ecommerce sites like Etsy could potentially be a hub for these scams

without any kind of reporting service (“Report…”). ICPEN and other international ecommerce

networks regulate not only the privacy of consumers but also make sure that no scams are

being advertised as true to consumers that might not know otherwise. Etsy maintains its

software in a way that allows users to report filings of scams, which Etsy then forwards on to
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ICPEN or similar networks. Users can file reports of scams to ICPEN themselves, but most do not

know this kind of network exists and blame the company for any misgivings. Without Etsy

offering a way to report issues, consumers will not trust Etsy as a safe ecommerce site.

PEST: Environmental Analysis

Image courtesy of etsy.com/press

 Disposable income

One environmental factor that ties a bit into the political factors is the idea of

disposable income. This may seem like a socio-economic factor, but it also is important to

consider as part of the business environment as a whole. Because Etsy is an international

company, the disposable income range of its consumers varies widely. As global markets

change, this environmental factor may be something that will have an impact on Etsy’s

business. Etsy gains a profit using a percentage of sales, so if possible consumers in one area do

not have the disposable income to spend on Etsy’s products, Etsy loses those consumers. This is

especially true of areas where a cheaper homemade alternative is available nearby.

 Foreign exchange rate & shipping costs

Another factor Etsy has to deal with is the fact that shipping rates are not a flat rate all

over the world. As mentioned in the political section, Etsy’s consumers pay for shipping costs.

Etsy’s consumers will not only be conscious of the political climate of the US postal service, but

also the political climate internationally. They will also be aware of taxation on incoming
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products and the exchange rate between nations, as these affect prices. While this may not

seem like much of an environmental factor affecting Etsy at the moment, Etsy has recently

gained a manufacturing department. This manufacturing department will rely heavily on the

importation of raw goods, so the shipping costs of these goods which may have only been a

political concern to Etsy’s consumers before now affects Etsy’s bottom line even more.

PEST: Socio-Economic Analysis

 Focus on environment (internally)

As Etsy promotes its environmental awareness and “green” social minded-ness (a

requirement to maintain certified B status), one factor that may come into play with Etsy’s

business is how much of the businesses’ operating costs are being spent on quality causes. Etsy

gains a lot of its consumers due to its social mindedness as a business and Etsy widely promotes

to its investors that it is a Certified B corporation. These social issues are extremely important

to the consumer base and to its rank as a “Certified B” corp. Without spending the money on

social issues, Etsy will lose consumers, but it also needs to keep enough of the funds to turn a

profit.

 Increase in computer literate consumers

As a generation of computer literate consumers gets older, they look to the internet to

provide them with various options for commerce. Etsy is one of those options and will continue

to gain customers simply because it is a well-established business and there is a steady flow of

new consumers enjoying online shopping for the first time. However, Etsy needs to focus on
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retaining those customers by offering better products than both online competition and local

competition, wherever that consumer is located (Steinfield, Charles et al). Etsy can continue

this flow of customers by either offering or promoting computer literacy classes in communities

where computer literacy is not common, but overall it needs to focus on customer retention

more than the ability of possible consumers to use its technology.

 Adding a Manufacturing Department

The difficulty with ecommerce is that there becomes such a huge variety of competition

that an ecommerce company either needs to be the cheapest out there or market itself as

different than everything else out there. With the addition of a manufacturing department, Etsy

has reduced its emphasis on the “handmade” and this could have a potential impact on

consumers that went to Etsy for handmade products. As stated in the description of new

computer literate consumers, consumers are looking for something different. Has adding a

manufacturing department impacted consumers’ view of Etsy? As this addition is relatively

recent, the impact so far has been minimal, but Etsy has also not promoted its additional

manufacturing department either. The department is not hidden or a secret by any means, but

Etsy as a company knows that this may turn away customers so it is not something to promote.

Image Source:
“Etsy Manufacturing” web screenshot
<https://www.etsy.com/manufacturing?ref=ftr>
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PEST: Technological Analysis

 Advances in technology of buying / selling software

One of the biggest portions of Etsy’s staff are programmers.

These programmers are in charge of maintaining Etsy’s website, but also for increasing its
usability.
Ecommerce sites invest huge amounts of money to make sure that websites are usable for
their consumers and encourage those consumers to buy more.
Etsy’s website also ensures ease of use for sellers to get their products online (“Online
optimization…”).
Certain aspects of Etsy’s website are also customizable for sellers that want to make their
online shops more personalized to their businesses.
As technology evolves, this personalization could be an important differentiation between
Etsy and other websites that offer sellers the ability to have their own stores online.

 Merchant Services

One of the more recent advances that Etsy has put into place is the use of its credit card

reader service. This service has an additional cost, much like any brick-and-mortar retailer

would have to pay. This enables buyers to purchase goods easier, but it also puts some pressure

on sellers, as this service comes at additional cost to the seller. This cost can be included in the

price of the product, but that would take the seller changing the price for all of that product

instead of one instance of the product. For example, if a seller has a quantity of five of one

item, the price needs to change on the whole listing, whether or not one of the quantity is

being sold in person using the credit reader. This means the cost has to be absorbed
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somewhere else, or the seller needs to make a new listing for the in-person sale. Of course, Etsy

gets paid for every new listing, so to some extent this is intentional on behalf of Etsy to

generate additional earnings from its merchant services, but may put off some sellers from

using the service.

 Distribution channels

One of the supposed advantages of buying online is the fact that it eliminates many of

the costs of distribution. In a traditional store, the item has to be made at a manufacturer,

shipped to a wholesaler, shipped from that wholesaler to a store, and from there to the

consumer. The price of this shipment and the rates at which the manufacturer and wholesaler

sell goods and services falls onto the consumer. In an online store, originally, the middleman

was cut out. Today, big box stores like Amazon have wholesalers contracted to sell the items, so

the cost of that again falls on the consumer. There is simply more negotiation of prices between

Amazon and wholesalers because they have choices from which wholesaler to choose from.

This has never been the case with Etsy, because Etsy sells products directly from an artist to a

consumer. In a time before ecommerce, big name artists would go through a gallery as if the

gallery were the wholesaler, but local artisans would simply sell locally. Etsy caters more

towards those local artisans than big name artists that are represented by a gallery, so again

this is not an issue that applies to Etsy, though it applies to many ecommerce websites.

Image courtesy of etsy.com/press

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Image Source: “Etsy Newbies & Social Media Basics” video still
<https://www.udemy.com/etsy -stores-social-media-basics-your-journey-starts-here/>

 Social Media Technology

Etsy has a huge social media following, simply because it promotes small web based

businesses that already rely on social media for marketing. Etsy has been trying to compete on

other mobile and social technologies, such as mobile purchases and purchases linked through

other websites, including Facebook (“Etsy Sellers…”). The advancement of this technology has

increased the social media access of Etsy, but may start to falter as bigger websites take

advantage of this same technology.

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Image Source: “Amazon Handmade” web screenshot

<https://services.amazon.com/handmade/handmade.html>

Market & Competition

 Competition with Amazon

At this point in writing, few companies challenge Etsy for both its market and consumer

base. Amazon has recently unveiled "Amazon Handmade," which may have an effect on the

buyers looking for handmade products, but Amazon Handmade has a vastly different base of

sellers. "Amazon Handmade," as a part of Amazon, consequently has no qualms about tapping
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into its large network of manufacturers to offer more home goods rather than strictly artisan

goods. Amazon Handmade also comes with a 12 percent fee as opposed to Etsy's 3 percent fee

for listing an item. Again this is due to Amazon's range of manufactured home goods that it has

access to (Anderson, Mae). This could also be why Etsy has recently added a sustainable

manufacturing department in order to remain in competition with Amazon.

Image Source: “Etsy v. Amazon” Fizzi Blog Post

< ttps://fizzijaynemakes.blogspot.com/2015/10/etsy -vs-handmad-at-amazon.html>

Amazon Handmade seems to still be in a beta version where one requires an invite

before they can sell or buy handmade items. In contrast, Etsy has acquired a new artificial

intelligence engine (“About Etsy”) aimed at helping users find products even better. This speaks

to the different markets that Amazon and Etsy are trying to break in to, as well, where Amazon

wants to make its consumer base feel privileged and Etsy wants its consumer base to have

worldwide access.
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Image Source: “The Muses Library” web screenshot

<http://themuseslibrary.blogspot.com/2015/07/pros -cons-etsy-vs-
storenvy.html>

 Storenvy and Security of Ecommerce

Another website the offers artists the ability to sell their handmade products is

Storenvy. It still offers Etsy some competition in the market, despite joining the ecommerce

market later, simply because it had no listing fee until 2014. This obviously was a benefit to

sellers, but it also invited a large amount of fraud products into the market. Storenvy is also

somewhat of a competitor to Amazon Handmade because it lacks the listing fee, so in theory

any manufacturer or artist could post a listing for free on its website, as well. Storenvy gained a

small following of artists that still use the site, but overall Storenvy has slowly been falling in

both seller and buyer numbers due to rampant fraud and a D rating in the Better Business

Bureau (“Storenvy Reviews”). This increase in security risk pushes away most buyers and thus

sellers, despite the free listings and is one of the reasons Etsy has such a huge software

development area of employees.

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 Competition with Facebook and Ebay

Facebook has also recently rejoined the race for ecommerce by reinstituting the FB

Marketplace. Experts seem to think that this is more of an attack on eBay's business and other

second-hand markets like craigslist than it is on craft sellers like Etsy. However, the FB

marketplace, eBay, and craigslist all have the potential to break into the craft and artisan

markets (Hahm, Melody). Facebook, for now, seems only to be focused on local communities of

sellers, which Etsy has some hand in as well with their "Team" pages. Etsy also has an app to

find which local brick-and-mortar stores sell Etsy products called "Etsy Local" which may be the

turning point between a seller's use of Facebook or Etsy, but Etsy does not seem to promote

"Etsy Local" much at all. The FB marketplace is so new, though, that it doesn't pose a threat as

of yet. It would be something for Etsy to keep an eye on going forward, as Facebook has the

prior experience of running a marketplace previously and can avoid some of the pitfalls it faced

before it switched to having local seller community pages.

Image Source: “Facebook Marketplace Announced…”

Paul Morris, Redmond Pie Author.
<http://www.redmondpie.com/facebook -marketplace-announced-lets-you-buy-and-sell-
goods-with-nearby -users/>
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Image Source: “Online Retail Forecast” Forrester Research, In c.

<http://www.spectacledmarketer.com/wp -content/uploads/2013/05/forrester-retail-
sales-fore.jpg>

 The online retail industry overview

Etsy is, above all, an online retailer. Despite the fact that it sells handmade items from

individuals rather than large scale manufacturers, in the end it is a place to buy and sell goods

over the internet. "Online retail in the US continues to grow at a rapid rate, outpacing sales

growth at traditional stores and stealing market share from them" (Heath, Tyrona). Etsy is not

one of the largest online retailers, but it has its own niche market. The two largest online

retailers, Amazon and Walmart (Zaczkiewicz, Arthur), are both distributors as well as

ecommerce websites. Etsy has been, in recent years, one of the fastest growing online retailers.

There are a few reasons for this, its brand image, its customer service, the quality of the goods
 Bice 30

as opposed to a large-scale manufacturer. The biggest trend that Etsy does not follow in the

market is the distribution aspect of these big box retailers. By working with the postal service or

a shipping company like FedEx, the larger companies have the advantage of low cost shipping.

In the future, as Etsy expands its manufacturing area, this may become a larger problem

necessary to solve.

Another big concern for all online retailers is security of transactions. As mentioned

previously, Craigslist, eBay, Storenvy, and the previous Facebook Marketplace, all have or had

security problems which put off some customers. Etsy has the potential to invite these

problems as well, because individual sellers are creating the listings. However, as Etsy gets a

commission from posting a listing, and vets quite a few of the scams, Etsy has not had the same

number of security problems.

 Market Analysis Conclusion

Image courtesy of etsy.com/press

Overall, Etsy has competition found in other ecommerce / online retail websites, but

none of them have quite the same market of sellers or buyers. As long as Etsy continues to

focus on usability and security, it will weed out a lot of the competition in the market from sites

like Storenvy and even eBay and Craigslist where security is a huge problem. The market

competition that Etsy needs to worry about in terms of consumers are Facebook and Amazon

as they both begin to expand into the handmade ecommerce market. Amazon already

guarantees the products it sells on its main site and Facebook is breaking into the local markets

that Etsy has tried to get a hold on through "Teams" and "Etsy Local." Facebook and Amazon
 Bice 31

currently do not pose a threat as both companies are only just beginning the local and

handmade departments, but Etsy could have some serious competition a few years down the

road. Amazon, especially, may pose a threat as its distribution of goods is more cost effective

for the consumer.

SWOT
Internal External
Strengths Opportunities
 Sustainability  Expansion of market analysis
 Internal Feedback (from employees and  Explain the benefits of external
sellers) manufacturing division sellers
 Opportunities for employee growth  Joining or merging with other
technologies to make experience
better
 Promotion of sellers doing good work
 Secure buyer & Seller Experience
 Acquiring artificial intelligence search
bar
Weaknesses Threats
 Promoting Etsy local (lack of)  Facebook Marketplace
 Feedback from buyers  Amazon Handmade
 Only 921 full-time employees  Shipping costs & worldwide export
(close knit is good but employees may and import taxes
be overworked)
 Having so many departments may lead  eBay
to disconnect
(aka Etsy Local, manufacturing,  Local brick-and-mortar stores
software, etc. having trouble working (though Etsy local is one way to counter
together) it)
 Bice 32

 Internal SWOT Analysis

Etsy is extremely focused on sustainability. This focus is not much is being done to

relatively new for the company and came out of a discussion promote feedback from

between upper management and its employees, telling us the buyers in Etsy’s

that internal communication and feedback is a huge part of market. The focus seems

the company’s success, as well. One of the prospects that to entirely be on those

Etsy encourages is growth and learning for its employees, selling, without giving

mostly due to the fact that there are only 921 employees, so much notice to the people

the more those individuals know, the more the business can buying aside from making

utilize their skills. This has its disadvantages, though, because sure transactions are

it’s possible that the employees may become overworked. secure. There also seems

Individual departments that stand out are Etsy’s to be little promotion of

programmers and web design writers / content creators. The “Etsy Local.” Most of the

programmers are extremely good at making the Etsy artists I have talked to that

community a safe place to engage in the market. The writers use Etsy have never heard

are great at promoting sellers who fit the brand image and of Etsy local. It is another

are doing good business (such as sustainable shops, way to get customers to

entrepreneurial shops that are focused on giving back, etc.) buy products from Etsy

customers, though in
As mentioned previously, one of its weaknesses is the
person rather than online,
fact that employees may be overworked. As a consequence,
but this service seems to
 Bice 33

be relatively ignored. While there are only 921 full time However, in the future, at

employees, so these things may be put on the backburner, Etsy continues to grow, it

another weakness is the fact that there are so many different is possible that the

departments within Etsy (“About Etsy”). At this time, because departments will begin to

of staffing, there may not be a disconnect between those feel disconnected

departments because employees’ responsibilities overlap.

 External SWOT Analysis

One opportunity that Etsy could continue to do, is look towards technology

could continue to work on improvements. They recently purchased an AI software that

is their manufacturing will enable customers to search through Etsy stores more

department. While this easily. Now that the purchase has been made, it opens the

department is technically door to the creation of a formal plan on how to acquire other

internal, it is new and very businesses to improve usability and technology. This also

disconnected from the applies to the threats to Etsy’s growth. Along with the

buying and selling Etsy obvious marketplace threats, one of the biggest differences

marketplace. Integration between Etsy and those marketplaces is the fact that the

of the formerly external consumer pays for the price of shipping based on the

manufacturers is an location the item is shipping from, rather than a flat shipping

important aspect to rate. Amazon ships items out of a warehouse, so its items

joining the two together. can have a lower shipping cost as well as a flat rate, whereas

Another thing that Etsy Etsy sellers do not have that luxury.

has begun doing, that they

 Bice 34

Products & Services Marketing

Etsy began as a marketplace for artists. It has since branched out to include small

businesses and sustainable manufacturers. Etsy's "product" is its service as a way for art buyers

to contact sellers, for artists to contact manufacturers, small businesses to access merchant

services, and other services online businesses and sole proprietors use. Etsy's goal is to create a

global marketplace. It has a focus on human interaction, which is at the forefront of its service.

To provide the selling service to artists, Etsy charges a 3 percent fee (“About Etsy”). There is no

price as of yet for matching manufacturers with artists, however. Etsy's service to artists limits

the need to understand web design or create contracts with merchants, get web support, assist

with mobile selling, etc. These services can be less of a focus for the artist so that they may

make their art instead. Etsy also assists consumers that do not want a product from big box

companies, but also want secure transactions.

Image courtesy of etsy.com/press

 Bice 35

Some limitations of Etsy's services may include:

 Synchronizing products that are sold on multiple platforms

o aka what if two people buy the same one product advertised on two

websites at the same time.

 Etsy also depends to some extent on the technical knowledge of its users.

o It does not require the same web design knowledge as an artist

attempting to build a website from scratch, but it does require a certain

technical skill to post images of the products and advertise individual

shops through banners or other links.

 Shipping is a concern (beyond the cost being placed on the consumer, which I

have already touched on).

o The speed in which a purchased product is sent is dependent on the

seller. Whereas a wholesaler company can expedite the shipping process

by shipping in bulk.

As Etsy continues to grow, it has plans to better connect artists and manufacturers; thus

moving away from the handmade vision it had at the beginning. Etsy also intends to make more

customizable individual seller pages, hopefully without compromising usability (“About Etsy”).

As of right now, there is a bit of a disconnect between all of the services Etsy offers. Moving

forward, those additional services will either have to promote one another better or fade out as

services become more in tune with the needs of Etsy's buyers, sellers, and manufacturers.
 Bice 36

Etsy's marketplace is obviously at the forefront of the business. It is the entire point of

Etsy and Etsy's entire mission— “Our mission is to reimagine commerce in ways that build a

more fulfilling and lasting world.” —revolves around the commerce that occurs in that

marketplace. Etsy’s focus on fulfillment has a lot to do with its marketing strategy (next bullet

point) and the focus on the lasting world aka sustainability seems to permeate the other

services Etsy offers moreso than the marketplace itself. The other services that Etsy offers

(merchant services, manufacturing, Etsy local, etc.) are add-ons to the main marketplace, thus

enabling it to work better for its customers.

Image Source: “Sell on Etsy Reader ” web screenshot

<https://www.etsy.com/reader?ref=ftr>

The products that receive the least attention are probably "Etsy Local" and Etsy's

answer to Paypal's "square" (“About Etsy”). "Etsy Local" seems like it would be a big hit for

those looking for handmade products in their area (also eliminating the shipping cost issue) but

it garners little to no attention. Part of this is because of a lack of advertising. The Etsy Reader

gets less attention because it requires additional payment on behalf of the user (this is a Visa
 Bice 37

and Mastercard requirement, Paypal’s square has it as well), it requires an established store as

a small business (most of which already use Paypal or their own bank’s merchant services), and

it requires the use of Etsy’s mobile app. The fact is that Etsy’s reader has very little

differentiating it from the other readers on the market. Paypal’s square offers so many other

benefits compared with the variety of other readers (including Etsy’s) that it is difficult to

compete on that level.

The target market for Etsy is usually homeowners or home renters rather than high art

collectors. Its market is those with space to display handmade goods, but those with an interest

of art as craft rather than the type of work that would be displayed in a gallery. The age-range

of most of Etsy's buyers and sellers tends to be millennials on the older end of that range,

rather than teens. Those with homes, apartments, or dorms between the ages of twenty and

thirty-five. As a secondary market, there are quite a few older customers that have owned

established small businesses for some time and are using Etsy as a way of selling their product

online to that same millennial age range.

Etsy, on the whole, is trying to communicate that it has a crafty, unique style. It brings

images of craft fairs, individual sellers that also hand make their art, and green or sustainable

energy. It has a very hipster style (if hipster is still a word people use) so its focus is definitely on

the concerns of millennials, such as work-life balance, sustainable commerce, and a close knit

workplace community (the fulfillment aspect of their mission). These aspects of Etsy target the

ideals of the primary market, but may alienate users from the secondary market that are not of

the millennial generation. Etsy seeks to make its business a great place to work for millennials
 Bice 38

in the hopes that millennials will see the value in its ethics and goals, thus causing them to shop

on Etsy's marketplace as well.

Image Source: “Advertising Policy ” web screenshot

<https://www.etsy.com/legal/advertising/ >

As for how Etsy promotes itself, it mostly leaves that up to the individual sellers. While it

does use page tags to promote listings on google, most of its promotional material is provided

by the sellers on the marketplace. This kind of advertising depends on the target market of each

individual store in the marketplace and is also constantly revolving. As a new entrepreneur

enters the Etsy marketplace, so does that store’s target market. I agree with this particular

strategy because it leaves the individual stores able to market towards their brand. Etsy does

not pick and choose which stores fit and which stores do not fit. As long as Etsy can be of

service to the entrepreneur, then Etsy will allow the store to exist. On the other hand, this is

extremely difficult for Etsy to market on a larger scale (hence why it uses buzz words like

“community”). I do not think Etsy would function if it did not allow sellers to market for

themselves, however.
 Bice 39

When it comes to public relations, Etsy is heavily focused on its brand image. The fact

that it is one of the few companies that publically point towards their B-corp status is not an

accident. Etsy wants to promote its sustainability because it helps with public relations and

marketing to millennials. It also promotes “community” and “authenticity” as a company, which

are buzz words that can be bent to reflect nearly anything on the internet, but the real focus is

on Etsy’s image (Reeves, Blair). Etsy intends to come off as a mission-driven company rather

than a profits-driven company, despite having shareholders. Its goals are valuable: promoting

sustainable energy, helping with worldwide hunger, and promoting other international crisis

needs.

 Products & Services Marketing Conclusion

Image courtesy of etsy.com/press

Any capitalist venture with a moral obligation is going to be at odds with profit margin

versus giving back. The fact that giving back also ends up getting Etsy more customers is

entirely intentional. If positioning itself as a caring, mission-driven company did not generate

enough profit to continue giving, Etsy would not continue its efforts. I think that Etsy’s goal to

be self-aware as a company, realizing that the way companies have traditionally used up

resources is not beneficial, is an admirable one. I simply do not believe that Etsy is self-aware

just because it wants to benefit the environment. I think that promoting and positioning Etsy as

an environmentally aware company fits with the brand image to millennials.

Still, the company does a great job at assisting with environmental and worldwide

causes. It is difficult for me to say that it should choose another strategy for marketing when

the benefit of its positioning is the attempt at ending world hunger and the downside is less
 Bice 40

marketing for the Millennial generation. Because Etsy is positioned as mission-driven, I doubt

that there will ever be a time on the horizon when the company stops caring about worldwide

issues. I think that the definition it currently has of some of its key values may change over

time, however. It has already moved away from the “handmade” towards retail and

manufacturing to justify its goals as a company, redefining what “handmade” really means. It

would certainly be willing to redefine some of its other key values if it means growth of the

company.
 Bice 41

Image Source: “Income Statement ” web screenshot

<https://finance.yahoo.com/quote/ETSY/financials?p=ETSY >
*in thousands

Financial Analysis
as of October 2016
As it stands, Etsy is seeing an increase in revenue for its third quarter results that were

announced November 1st. Etsy has seen a big jump in revenue from its seller services, but has

not seen an equal growth in “gross merchandise value, active sellers, and active buyers”

(Green, Timothy). It is also not surprising to see that Etsy’s stock has fallen in the third quarter–

Etsy operates in quarters that run from February through January– because of the huge jump it

had in the second. Investors do not buy stock when the price is high. During the second quarter,

Etsy was still operating at a loss in terms of day to day operations. Etsy made enough because
 Bice 42

of the 40 percent hike in revenue to no longer be negative in operating costs in the third

quarter (Rossolillo, Nicholas).

Image Source: “Balance Sheet ” web screenshot

<https://finance.yahoo.com/quote/ETSY/financials?p=ETSY >
*in thousands

A big chunk of the costs of operation were due to expansion into international markets

(not all of which have the same tax laws, accounting principles, etc.) Perhaps now in the fourth

quarter, Etsy can focus on gaining active sellers and buyers through marketing towards existing

customers and making them last instead of spending all of its income on operations. It either

needs to increase revenue as it did in the second quarter or vastly decrease its operating

budget. Something that could also have an impact going forward is the fact that Etsy’s CFO is

departing. There is enough insight from Etsy’s remaining team members to get them through

the process of hiring a new financial officer, but the search may impact financial goals for the

rest of the year (Rossolillo, Nicholas).

Etsy currently has a lot more cash on hand than it has had in previous years, which may

take part in why the its operating cost is so high. If the cash on hand is high, it is possible that
 Bice 43

people in charge of Etsy’s spending believe that they can spend that cash in operations, not

understanding that cash on hand needs to go towards the company’s liabilities and other

expenses due to company growth.

Etsy needs to focus on operations and sales rather than entering into more

opportunities for sellers, unless those opportunities significantly increase the amount of new

customers. Etsy could either increase its ‘sales’ enough to cover for operations, as it did in the

second quarter, or it could decrease its operating expenses. In this past quarter, it could be that

Etsy was trying to make certain that it was ahead of its competition with Facebook Marketplace

and Amazon Handmade both opening this year, but now that they have moved ahead, they

need to make sure they are sustainable going forward. Despite Etsy’s goal of becoming an

“international marketplace,” breaking into new markets costs quite a bit of money. Before Etsy

can think about continual expansion, it needs to maintain internal structures and operate in a

successful way over time.

Image courtesy of etsy.com/press

 Bice 44

Financial Ratios
as of November 2016

1) Operating Cycle:

a) Etsy currently does not deal with inventory. It will once the manufacturing area takes

off. It currently has a self-imposed operating cycle of 60 days for the software area of

the website (Dickerson, Chad)

2) Liquidity

a) Current ratio: 353.41 M / 77.58 M = 4.56 M

b) Net working capital to sales: (353.41 M – 77.58 M) / 368.60 M = 0.75 M

3) Profitability

a) Gross profit margin: 56.25 M / 357.59 M = 0.16 M

b) Operating profit margin: 4.67 M / 357.59 M = 0.01 M

c) Net profit margin: -7.31 M / 357.49 M = -0.02 M

4) Activity

a) Accounts receivable turnover: 7.98* (“Etsy Balance Sheet”)

b) Total asset turnover: 358.60 M / 569.2 M = 0.63 M

5) Financial Leverage

a) Total debt to assets: 68.89 M / 569.2 M = 0.12 M

b) Total debt to equity: 68.89 M / 344.46 M = 0.2 M

c) Equity multiplier: 569.2 M / 344.46 M = 1.65 M

6) Shareholder Ratios:

a) Earnings per share: -0.02 M** (“Etsy, Inc. Common Stock…”)

 Bice 45

b) Price-earnings ratio (2015 actual): -83.07 M ** (“Etsy, Inc. Common Stock…”)

c) Etsy does not pay dividends to shareholders. It uses the earnings to fund its operations

budget (“Investors”).

7) Return Ratios:

a) Operating return on assets: 4.67 M / 569.2 M = 0.01 M

b) Return on assets: -7.31 M / 569.2 = -0.01 M

c) Return on equity: -7.31 M / 344.46 M = -0.02 M

*there was difficulty finding the information to make this calculation, but the balance sheet

information from amigobulls had this ratio amount

** there was difficulty finding the information to make this calculation, but the stock information

from NASDAQ had this ratio amount

Q3 Balance Sheet data courtesy of amigobulls.com/stocks/ETSY/balance -sheet/quarterly

 Bice 46

Analysis Summary

The strategies listed in the following As for the strategies that are listed

section are goals for the future of Etsy in the next section, many of them are based

based on the research presented thus far. on goals that Etsy has already identified

Significant pieces of the analysis thus far such as the need to grow as a business and

that are not in the goals following this have real world impact instead of just a

section are: the use of a vague mission due virtual marketplace impact. Another piece

to the fact that Etsy has to market to both that is included in the next section is the

buyers and sellers, the certification idea of cross departmental cooperation.

requirements that Etsy has to continue in With such a small team and so many small

order to be considered a B-corp (other than factions and departments, working on

the ecological goals which are a part of project elements with varying team

Etsy's mission as well), and goals for members is a must for Etsy and probably

changing distribution channels along with something the company already does to

the transition to using manufacturers. some extent. The final goal relates back to

The reason that these pieces were the financial section of the analysis which

not mentioned in the strategy for Etsy, includes a need to either lower operations

despite their importance, is that they are costs or increase sales. The sales piece is

not aspects that Etsy needs to work on not a guarantee, although it is something

relatively soon, but they are items that Etsy that the employees of Etsy can work on in

will probably need to consider going the first strategic goal. The real impact on

forward to remain in business and compete. operations will need to be internal.

 Bice 47

Strategy Formulation
1) Grow sustainable business in wholesaling and manufacturing by marketing the new

manufacturing area to sellers

a) this strategy is finished when more sellers take advantage of the manufacturing area

and / or the manufacturing area is repurposed for Etsy's use as a company instead of

the sellers

b) The process begins by marketing manufacturing to sellers, getting the proper supplies to

the manufacturers, then marketing the finished product to buyers

c) Utilization of this service should be reached within one year

2) Continue real world impact on the environment and community by promoting employee

volunteer efforts and giving campaigns

a) Timeline for completion & measurable goals set by the employees and giving campaign

partners

3) Nurture marketplace by growing relationships with current customers, conversing with seller

community, and celebrating sustainable buyers

a) Promote underutilized seller services through marketing and communication with

current sellers

b) Grow relations and have conversations within six months; celebrate sustainable

businesses through marketing or compensation within three months

4) Merge with more technology partners to improve other site functions (beyond the search

bar) by seeking out growing and established tech businesses

 Bice 48

a) Focus on local partnerships to Etsy's existing offices or non-local businesses with offers

of significant improvements

b) research into other tech expansion opportunities within six months and implement

beginning of addition or merger based on research within a year

5) Promote cross department teamwork by creating project groups for goals 1-5

a) This project will be complete when the project groups decide and / or if the groups are

considered effective in implementing, creating or changing strategic goals

6) Lower cost of operations

a) Review: warranty policy, cost of new manufacturing area, costs for travel between

offices

b) Eliminate: direct mail advertising and limit use of paper in all departments

i) limiting the use of paper promotes the company's ecological goals as well as its

operating cost goals

c) This goal will be considered complete when the operations budget is more manageable

for a company of this size or if sales increase to support operating budget.

i) We should see improvements to this area within the next two quarters or else more

will need to be reviewed and more cuts will need to be made

ii) reviewing the policies does not necessarily mean cutting the budget from those

areas, but those are the areas that are easiest to cut spending from at this time
 Bice 49

Business Model Canvas

Customer
Value Relationship Customer
Key Partners Key Activities Proposition s Segments

not face to
Technology value-focused face millennials (older
partners Buy/sell marketplace enterprise interactions end or Gen X)
buyers -
provide
Fed ex / postal assistance w/
service secure transactions sustainability transactions "Hipsters"
sellers -
Merchants & provide
manufacturers local / merchant established small
(also clients) genuine products handmade services businesses
sellers w/o much
Banks? Credit not mass web design
card companies? sustainable manufacturing produced experience
buyers of unique
Key Resources security Channels products
reliability
change from
household postal service
supplies for manufacturers name to FedEx
data servers
supplies for software
engineers
marketing supplies

Cost Structure Revenue Streams

admin, operations, building 3 percent per listing from

Fixed costs, product warranty sellers
additional fees for use of some
other services
employment / department
Variable wages, bonuses
shareholder costs, taxes,
travel, raw materials for
manufacturing
 Bice 50

Conclusion
Etsy is in an interesting position where it has the potential for a lot of growth especially

with existing customers, being that it is a leader in its market, but it also is struggling with

budget concerns and needs to be able to make a profit. This does not have to be taken as a

negative for Etsy, as the company can easily make a profit if it grows business, but the

strategies for generating business vary widely. This document serves as an analysis of the

business, especially in terms of the market and how the company conducts business on a larger

scale, rather than day-to-day operations. The strategies outlined here are not the only solutions

to Etsy’s current operations, but some of the aspects of Etsy could possibly work on going

forward. Etsy has made itself a leader in ecommerce. This document described not only how it

has made it to that point, but also where it can go in the future.
 Bice 51

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 Bice 53

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