Etsy, Inc. (ETSY) stock prices were down by a marginal 2.06% as of the market closing on May 5th, 2021, bringing the price per share down to USD$184.57.
Addition of Search and Discover Feature
As a part of the company’s Right to Win strategy, ETSY strove to enhance its customers’ experiences across its online marketplace platform. Resources continue to be allocated towards the development of a Search and Discover feature that caters towards the actualizing of the potential of more unique items that might not be typically searched for.
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Enhancing the ETSY platform
Q1 2021 saw the enhancement of personalized searches and the incorporation of addition user features into ETSY ranking models. The company hope to increase engagement, buyer conversion and repeat purchases across all devices by developing a more intimate understanding of its users’ interests and needs.
Facilitating Buyer-Seller Interactions
In order to facilitate buyer engagement, loyalty, and purchase frequency, ETSY has continued to strengthen the quality of buyer-seller connection. The first quarter of 2021 saw the company launch a new version of the proprietary “Sell on Etsy” App, which boasted improved features such as an overhaul of the dashboard and the addition of “Convos” to enhance buyer-seller interactions.
Improving Customer Experience
As an additional measure to consolidate their growth, ETSY has initiated a strategy to improve the buyer experience. The company is allocating resources towards improving speed expectations of orders, consolidating delivery predictability, facilitating fast and effective issue resolution, and a focus on seller reputation. Recent examples of these robust efforts include the increased visibility granted to the company’s buyer protection policy to bolster buyer confidence, the provision of additional discounted shipping labels to ETSY sellers, and an increase in seller tools that clearly display a schedule of orders in the interest of reducing lateness.
Defining Product Catalogue
With a catalogue containing more than 92 million strong from the global network of ETSY sellers, the collection of unique items represents a myriad of handmade, customized, personalized, vintage, and craft supply products. Over the course of the first quarter of 2021, ETSY launched several initiatives that were designed to enhance the visibility of more obscure inventory to highlight purchasing of products that were “uniquely Etsy”.
Future Outlook for ETSY
Having ended Q1 2021 with USD$1.7 billion in cash, cash equivalents, and short-term investments, ETSY enjoys a solid liquidity position that it can leverage to facilitate further growth. With the enhancement of their e-commerce platform, the company is capitalizing on the shift from brick-and-mortar to online shopping that resulted from the challenges presented by the global pandemic. Current and potential investors are hopeful for a reversal to the recent consistent downtrend that will usher in significant and sustained increases in shareholder value.