At a time when many Americans must stay at home due to the backtracking in reopenings, new closures and layoffs caused by the coronavirus pandemic, Etsy has been able to take advantage of the crisis.
Etsy CEO Josh Silverman told CNBC that the online retailer has captured new customers during the pandemic and this has brought enormous growth to the Company.
“This is a moment when we have a chance to win the loyalty of millions of people and we’re working so hard to do that,” he said.
Etsy connects small businesses with consumers and now boasts 3.1 million sellers, up 34% since last year, and more than 60 million active buyers, a 41% increase.
Etsy posted a quarterly profit that was up more than 400% from a year ago.
As consumers spend more time at home amid a coronavirus pandemic, home furnishings led the way with sales growing 125%.
Etsy is an ideal storefront for small businesses that have emerged due to people looking to sell their handmade products or create on the side jobs to weather the storm. The challenge is now to not lose the new consumers and businesses who have turned to this e-commerce platform during the crisis.