Known for offering specially-made handcrafted goods, the e-commerce site Etsy (ETSY) has about two million sellers for more than 50 million products. And it turns out that 87 percent of those sellers are women.
“That’s our whole business,” Etsy CEO Josh Silverman told Yahoo Finance’s Midday Movers. “So in a world where automation … is changing the nature of work, creativity can’t be automated. So we let someone take their creative passion, maybe they’re a beautiful woodworker, maybe they make beautiful jewelry, or they blow glass, and we let them take their talent and put their products up for sale on Etsy.”
Silverman added that Etsy buyers are people who are looking for “something which expresses their sense of identity” and “shows how much they care for someone else.”
The site is filled with sellers of all kinds who make assorted items including art, photography, clothing, food, woodwork, bath and beauty products, quilts, knick-knacks, toys.
Many sellers also sell craft supplies and vintage items. Etsy makes money by taking a cut from any of the sells made.
Silverman said that in the last quarter, Etsy’s sales grew by 20% and revenue grew even more.
“The stock has done well but I think most importantly the fundamentals of the business are doing well, so we’ve seen growth accelerate every quarter for four quarters now,” said Silverman.
To help Etsy users out, Silverman explained the company is focused on improving its search engine, marketing capabilities and providing sellers the tools they need to remain active.