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Etsy Q2 2022 Report: What’s affecting sales, x-walk search outside the US, inflation, increased fees, purchase protection, and more!

0:00 – Intro
1:12 – revenue and sales
5:42 – economic factors
7:12 – inflation and your prices – must watch!
10:49 – earnings outlook for Q3 and Q4
11:22 – Etsy search updates
16:18 – Etsy ads updates
18:02 – Etsy Purchase Protection program launch

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Etsy has released their Q2 2022 Report, revealing impressive sales and a significant increase in fees. The report also highlighted concerns about inflation and the impact of Etsy’s x-walk search feature.

Sales

Etsy reported a record-breaking quarter, with a 13% increase in gross merchandise sales (GMS) compared to the same period last year. This equates to $3.9 billion in GMS, beating Wall Street expectations and reflecting strong demand for handmade and unique items on the platform.

Inflation

The report also noted the ongoing concern about inflation. Etsy’s Chief Financial Officer, Rachel Glaser, stated that they are seeing inflationary pressures across the board, which is impacting both their operating costs and suppliers. The company is working to mitigate these effects by increasing prices and adjusting policies, but they acknowledge that this is a challenging time.

X-walk Search

Etsy’s new x-walk search feature, which recommends similar products to shoppers, has also raised concerns. Some sellers have reported that the feature is negatively impacting their sales, as it directs customers to competitors’ listings. However, Etsy has defended the feature, stating that it is designed to enhance the shopping experience and ultimately increase sales for all sellers on the platform.

Increased Fees

One of the most significant changes highlighted in the report is the increase in fees. Starting in July 2022, Etsy will be increasing transaction fees from 5% to 5.5% and introducing a new 1.5% offsite ads fee for eligible sellers. This move has caused some backlash from sellers, who feel that the increased fees will eat into their profits, especially in the face of inflationary pressures.

Purchase Protection

Etsy also announced improvements to their purchase protection policies. The platform has expanded their money-back guarantee program, giving buyers more confidence in their purchases, and is increasing their fraud detection efforts to protect both buyers and sellers.

Overall, Etsy’s Q2 2022 Report reflects the company’s continued growth and success. However, challenges like inflation, x-walk search, and increased fees remind us that eCommerce remains a rapidly evolving and dynamic industry. As always, sellers must stay vigilant and adaptable to succeed in this competitive marketplace.