{"id":1211728,"date":"2023-12-13T15:15:45","date_gmt":"2023-12-13T20:15:45","guid":{"rendered":"https:\/\/www.prime-wow.com\/?p=1211728"},"modified":"2023-12-13T15:15:45","modified_gmt":"2023-12-13T20:15:45","slug":"etsy-is-laying-off-11-percent-of-its-staff","status":"publish","type":"post","link":"https:\/\/www.prime-wow.com\/?p=1211728","title":{"rendered":"Etsy is laying off 11 percent of its staff"},"content":{"rendered":"

Etsy is the latest company to lay off staff in 2023<\/a>. CEO Josh Silverman confirmed<\/a> the marketplace is letting go of 11 percent of its staff (around 225 employees) in its first significant staffing cut in recent years. It\u2019s also reshuffling its leadership, including announcing two executives\u2019 departures at the beginning of 2024.<\/p>\n

\u201cAfter deep discussion and careful consideration, we are reorganizing our internal structure to more closely align our resources with our most important business priorities and better serve our customers,\u201d Silverman wrote to employees. \u201cAs part of this, I\u2019m sad to share that we must say goodbye to approximately 225 team members, reducing the Etsy workforce by ~11%. This decision was among the hardest we\u2019ve ever made, and one that we have tried earnestly to avoid.\u201d<\/p>\n

<\/p>\n

The company is facing a consumer spending slowdown, as its leadership warned<\/a> in its Q3 2023 earnings call in November. \u201cThere\u2019s no doubt that this is an incredibly challenging environment for spending on consumer discretionary items,\u201d Silverman said to investors last month. \u201cIt\u2019s therefore important to acknowledge that the volatile macro climate is going to make it challenging for us to grow this quarter.\u201d Etsy\u2019s revenue growth had already stalled in recent years, with customers adjusting their spending habits post-lockdowns after a pandemic-era boom.<\/p>\n

\"Etsy’s
Etsy\u2019s Brooklyn headquarters<\/figcaption>
Etsy<\/div>\n<\/figure>\n

Etsy\u2019s CEO says Shein and Temu have also affected the company\u2019s bottom line. \u201cThere\u2019s no question that Temu and Shein are having an impact in the market,\u201d Silverman said in the November call. \u201cYou don\u2019t get that big that fast without taking share from many people.\u201d<\/p>\n

However, the two upstarts\u2019 competition isn\u2019t the only issue; Shein and Temu have also allegedly driven up Etsy\u2019s advertising costs. \u201cAnd the other thing that is happening is they\u2019re spending a large amount of money on marketing, not clear that they\u2019re using ROI thresholds to do that,\u201d Silverman added. \u201cAnd so I think those two players are almost single-handedly having an impact on the cost of advertising, particularly in some paid channels in Google and in Meta.\u201d<\/p>\n

Silverman plans to market the platform\u2019s \u201cquality, value and reliability\u201d to help fend off the younger competitors, which specialize in cheaper goods. \u201cI have great confidence in these plans, but we need the right structure and resources in place to successfully execute on them,\u201d he wrote to employees.<\/p>\n

The CEO wasn\u2019t above talking a little smack, either. \u201cWe are the opposite of Temu,\u201d Silverman said to investors in November. \u201cIf I had to think about what is the polar opposite of Etsy, I\u2019d probably get pretty close to Temu.\u201d<\/p>\n

As part of the reorganization, Etsy\u2019s chief marketing officer, Ryan Scott, and chief human resources officer, Kim Seymour, will leave the company on January 1. Chief operating officer Raina Moskowitz will now lead marketing teams, and chief product officer Nick Daniel inherits Moskowitz\u2019s previous turf, overseeing payments and fulfillment teams.<\/p>\n

This article originally appeared on Engadget at https:\/\/www.engadget.com\/etsy-is-laying-off-11-percent-of-its-staff-201545615.html?src=rss
\n
\nSource: Engadget – Etsy is laying off 11 percent of its staff<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Etsy is the latest company to lay off staff in 2023. CEO Josh Silverman confirmed the marketplace is letting go of 11 percent of its staff (around 225 employees) in its first significant staffing cut in recent years. It\u2019s also … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[99,110],"tags":[98],"class_list":["post-1211728","post","type-post","status-publish","format-standard","hentry","category-engadget","category-unfiltered-rss","tag-engadget"],"_links":{"self":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1211728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1211728"}],"version-history":[{"count":0,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=\/wp\/v2\/posts\/1211728\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1211728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1211728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.prime-wow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1211728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}