Etsy’s share price is expected to rise as COVID-themed merchandise sales surged providing its merchants with another sales boom.
According to figures from Business Investors Daily, Etsy shares are expected to climb to over 100 per cent in its coming quarter as sellers turn to vaccine merchandise to boost sales.
In the early stages of the pandemic the e-commerce platform suffered with its trademark handmade and unique gifts losing out to reams of toilet paper and paracetamol.
However, in response to its drop in share price, Etsy called on merchants to start making bits of PPE to cope with the soaring demand.
bold move of etsy to tell me to “make a difference” and sell face masks after they fucked up my face mask listings & got onto me for profiting off of pandemic fears pic.twitter.com/hSs1h4Y7bv
— ✨ kingsley ✨ (@pheazandt) April 3, 2020
“I woke up to discover it was suddenly like Cyber Monday,” Etsy’s chief executive Josh Silverman told the Financial Times.
Etsy announced revenue growth of 128.7 per cent year-on-year to $617.4 million in the three months to December 3, thanks to its PPE drive.
Mask sales made up four per cent of Etsy’s gross merchandise value in the final quarter of the financial year and the platform has started strongly in 2021
The marketplace also enticed 61 million new and old shoppers back onto the platform.
Silverman added: “2020 was an inflection point in history for e-commerce and for Etsy, with millions of buyers choosing us for their everyday needs as we lived up to our mission to ‘Keep Commerce Human.”
Index Urban, a San Diego-based travel goods store, started selling vaccination badges in an attempt to claw back ‘big losses’ from the lockdown regulations in the US.
“It’s been a tough, tough year, I’ve been in the business for 40 years, and by far this is the biggest kick in the pants,” Index Urban owner Jon Cantwell told MarketWatch.