Etsy has reported a 110 per cent year-on-year (YoY) revenue increase in 2020 taking it to a record high $1.7 billion, according to Buyshares.co.za.
The US based ecommerce platform performed well under the strain of the lockdowns, with sellers turning to pandemic-themed merchandise to survive.
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 change in consumers’ buying habits resulted in Etsy crossing the billion-dollar revenue mark for the first time in the platform’s history.
Etsy experienced a 110.75% YoY increase in revenue in 2020, figures show.
The ecommerce website recorded 46.35 million active buyers in 2019, this figure grew by almost 77 per cent to reach 81.9 million in 2020.
The number of sellers on the platform also skyrocketed 61.7 per cent YoY, with over half coming from mobile users.
Etsy’s gross merchandise sales (GMS) also climbed to $10.28 billion in 2020, seeing an increase of 106.7 per cent from 2019.
The ecommerce giant registered an impressive five year compound annual growth rate of 33.9 per cent from 2015 to 2020.
The popular marketplace section on their site generated £1.3 billion of its total revenue in 2020, making up 75 per cent of its reported figure.
Its services segment saw a rise of 88 per cent YoY from 2019, with a figure of $422 million.
This figure has been put attributed to the growth of its advertising revenue, which saw a growth of 83.5 per cent YoY.
Etsy’s percentage of revenue made from mobile device purchases rose to 61 per cent compared to 51 per cent since 2017.