handmade goods, reported its highest ever annual revenue of

手工藝品，報告的年收入達到了有史以來最高的

$2.7 billion in 2023.

2023 年為 27 億美元。

But that's not the full picture.

但這還不是全部。

Its gross merchandise sales, or the total value of goods

商品銷售總額，即商品的總價值

sold on Etsy, declined in the same period, falling flat for

同期，在 Etsy 出售的商品數量有所下降，其中

the second year in a row.

連續第二年。

It stocks its more than 70% lower than its 2021 high, and

其股價比 2021 年的高點低了 70% 以上，而且

first quarter 2024 earnings results didn't look much

2024 年第一季度財報看起來並不理想

better.

更好。

Etsy's consolidated results, while within our guidance

Etsy 的綜合業績在我們的指導範圍之內

range, were not where we wanted them to be.

但我們發現，這些問題並沒有達到我們的預期。

After the big increase in both buyers and spending per buyer

在買家和每位買家的花費都大幅增加之後

during Covid, it looks like they've hit a wall and you

在 Covid 期間，他們似乎碰壁了，而你

basically have a company that has not grown in two years.

基本上，有一家公司已經兩年沒有增長了。

Some longtime sellers are partly blaming CEO Josh

一些長期銷售商部分歸咎於首席執行官喬希

Silverman, saying his focus on profits has pushed the

西爾弗曼說，他對利潤的關注推動了

company away from its vision, allowing counterfeits and mass

公司偏離了自己的願景，讓假冒偽劣產品和大規模的

produced items to thrive, demoralizing artists and

這些項目的興旺，打擊了藝術家們的士氣，也削弱了他們的能力。

buyers.

買家

Competing with people who are generating art via artificial

與通過人工製造藝術品的人競爭

intelligence. Now I can't compete.

情報。現在我競爭不過了。

It's just junk. A lot of it.

這只是垃圾。很多都是

You're just going to be a slightly more expensive

你只是稍微貴一點而已

Amazon. That seems like a terrible business plan.

亞馬遜這似乎是一個糟糕的商業計劃。

With discretionary spending down a first quarter 2024 miss

可支配支出下降，2024 年第一季度未達預期

in both merchandise sales and profits, and an acknowledgment

商品銷售額和利潤，並承認

of poor execution by its CEO, Etsy's future is uncertain.

由於首席執行官執行不力，Etsy 的前景並不明朗。

It's a public company.

這是一家上市公司。

Its job is to return value to shareholders.

它的工作就是為股東創造價值。

At the end of the day, they need to be able to sell things

歸根結底，他們需要能夠賣出東西

that people want.

人們想要的。

When Etsy first came on the market in 2005, it was a

2005 年，當 Etsy 首次出現在市場上時，它還只是一個

revolutionary idea.

革命性的想法。

People who loved arts and crafts finally had a place to

熱愛藝術和手工藝的人們終於有了一個可以

buy those things all the time and get connected with sellers

經常買這些東西，並與賣家建立聯繫

and artisans and artists who maybe they would have never

以及工匠和藝術家，他們也許永遠不會

encountered before.

以前遇到過。

Etsy's founder and then CEO, Rob Kalin built the platform

Etsy 創始人兼首席執行官羅布-卡林建立了這個平臺

to empower artisans.

增強工匠的能力。

His vision was that Etsy could influence society in a

他的願景是，Etsy 可以在以下方面影響社會

way that people would think more consciously about the

讓人們更有意識地思考

products they chose.

他們選擇的產品。

How do you get from just doing it as more of a hobby, to

你是如何從僅僅把它當作一種愛好，發展到

organizing this to the point where you can actually make a

將其組織起來，使您能夠真正做出一個

living?

生活？

The virtual storefront also enabled a new kind of

虛擬店面還實現了一種新的

revolution.

革命。

These small businesses, these local artists, suddenly had

這些小企業、當地藝術家突然有了

the ability to connect with buyers all over the world.

能夠與世界各地的買家建立聯繫。

And this was huge.

而這是巨大的。

I mean, it was an opportunity for them to grow their brand,

我的意思是，這是他們發展品牌的一個機會、

grow their sales.

銷售增長。

Nicole Aline Legault and Chiarra Lohr are just two of

Nicole Aline Legault 和 Chiarra Lohr 只是其中的兩位。

the many artists who joined Etsy to sell more of their

許多藝術家加入 Etsy，以銷售更多他們的作品。

work. Legault has been there since 2009.

工作Legault 自 2009 年以來一直在那裡工作。

Everyone that I knew was opening up a little shop

我認識的每個人都在開小店

because it was one of the only places that was offering

因為它是唯一提供

this platform and template.

這個平臺和模板。

It was very about the sellers.

這非常與賣家有關。

They were really driving the traffic and making the site

他們真正推動了流量，使網站

what it was and creating a community.

並創建一個社區。

Transaction fees were initially low.

交易費用最初很低。

Etsy received B Corporation status in 2012, and was one of

Etsy 於 2012 年獲得 B 公司資格，併成為以下公司之一

the first companies with that certification to complete an

首批獲得該認證的公司完成了

IPO, which it did in 2015.

在 2015 年進行了首次公開募股。

At the time, it was valued at $1.8 billion, but the cracks

當時，它的估值為 18 億美元，但裂縫

in Etsy's foundation were already forming.

的基礎已經形成。

Kalin stepped down as CEO in 2011 for a second time.

2011 年，卡林第二次卸任首席執行官。

As competition was stiffening, the next CEO made

由於競爭日趨激烈，下一任首席執行官做出了以下決定

a big change in 2013, allowing artists to use

2013 年的一個重大變化是，允許藝術家使用

outside manufacturers to produce their designs.

外部製造商來生產他們的設計。

The term handmade was getting looser.

手工製作一詞越來越鬆散。

And in this new public arena, the company was beholden to

在這個新的公共舞臺上，該公司必須

financially focused shareholders with a laser

專注於財務的股東，以脈衝光

focus on growth.

注重增長。

Etsy's stock lost more than 70% of its value its first

Etsy 的股價在上市初期下跌了 70% 以上。

full year as a public company.

作為上市公司的一整年。

From the beginning, Etsy wasn't profitable.

從一開始，Etsy 就沒有盈利。

You know, when it went public, it was deeply in the

要知道，當它上市的時候，它還深陷在

red. This wasn't uncommon for e-commerce companies.

紅。這在電子商務公司中並不罕見。

It's still not necessarily uncommon for disruptive new

顛覆性的新技術仍不一定罕見。

startups and things like that. But over time, you

創業公司之類的東西。但隨著時間的推移，你

needed to kind of change that.

需要改變這種狀況。

Vendors, too, were unhappy for different reasons.

供應商也因不同原因而感到不滿。

There's been a massive culture clash at Etsy.

Etsy 發生了大規模的文化衝突。

It's something that really started after the company went

這其實是在公司成立之後才開始的。

public. It's happening internally with employees who

公眾。內部發生的員工

had been there since the beginning, had kind of seen

他從一開始就在那裡，看到了

this company as, you know, different.

這家公司，你知道，與眾不同。

Yet another CEO was appointed in 2017.

2017 年又任命了一位首席執行官。

Josh Silverman made both short and long term changes,

喬希-西爾弗曼做出了短期和長期的改變、

laying off 22% of Etsy's workforce that year and later

當年裁掉了 Etsy 22% 的員工，後來又裁掉了

pushing through transaction fee hikes and shipping fees.

提高交易費和運費。

He also introduced a new tier -based subscription model for

他還推出了一種新的分級訂閱模式，用於

sellers to jumpstart their growth--at a cost.

賣家啟動增長的代價。

It's ultimately like maybe too focused on keeping the sellers

歸根結底，也許是太專注於留住賣家了

happy and wasn't doing enough to kind of drive buyer

我很高興，但我做得還不夠多，還不足以推動買方

satisfaction. So that's what Josh tended to focus on, you

滿意這就是喬希傾向於關注的重點，你

know, kind of maybe more balancing both sides of a

要知道，這樣也許更能平衡雙方的利益

marketplace, which is key.

市場是關鍵。

By 2018, things were picking up, sales were growing, and

到 2018 年，情況有所好轉，銷售額不斷增長，而且

the stock was at its highest.

股價達到最高點。

The turnaround was attributed to Silverman's leadership.

這一轉變歸功於西爾弗曼的上司。

And then the pandemic.

然後是大流行病。

For the month of April, Etsy sold $133 million worth of

四月份，Etsy 銷售了價值 1.33 億美元的商品。

face masks. That's 12 million face masks.

口罩。這就是 1200 萬個口罩。

The pandemic was a boon for Etsy.

大流行對 Etsy 來說是個福音。

The number of active buyers increased by about 77%.

活躍買家的數量增加了約 77%。

Gross merchandise sales grew by more than 100% year over

商品銷售總額同比增長 100%以上

year in 2020, and more than 30% in 2021.

到 2020 年，這一比例將超過 30%，到 2021 年將超過 30%。

Etsy stock price reached its all-time high that same year.

同年，Etsy 的股價達到歷史最高點。

It also started charging some of its sellers for

它還開始向部分賣家收取

advertising, bringing in additional streams of revenue.

廣告，帶來更多的收入來源。

Pandemic related success is just that it's a fluke.

與大流行病有關的成功只是一種僥倖。

It's a flash in the pan.

曇花一現。

So far missed earnings in 2023 and the first quarter of 2024

到目前為止，2023 年和 2024 年第一季度的盈利尚未實現

are leaving investors with little doubt that the pandemic

讓投資者毫不懷疑，大流行病

may have been just that a fluke.

可能只是僥倖而已。

In December 2023, the company laid off 11% of its staff.

2023 年 12 月，公司裁員 11%。

But as Etsy focuses on a comeback, it's also angering

但是，當 Etsy 專注於東山再起時，它也激怒了

some of its biggest stakeholders its sellers.

其最大的利益相關者之一。

Etsy has been changing how buyers interact with the

Etsy 一直在改變買家與網站的互動方式。

platform to prioritize buyers buying more, faster and

平臺，優先考慮購買者購買更多、更快和

staying on Etsy, not prioritizing buyers having a

留在 Etsy 上，而不是優先考慮買家擁有一個

good experience from individual sellers.

個人賣家提供的良好體驗。

Chiarra Lohr leads the Indie Sellers Guild, a labor

Chiarra Lohr 上司著獨立賣家協會，這是一個勞

advocacy group for Etsy sellers formed after a week

Etsy 賣家維權組織在一週後成立

-long strike against the platform. Creators were

-對平臺的長期打擊。創作者們

frustrated by yet another transaction fee increase and a

對交易費再次增加和

controversial star seller program that prioritized

有爭議的明星賣家計劃，優先考慮

sellers who meet requirements like fast shipping, high

賣家必須滿足以下要求，如快速發貨、高

ratings and quick response times.

評級和快速響應時間。

And everything seems very corporatized.

一切似乎都非常公司化。

It's almost as though you're penalized for not using Etsy

就好像你不使用 Etsy 就會受到懲罰一樣

the way they're trying to make you use it.

他們試圖讓你使用它的方式。

Don't shut down my shop without letting me talk to a

別在我沒找到人之前就把我的店關了。

person. Don't issue a refund to a buyer without getting

人。在未獲得以下資訊的情況下，不要向買家退款

proof that it was damaged.

證明它已損壞。

It's not drop your fees by half.

不是把你的費用減半。

It's not get rid of offsite ads.

這不是擺脫站外廣告。

It's let me opt out if it doesn't work for me.

如果不適合我，我可以選擇退出。

Kind of all those things accumulating to where they

所有這些東西積累到一定程度後

find themselves heaping less and less of the money from

發現自己從

when they have a sale, but having to do more and more

當他們有促銷活動時，卻不得不做越來越多的工作

work, not even in their craft of the thing that they make,

工作，甚至不是在他們製作的工藝品上、

but just to make their Etsy shop work for them.

但只是為了讓他們的 Etsy 商店為他們工作。

The company has said it had to make some tough changes to

該公司表示，必須做出一些艱難的改變，以便

compete with giants like Amazon, which spends more on

與亞馬遜等巨頭競爭。

marketing and has more repeat buyers.

營銷，擁有更多的常客。

Its deteriorating reputation is another issue the company

聲譽下降是該公司面臨的另一個問題。

is fighting. Sellers have blamed the 2013 rule change,

正在戰鬥。賣家將責任歸咎於 2013 年的規則變更、

allowing creators to outsource their production for

允許創作者將製作外包，以便

what they call the "junk-ification" of Etsy.

他們稱之為 Etsy 的 "垃圾化"。

This isn't a new problem, but one that some say has gotten

這不是一個新問題，但有人說它已經變得

worse as the number of sellers grows.

隨著賣家數量的增加，情況會越來越糟。

I want to show you the the sadness on Etsy and what it's

我想向你們展示 Etsy 上的悲傷，以及它的

become.

成為。

Legault went viral for her TikTok, exposing many of the

Legault 因她的 TikTok 而走紅，揭露了許多"......"。

top Etsy shops as dropshippers or sellers who

頂級 Etsy 店鋪的代銷者或賣家，他們

make the designs but outsource the labor to another

設計，但將勞動力外包給他人

company. Some designs are made with AI generated images.

公司。有些設計使用人工智能生成的影像。

Dropshippers are able to mass produce items like T-shirts,

代發貨人能夠批量生產 T 恤衫等商品、

stickers and stationery.

貼紙和文具

Others just sell supplies like beads.

還有一些只是出售珠子等用品。

In a comment to CNBC, Etsy said that it recognizes its

在對 CNBC 的評論中，Etsy 表示，它認識到其

current definition of handmade, includes a broad

目前手工製作的定義包括廣泛的

spectrum of items, and will clarify its policies to be

項目的範圍，並將澄清其政策，以便

more transparent about what belongs on Etsy in the coming

在未來的日子裡，Etsy 上的內容將更加透明。

months.

個月。

There are some like old school people in there, very few.

裡面有一些像老同學一樣的人，但為數不多。

But, um, every click I was like, what is it?

但是，嗯，每次點擊我都想，這是什麼？

Cups again, cups and then another.

又是杯子，杯子，又是杯子。

I click again, it's cups again.

我再次點擊，又是杯子。

And I'm just like, how is this possible?

我就想，這怎麼可能呢？

I get that it's business, but it's so not how I want to do

我知道這是生意，但我不想這樣做

business.

生意

Though this comes at odds with the company's mission, it is

雖然這與公司的使命不符，但它是

not necessarily bad for its finances.

不一定對其財政不利。

If people are buying it, then there's not a lot of incentive

如果人們都在買，那就沒什麼動力了

for management to change that because it's working,

因為這種做法行之有效，所以管理層必須改變、

apparently. But of course, you are going to risk

顯然是的。當然，你要冒

alienating the people who started with the platform.

疏遠了最初使用該平臺的人。

I think we do pay attention when sellers object to some of

我認為，當賣家反對我們的某些建議時，我們確實會注意。

the policy or pricing changes, but I don't think

政策或定價的變化，但我不認為

it's had any impact on their business.

對他們的業務有任何影響。

Etsy said it removed 115% more listings for violating company

Etsy 表示，因違反公司規定而被刪除的列表數量增加了 115%。

policy in the first quarter of 2024, than the year prior.

與前一年相比，2024 年第一季度的保單數量有所增加。

We've always taken down items for not complying with not

我們總是以不符合以下條件為由取消項目

handmade. That's always been a focus, but we've been

手工製作。這一直是我們的工作重點，但我們一直

getting better technology and investing a lot in that.

獲得更好的技術，併為此投入大量資金。

As Etsy tries to compete with e-commerce giants like eBay or

當 Etsy 試圖與 eBay 或其他電子商務巨頭競爭時

Amazon. The path for being both successful and loyal to

亞馬遜既成功又忠誠於

its core principles is unclear.

其核心原則尚不明確。

Can you be Etsy while also having the pressures of a

你能否既能成為 Etsy，又能承受一家公司的壓力？

public company? Should it have gone public?

上市公司？它應該上市嗎？

I mean, it depends on who you ask.

我的意思是，這取決於你問的是誰。

Etsy CEO says the company is still trying to engage and

Etsy 首席執行官表示，公司仍在努力吸引並

retain current buyers, half of whom only shop on Etsy once

留住現有買家，其中一半人只在 Etsy 上購物一次

per year. The 7 million artists are what the company

每年。這 700 萬藝術家是該公司

was founded on, and without them, Etsy is perhaps no

而沒有他們，Etsy 或許就沒有

longer Etsy or offers what buyers are looking for

更長的 Etsy 或提供買家正在尋找的內容

anymore.

不再是了

Many sellers feel trapped.

許多賣家感到被困住了。

They're not really making enough profit margin on Etsy

他們在 Etsy 上的利潤率其實並不高

anymore. But because Etsy is still there, it's very hard

已經不復存在了。但因為 Etsy 還在，所以很難

for alternatives to grow, right?

讓替代品成長，對嗎？

So they've kind of really taken over this space and then

是以，他們真正接管了這個空間，然後

shifted and are now like still sitting in that space.

現在就像還坐在那個空間裡一樣。

In February 2024.

2024 年 2 月。

Activist investor Elliott Management built a 13% stake

激進投資者埃利奧特管理公司持有 13% 的股份

in the company, the largest of any investor, earning it a

是所有投資者中最大的，為公司贏得了

board seat. Stock shot up more than 10% on the news.

董事會席位。消息傳出後，股價大漲超過 10%。

We haven't really seen a ton yet as far as what the impact

至於會產生什麼影響，我們還不太清楚。

will be from that.

將由此而來。

But generally, public market investors generally do applaud

但一般來說，公開市場的投資者通常會稱讚

activists being involved because it perhaps is an

活動家參與其中，因為這也許是

outside opinion kind of coming into a room.

外面的輿論會進入房間。

I actually think the most likely case is Etsy will find

實際上，我認為最有可能的情況是，Etsy 會發現

a way to use that AI to help their sellers, and then

利用人工智能幫助賣家的方法，然後

perhaps it'll be a way to kind of build up trust, which

也許這將是一種建立信任的方式，而這

is like, let us set the price.

就像，讓我們來定價。

I think what also they're missing is that we are not

我認為他們還忽略了一點，那就是我們不是

into having these third parties.

這些第三方。

Like, I want to work directly with my printer, I want to

比如，我想直接使用打印機，我想

work with other artists, I want to collaborate.

我想與其他藝術家合作。

I want to do these things in in the way that makes me feel

我想用能讓我感覺到的方式來做這些事情

human.

人。

Ultimately, some major changes could shake up the company if

最終，一些重大變革可能會撼動公司，如果

it can't boost profits or innovate fast enough.

它無法快速提高利潤或創新。

In February 2024, it introduced a one-time seller

2024 年 2 月，它推出了一次性賣方

fee of $15 for new shops, which it said helped boost