Etsy's defining moves.
The defining strategic moves at Etsy — each one explained and grounded in the record.
The Moat Anatomy · Moat Anatomy
Etsy Sells a Word, Not a Wall. "Handmade" Is the Moat - and It's Leaking.
Etsy's defensibility was never enforced authenticity. Since 2013 it has let sellers use outside manufacturers, and its marketplace GMS has fallen from a ~$12.2B peak in 2021 to $10.5B in 2025 - a moat made of a word, and the word is wearing thin.
8 min
The Moat Anatomy · Moat Anatomy
Etsy's Moat Isn't the Network. It's Your Self-Image.
Everyone calls Etsy a two-sided network. But sellers list everywhere at once, and a weeklong 2022 strike barely dented a 5.3-million seller base. The thing Amazon can't copy is the buyer who'd feel like a sellout shopping anywhere else.
8 min
The Money Machine · Business Model
Etsy's Sales Fell 6%. Its Revenue Went Up. That Gap Is the Whole Strategy.
Everyone thinks Etsy makes money when sellers sell. Not anymore. In 2024 marketplace volume dropped 6% to $10.9 billion, yet revenue rose to $2.8 billion. Etsy now extracts a 22.7% take rate from a shrinking pile - and the squeeze is the business model.
7 min
The Crisis Response · Crisis Response
Etsy's Sellers Went on Strike. The Fee Hike Took Effect Anyway.
In April 2022, tens of thousands of Etsy sellers signed a petition and pledged to strike over a fee increase to 6.5%. The fee took effect on schedule, fewer than 1% of sellers paused their shops, and Etsy's own filings credit the hike for revenue growth. The revolt was loud. The lock-in was louder.
7 min