Custom bobbleheads

eBay had bought, including shopping. tion in both our product velocities
in the buying and selling and in sales
com, a market leader in comparison
growth,” he says. “In the third quarter,
shopping. One of eBay’s products
sales grew by 18 percent on Etsy — up
was Skype, and they asked Silverman
from 13 percent the previous quarter.”
to take charge — in 2008 he became
Etsy’s top three selling categories
CEO of Skype.
are home furnishings, clothing and
In 2011, Silverman became presi-
jewelry, “and each
dent of the U.S.
of those categories
Consumer Services
brings in more than
business at
$500 million a year,”
American Express,
Silverman says. Art
the unit that pro-
is among the top six
vides the company’s
sellers.
consumer cards
About 87 per-
and travel services
cent of sellers are
in the U.S. But when
women, according
he left AmEx in
to Silverman, and
2015 he wanted to
buyers run the
wait for another
gamut. “We have 30
position where
million buyers,” he
he could make a
notes. “About one-
significant differ-
third of our sales
ence — and Etsy
are international,
seemed like the
which is about the
perfect opportunity.
fastest-growing
He joined the board
— JOSH SILVERMAN
part of our busi-
in November 2016
ness.”
and was quickly
Silverman doesn’t
catapulted into the
seem to have much
company’s No. 1
downtime these days, but he most
position.
enjoys spending time with his wife,
For Silverman, that position meant
many changes. “I had to make a lot of Shirin, and their two children, ages 10
and 13. His wife is Persian and they
decisions,” he says. “When I arrived, I
asked to prioritize everything we were embrace both Jewish and Persian cul-
tures. “It’s very important to me my
doing based on what would have an
kids have a sense of their Jewish iden-
impact on driving accelerating sales
tity,” says Silverman, who had a bar
growth. Based on that, we eliminated
mitzvah at Temple Beth Emeth in Ann
over half the activities happening in
Arbor, where his parents, Eugene and
the company. Also, we streamlined
the organization, which unfortunately Alida, are still members. “I want my
kids to appreciate Jewish traditions.”
caused us to make some painful
Silverman’s desire for Etsy is to
choices. We had to lay off about 20
make it a place that stands for spe-
percent of the staff. We removed a
cial. “When you’re looking for socks
lot of layers within the organization
or batteries or all the commodities
so we had clearer accountability and
needed in daily life, there are plenty
much less bureaucracy.
of places that can ship them to you
“As a result, we are shipping prod-
quickly,” he says. “But there are many
ucts about 2½ times faster and have
times in your life you want something
had a fairly dramatic acceleration in
to be special — something represent-
growth.”
In bringing a new focus to the com- ing your personal sense of style or
pany, Silverman says they are concen- taste — for you or as a gift for a friend
or relative. It’s those moments where
trating on growing the sales on their
I want people to think ‘There’s no
core platform. “Over the last nine
place like Etsy.’” •
months we have seen a real accelera-

“Etsy is a refuge
in a sea of
sameness. The
products are
unique and the
buyer and seller
connect in a
real human
way.”

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June 28 • 2018

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