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85-414: As of December 31, 2022, Etsy had over 100 million items in its marketplace, and the online marketplace for handmade and vintage goods connected 7 million sellers with 92 million buyers. At the end of 2023, Etsy had 2,420 employees. In 2023, Etsy had total sales, or gross merchandise sales (GMS), of US$ 13.2 billion on the platform. In 2023, Etsy garnered a revenue of $ 2.75 billion and registered

170-611: A backward bending supply curve of labour . Overtime pay rates can cause workers to work longer hours than they would at a flat hourly rate. Overtime laws, attitudes toward overtime and hours of work vary greatly from country to country and between various sectors. Time off in lieu (TOIL), compensatory time , or comp time is a type of work schedule arrangement that allows (or requires) workers to take time off instead of, or in addition to, receiving overtime pay. A worker may receive overtime pay plus equal time off for each hour worked on certain agreed days, such as public holidays . In

255-732: A 12% cut instead and are required to participate with no opt out. The system has faced criticism from sellers, who have characterized the new system as a means for the company to grab revenue from its sellers. However, Etsy has been celebrated for giving sellers the necessary support to turn their handmade hobby into a business. Etsy does this, by turning foundational business concepts into digital e-commerce processes. Etsy reviews are permanent, and Etsy does not fact-check reviews. Many sellers have complained about false or misleading statements in reviews. On 10 March 2022, due to banking sanctions , Etsy blocked accounts of all Russian customers including those living abroad and delisted all their goods, with

340-506: A Sunday, they may be paid twice their regular rate (i.e., "double time"). Directives issued by the European Union must be incorporated into law by member states. Directives 93/104/EC (1993), 2000/34/EC (2000), which limited working hours, were consolidated into 2003/88/EC (2003). Employers and employees can agree to opt out, under certain circumstances. The directives require: The directives apply to: Exemptions: In Japan

425-876: A complaint or instituting a proceeding based on the FLSA. An employer that engages in any form of verifiable retaliation would be liable under the Fair Labor Standards Act Section 216(b) for equitable relief including reinstatement, promotion, payment of lost wages, and payment of liquidated damages. Acts of retaliation include terminating employment, disrupting the workplace, threats, acts of physical violence, and constructive discharge. Out of approximately 120 million American workers, nearly 50 million are exempt from overtime laws (US Department of Labor, Wage and Hour Division , 1998). As of 2021, salaried workers making $ 684 per week or more are exempt from overtime pay (equivalent to $ 35,568 per year). In 2004,

510-562: A computer and internet access. According to Amazon , its Mechanical Turk marketplace focuses on "human intelligence tasks" that are difficult to automate computationally. This includes content labelling and content moderation . Microlabor online marketplaces allow workers globally, without a formal employment status, to perform digital piece work , such as classifying an image according to content moderation guidelines. Gig workers are paid for each task performed, for example US$ 0.01 for each moderated image. Gig workers accumulate payment on

595-507: A description, will be refunded in full for the buyer. Etsy also reported it would invest $ 25 million to cover the refunds for cases where the seller is not at fault for item damage or loss. In January 2024, Etsy introduced "Gift Mode", powered by OpenAI GPT-4 , which allows users to generate gift guides based on survey questions related to the recipient's demographic and interests. In an interview in August 2013, CEO Chad Dickerson emphasized

680-489: A group of 5,000 sellers united to strike by taking their stores off line for a week in protest.The following year, Etsy placed reservations on seller accounts taking 75% of their takings on hold for 45 days without prior notice or explanation; the UK's Small Business Commissioner , Liz Barclay , said that "we hear that many sellers are women or minority groups and they need this money to pay the bills". Etsy has also been permitting

765-404: A list of categories by clicking on the "categories" link under "More Ways to Shop". This will bring the user to a page of over 30 categories, each containing subcategories. When a buyer views a product, they can choose to view the positive feedback of each seller to determine the reliability of the shop. Once a buyer finds a product they would like to buy, they click "Add to Cart", and that product

850-482: A mix of cash and stock valued at less than $ 100 million. At the time the acquisition was the company's largest. On March 3, 2015, Etsy announced that it had filed for a $ 100 million IPO . As of 2015, Etsy generated transactions worth US$ 1.93 billion on its platform, which has 54 million members. Etsy went public on April 16, 2015, selling 13.3 million shares, while other stockholders including venture capital firms such as Accel and Acton Capital Partners were selling

935-453: A net gain of $ 308 million. The platform generates revenue primarily from three streams: its Marketplace revenue, which includes a fee of 6.5% of the final sale value, a listing fee of 20 cents per item, and Seller Services, which includes fees for services such as "Promoted Listings", payment processing, and purchases of shipping labels through the platform. Other revenue includes fees received from third-party payment processors . Creating

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1020-663: A new "risk free" product advertising program, replacing an existing system allowing sellers to purchase ads on platforms such as Google Shopping from within Etsy. The company will automatically purchase advertising for products on "high-traffic" websites. Actual product sales generated by this type of lead generation are subject to a 15% cut of revenue from the total of the purchase order . Etsy expected at least "1 in 10" leads to come from this online advertising . All sellers will be automatically opted into this program, but sellers with an annual revenue of $ 10,000 or higher will be subject to

1105-435: A new type of market economy . In 2010 Christian Fuchs argued that online marketplaces operated informational capitalism . The inherent feedback loop allows the operators of online marketplaces to grow their effectiveness as economic intermediaries. In 2016 Nick Srnicek argued that online marketplaces give rise to platform capitalism . In 2016 and 2018 respectively, Frank Pasquale and Shoshana Zuboff cautioned, that

1190-703: A number of direct competitors. DaWanda, based in Germany, closed in August 2018, Druzza is a global competitor, Bonanza (formerly Bonanzle and 1000 Markets) is based in the United States and focuses on clothing and fashion, Zibbet and Made It which are based in Australia, iCraft is based in Canada, Artfire is based in the United States, and Moksi is an online craft marketplace targeted at South Africans , and offers unique African-made handcrafted goods and art. Tindie

1275-538: A personal community feel as it grows larger, as that is part of what distinguishes it from eBay. In March 2011, Etsy "introduced a Facebook-style social networking system called People Search...to help buyers and sellers connect with each other and become friends". By doing so, Etsy made any past purchase with feedback easily searchable, which caused many complaints. Etsy then made changes to the site to better guard information regarding users' purchases. In July 2011, Chad Dickerson, CTO since September 2008, became CEO, upon

1360-403: A shop is selling less than $ 10K per year, they can opt out of offsite ad fees. However, once their sales reach $ 10K per year, offsite ad fees become mandatory and a shop cannot opt out. When a buyer clicks on an offsite ad and purchases from a shop, the seller is charged that fee on everything that is purchased, as well as any other purchases the same buyer may make within the next 30 days. This fee

1445-411: A shop on Etsy requires creating and posting at least one listing in the shop, which costs $ 0.20. Each listing will remain on the shop's page for a maximum of 4 months, or until someone buys the product. The prices of products are set by the shop owner, but Etsy claims 6.5% of the final sale price of the listing and 6.5% of the postal fee. Additionally, Etsy has mandatory offsite ad fees of 12% or 15%. If

1530-583: A special type of electronic marketplaces . He argued that they reduce economic inefficiencies, by lowering the cost of acquiring information about the sellers' products. The operators of online marketplaces are able to adapt their business model because of the data they hold on the platform users. Online marketplace operators have a unique ability to obtain and use in their economic decision making personal data and transaction data , but also social data and location data . Therefore academics have described online marketplaces as new economic actor , or even as

1615-857: A specific product or service category and are used by businesses to find suppliers, negotiate prices, and manage logistics. Some examples of B2B online marketplaces include VerticalNet , Commerce One , and Covisint , which were some of the earliest B2B marketplaces to emerge in the early days of e-commerce . More contemporary B2B marketplaces include EC21, Elance , and eBay Business, which focus on specific product or service categories and facilitate complex transactions such as requests for quotations (RFQs), requests for information (RFIs), and requests for proposals (RFPs). Online marketplaces are information technology companies that act as intermediaries by connecting buyers and sellers . Examples of prevalent online marketplaces for retailing consumer goods and services are Amazon , Taobao and eBay . On

1700-444: A sustainable and responsible manner. Etsy's 2020 Climate Change Response outlines the company's annual plan for climate related issues and how it achieves the motto of "keep commerce human". In 2019, the board that oversees climate change at Etsy made a goal of becoming a carbon neutral company in 2020. To achieve this, Etsy is offering eco-friendly packaging to its sellers through a partnership with EcoEnclose. This provides sellers with

1785-541: A wide array of providers, the selection is wider, and availability is higher than in vendor-specific online retail stores. Some online marketplaces have a wide variety of general interest products that cater to almost all the needs of the consumers, others are consumer specific and cater to a particular segment. Online marketplaces became abundant in 2014. Business-to-business (B2B) online marketplaces are platforms that allow companies to buy and sell products or services to other businesses. These marketplaces typically focus on

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1870-427: A wider selection of goods, customers choose primarily on the basis of the lowest price for a particular product. There are marketplaces for the online outsourcing of professional services like IT services, search engine optimization , marketing, and skilled crafts & trades work. Microlabor online marketplaces such as Upwork and Amazon Mechanical Turk allow freelancers to perform tasks which only require

1955-551: A workspace that provides equipment and donated materials, where members gather to make items, take and teach workshops, and attend special events. Etsy also has an office in Berlin. In April 2012 Etsy announced that it was taking steps to hire more women engineers to improve the gender balance of its team, as a website with majority women users but few women engineers. By 2019, 30 percent of Etsy's engineers identified as "women or non-binary", and over 30 percent were people of color. Etsy

2040-405: Is added to their virtual "Shopping Cart". The buyer may then either continue shopping or purchase the selected item. In order to purchase items, buyers do not have to have an account with Etsy and can instead register with Facebook , Google Account , Apple Account , or email. Etsy has received criticism for its handling of customer data and privacy . As of 2016, the "Privacy Policy" section on

2125-604: Is based in Portland, Oregon, and focuses on technology and electronics. Apple Creek Lane, a Canadian-based online marketplace that focuses on health, fitness & wellness products. ArtYah, based in California, United States brought together sellers and consumers of handmade items, vintage and some craft supplies prior to closing in December, 2019. Asked about competitors, Etsy's European CEO said, "As far as I am concerned,

2210-496: Is important to determine if a worker is an independent contractor or an employee. Foremost, pursuant to California Labor Code Section 510, non-exempt employees must be compensated at one and a half times the regular rate of pay for all hours worked in excess of eight hours in a workday, 40 hours in a workweek and the first eight hours of a seventh consecutive workday. Employees in California are entitled to double-time for working more than twelve hour workdays or more than eight hours on

2295-405: Is in addition to the listing fees, credit card processing fees, and commissions that are charged on all sales. Only shops that met the $ 10K in the last year threshold when this fee was first implemented are charged the lower 12% fee. Currently, all shops that reach $ 10K in sales for a twelve month period are charged the higher fee of 15%. Shop owners are sent a bill at the end of every month detailing

2380-425: Is not available, new shops are unable to on board to Etsy. As of April 26, 2021, most sellers opening new shops on Etsy are required to on board with Etsy Payments, which brings limitations on creating new shops in some countries. In June 2022, Etsy announced the August launch of a purchase protection program for buyers and sellers. The company stated that an item that arrives damaged, does not arrive or does not match

2465-421: Is now trailed by other marketplace operators such as Flipkart . For consumers, online marketplaces reduce the search cost , but insufficient information on the quality of goods and an overloaded goods offering can make it more difficult for consumers to make purchasing decisions . Consumers' ability to make a purchasing decision is also hampered by the fact that an online marketplace only allows them to examine

2550-549: The California Labor Code , an " employee " is "[any] person, including aliens and minors, rendering actual service in any business for an employer, whether gratuitously or for wages or pay, whether the wages or pay are measured by the standard of time, piece, task, commission, or other method of calculation, and whether the service is rendered on a commission, concessionaire, or other basis." Independent contractors are not employees covered by overtime laws and so it

2635-882: The Giriraj Wind Power Project in India and the Solar Grouped Project by ACME, which replace fossil fuel-based energy generation with wind and solar power. Etsy has also supported innovative projects such as the Meridian Magnesium SF6 Reduction in the automotive sector, which reduces the use of SF6, a greenhouse gas 22,800 times more potent than CO2. As of March 2016, Etsy's top three competitors according to Hoovers Online are Amazon , Craigslist , and eBay . Etsy has been compared to "a crafty cross between Amazon and eBay", and to "your grandma's basement". Etsy also has

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2720-563: The Labour Standards Act ( 労働基準法 ) of 1947 provides for an eight-hour work day and 40-hour workweek with at least one day off per week. The act requires a premium of at least 25% over the ordinary hourly wage for any overtime work, 35% for any work on prescribed off days, and an additional 25% for any work between 10 pm and 5 am. Employers must enter into an overtime agreement with a labour representative prior to any overtime work by employees, and this agreement must stipulate to

2805-427: The website of the online marketplace sellers can publish their product offering with a price and information about the product's features and qualities. Marketplace sellers often utilize a marketplace integrator or channel integration software to efficiently list and sell products across multiple online marketplaces. Potential customers can search and browse goods, compare price and quality, and then purchase

2890-451: The FLSA. Several factors determine whether a worker is an employee, who might be entitled to overtime compensation, or an independent contractor, who would not be so entitled. The employment agreement stating that a party is an independent contractor does not make it necessarily so. The nature of a job determines whether an employee is entitled to overtime pay, not employment status or the field of work. Classes of workers who are exempt from

2975-506: The United States recession. In March 2010, Kalin said that the company is profitable and "plans to go public, though not until at least next year". Financial statements required to be filed by Etsy in order to go public show that due to reinvestment of annually increasing gross profits in marketing, product development , and management , the company has not reported a net profit as of 2015. In December 2010, Etsy said it had seven million registered users, and that it would continue to focus on

3060-565: The United States was 7th out of 24 OECD countries in terms of annual working hours per worker. (See Working time for a complete listing.) On August 23, 2004, President George W. Bush and the Department of Labor proposed changes to regulations governing implementation of the law. According to one study, the changes would have had significant impact on the number of workers covered by overtime laws and have exempted several million additional workers. The Bush administration maintained that

3145-405: The United States, such arrangements are currently legal in the public sector but not in the private sector. For example, non-exempt workers must receive at least one and one half times their normal hourly wage for every hour worked beyond 40 hours in a work week. For example, workers who clock 48 hours in one week would receive the pay equivalent to 52 hours of work (40 hours + 8 hours at 1.5 times

3230-564: The company in August 2008, including founders Haim Schoppik and Chris Maguire. In September 2008, Etsy hired Chad Dickerson, who formerly worked at Yahoo! , as Chief Technology Officer. The company acknowledged concerns about vendors selling other people's work as their own. In April 2009, users organized an "etsyday" promotion on Twitter that brought extra attention to the site. As of May 2009, it had approximately 60 employees and sales of $ 10 to 13 million per month, possibly boosted by consumer interest in cheaper and more personalized goods due to

3315-666: The compensation of employees in California. California employers must comply with both, since there are two sources of applicable law (federal and state). In California, based on California Labor Code 1171 , only an employment relationship is required for overtime rules to apply. Under the California Industrial Welfare Commission Wage Orders , an "employer" is "any person ... who directly or indirectly, or through an agent or any other person, employs or exercises control over wages, hours, or working conditions of any person." Under

3400-458: The data collection of online marketplace operators result in surveillance capitalism . Overtime Overtime is the amount of time someone works beyond normal working hours . The term is also used for the pay received for this time. Normal hours may be determined in several ways: Most national countries have overtime labour laws designed to dissuade or prevent employers from forcing their employees to work excessively long hours (such as

3485-627: The end of every transaction, you get something real from a real person. There is an existential satisfaction to that." In 2008, Etsy received a B Corporation certification but later lost it in 2017. This certification was a recognition of the company abiding by transparent and accountable practices, which includes environmental practices. The environmental impact from depends greatly on the individual seller usage of wholesale retailer and large manufacturers. In Etsy's Supplier Code of Conduct, it states that sellers are obligated to follow environmental laws and regulations and that sellers must conduct business in

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3570-434: The fall, but in December 2007 it was not a profitable company. In January 2008, Etsy received an additional $ 27 million in funding from Union Square Ventures, Hubert Burda Media , and Jim Breyer . In February 2008, trouble at eBay, including a strike by some dissatisfied sellers, brought speculation that Etsy could be an increasing competitor. At the same time, however, some Etsy sellers expressed discontentment with how Etsy

3655-563: The fees Etsy has charged them, and they have until the 15th of the following month to pay the fees. Sellers can choose which payment options to offer buyers, including credit cards , debit cards, and PayPal , among others. On the Etsy homepage, potential buyers can type a "product description" into the search bar, or they can "browse" through a list of options, which includes Art, Home & Living, Jewelry, Women, Men, Kids, Vintage, Weddings, Craft Supplies, Trending Items, Gift Ideas, Mobile Accessories, and more. Furthermore, buyers may choose from

3740-569: The financial gains for most contractors were limited as experience and skills did not translate into higher payment. A general criticism is that the laws and regulations surrounding online marketplaces are quite underdeveloped. As of consequence, there is a discrepancy between the responsibility, accountability and liability of the marketplace and third parties. In recent years online marketplaces and platforms have faced much criticism for their lack of consumer protections . In 1997 Yannis Bakos studied online marketplaces and came to regard them as

3825-492: The firing of Rob Kalin. Later CTOs were Kellan Elliot-McCrea and John Allspaw. In April 2012, a newspaper article about Etsy covered its fraud detection efforts; Etsy had been criticized in the past for inconsistently applying its rules about items having to be handmade. Later in April 2012, the writer of Regretsy, a popular blog, did independent research into a specific featured vendor, Ecologica Malibu, and found evidence to accuse

3910-621: The first major e-commerce platform to offset 100% of its carbon emissions from shipping. These offsets support several verified carbon reduction projects through their partnerships. For example, Etsy helps fund the UPM Blandin Native American Hardwoods Conservation Project , which conserves over 187,000 acres of forest in Minnesota, absorbing CO2 and protecting biodiversity. Additionally, they invest in renewable energy initiatives like

3995-528: The goods directly from the seller. The inventory is held by the sellers, not the company running the online marketplace. Online marketplaces are characterized by a low setup cost for sellers, because they do not have to run a retail store . While in the past Amazon Marketplace has served as a role model for online marketplaces, the expansion of the Alibaba Group into related business such as logistics , e-commerce payment systems and mobile commerce

4080-417: The importance of human interaction. Dickerson described the website as "a platform that provides meaning to people, and an opportunity to validate their art, their craft", and after spending time with Etsy users, Dickerson learned that "all commerce is about real human interaction". Dickerson also provided a summation of Etsy that is a further reflection of the company's relationship- and meaning-based ethos: "At

4165-495: The launch of Etsy Manufacturing, a marketplace allowing sellers to connect with outside manufacturers to fabricate their products. Manufacturers must be reviewed and approved by Etsy to ensure they adhere to certain criteria, although Etsy will not conduct visits or in-person inspections. Sellers must apply and be approved to work with any partners listed on Etsy Manufacturing and are required to disclose their use of outside manufacturers on their pages. In February 2020, Etsy announced

4250-550: The maximum number of overtime hours that an employee may work, which may be no more than 15 hours per week, 45 hours per month and 360 hours per year. In the United States the Fair Labor Standards Act of 1938 applies to employees in industries engaged in or producing goods for interstate commerce. The FLSA establishes a standard work week of 40 hours for certain kinds of workers, and mandates payment for overtime hours to those workers of one and one-half times

4335-772: The message of "Expanding business restrictions in the sellers' region". In April 2023 the UK Consumers' Association found that some items for sale on Etsy were also for sale at large retailers, including Amazon, Asda and the discount chain B&;M, for much lower prices. In a sample of 192 products 23 were found to be available on other online platforms or retailers. Rocio Concha, director of policy and advocacy said, "Our research shows some Etsy sellers are brazenly ripping off customers by making misleading claims about their products". In 2022, Etsy faced protests from sellers after raising transaction fees from 5% to 6.5%. In April of 2022,

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4420-401: The microlabor platform. In 2004 Yochai Benkler noted that online platforms, alongside free software and wireless networks , allowed households to share idle or underused resources. As the sharing economy inspires itself largely from the open source philosophy, open source projects dedicated to launching a peer to peer marketplace include Cocorico and Sharetribe. In 2010 CouchSurfing

4505-480: The more people highlighting the value of supporting micro-producers and buying handmade and vintage directly from them, the better." In 2011, in an effort to add social networking features to Etsy, the company implemented features that allowed users to search other users' buying histories and to trace their purchasing transactions. Etsy thought this feature would allow Etsy users to connect to individuals with similar buying and/or selling histories and an automatic opt-in

4590-581: The nature of their work, criminal investigators are required to work, or be available to work, substantial amounts of "unscheduled duty." Availability pay is generally an entitlement that an agency must provide if the required conditions are met, but is optional in any agency's Office of the Inspector General that may employ fewer than five criminal investigators. The following agencies are covered under LEAP: Independent contractors are not considered employees and therefore are not protected by

4675-431: The next week (assuming over 40 hours is overtime), and be paid an extra amount equivalent to 4 hours work (8 multiplied by 0.5). In Australia, such arrangements both in the private and public sector are common. In some cases, particularly when employees are represented by a labour union , overtime may be paid at a higher rate than 1.5 times the hourly pay. In some factories, for example, if workers are required to work on

4760-450: The normal hourly wage). With comp time, the worker could (or would have to) forgo the 12 hours of overtime pay and instead take 8 paid hours off at some future date. In some other jurisdictions, such as Canada, employers might be required to pay the overtime at the higher rate (e.g. 1.5 times the normal rate), but also be allowed to require time off in lieu at the normal rate. Thus, an employee might work 48 hours in one week, and 32 hours

4845-442: The option to use certified 100% recycled packaging. Buyers are also given a carbon offsetting option when selecting shipping. Etsy, partnered with multiple companies including Apple, pledged to purchase 165 Megawatts of solar energy through Spotsylvania. By 2025, Etsy's goal is to reduce energy intensity by 25%. In 2018, nearly 98% of its carbon impact came from the delivery of goods sold on its platform. Recognizing this, Etsy became

4930-551: The original idea for that item—or its "authorship", as the then CEO, Dickerson, said—comes from its respective seller. Further, the policy changes allow Etsy businesses to hire as many employees as they deem necessary (including workers in different locations) and allow sellers to ship orders via third-party couriers rather than the post office. The move has prompted at least one Etsy competitor to distinguish itself by committing never to sell manufactured items. In September 2015, Etsy made further changes to its manufacturing policy with

5015-451: The pandemic gave customers incentive to return to the website multiple times, rather than the usual occasional purchase of a unique product. Non-medical face masks accounted for around 11% of gross-merchandise sales in the third quarter, selling roughly 24 million. On June 2, 2021, Etsy announced that it had agreed to acquire shopping app Depop , the global fashion resell marketplace for $ 1.63 billion. In most locations where Etsy Payments

5100-406: The practical impact on working Americans would be minimal and that the changes would help clarify an outdated regulation. In particular, the new rules would have allowed more companies to offer flextime to their workers instead of overtime. The definition of exempt employees (ineligible for overtime) is regularly tested in the courts. A recent case is Encino Motorcars v. Navarro , which addresses

5185-433: The primary type of multichannel ecommerce and can be a way to streamline the production process. In an online marketplace, consumer transactions are processed by the marketplace operator and then delivered and fulfilled by the participating retailers or wholesalers . These type of websites allow users to register and sell single items to many items for a "post-selling" fee. Because marketplaces aggregate products from

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5270-416: The purposes of overtime compensation under federal law, they are working more than 8 hours for purposes of California overtime law, and rounding the 6- and 10-hour workdays to two 8-hour workdays would cheat the employee out of two hours of overtime pay. Perhaps the biggest difference between California and federal overtime law relates to the administrative exemption's "primarily engaged" in duties that meet

5355-442: The quality of a product based on its description, a picture and customer reviews . Another characteristic of online marketplaces is that the same product can be offered by several merchants. In this case, consumers can often make the selection of a merchant with the support of reviews of that merchant, for example. Despite many conceivable factors influencing merchant selection, such as convenience, seller ratings, delivery options and

5440-648: The question of whether automobile dealer service advisors are eligible for overtime. A company may harm themselves by docking a salaried employee for disciplinary reasons. Uber is an example of a company that, in various jurisdictions, has been subject to litigation regarding exemptions. The New York Times noted in 2017 that "Despite their appeal, the apps have faced a wave of criticism, including concerns over wheelchair accessibility and driver pay." The state of California 's overtime laws differ from federal overtime laws in many respects, and they involve overlapping statutes , regulations , and precedents that govern

5525-538: The rampant trademark and copyright infringement but did little to stop it, and in fact worked to hide this information from potential investors. In November 2016, Etsy disclosed that it paid US$ 32.5 million to purchase Blackbird Technologies, a startup that developed AI software used for shopping context/search applications. After experiencing a first-quarter loss in May 2017, Etsy replaced its chief executive and cut 8% of its workforce. In May 2017, Board member Josh Silverman

5610-613: The regulation include certain types of administrative, professional, and executive employees. To qualify as an administrative, professional, or executive employee and therefore not be entitled to overtime, three tests must be passed based on salary basis, duties, and salary level. There are many other classes of workers who may be exempt including outside salespeople, certain agricultural employees, certain live-in employees, and certain transportation employees. Employees can neither waive their FLSA protections nor abridge them by contract. An employer may not retaliate against an employee for filing

5695-504: The rest. The company's valuation was $ 1.8 billion and raised $ 237 million in IPO proceeds. Less than a month later, Etsy stock dropped more than 8%. The stock closed at $ 30 on its first day of trading on April 16 and dropped down to $ 20.32 as of May 11. Shortly after the IPO in 2015, a group of investors filed a class action lawsuit against Etsy claiming fraud. The suit claimed that Etsy's CEO and officers failed to disclose numerous problems with

5780-453: The sale of bootleg movies and music recordings on their site, in addition to counterfeit merchandise. They have also repeatedly failed to remove infringing items reported to them. Online marketplace This is an accepted version of this page An online marketplace (or online e-commerce marketplace ) is a type of e-commerce website where product or service information is provided by multiple third parties. Online marketplaces are

5865-404: The seller either designed or hired designers of the items, disclosed to Etsy their factory, disclosed that they used factories and took "ownership" of the process. In that meeting and afterward, Etsy claimed the meaning of the word "handmade" should be redefined to encompass factory made. In June 2014, Etsy purchased A Little Market, a French e-commerce site for handmade goods, foods, and wine, for

5950-493: The seventh consecutive workday of a single workweek. Under federal law there are only 40 hour weekly overtime limits. The eight-hour overtime limit in California frequently gives rise to wage-and-hour litigation for violations of state (but not federal) labour laws. For example, "comp time" schemes in which employers tell employees that since they worked 10 hours on Monday they can work 6 hours on Tuesday are illegal because even though employees are not working more than 40 hours for

6035-527: The site Etsy in a 2010 interview with Reader's Digest , saying, "I wanted a nonsense word because I wanted to build the brand from scratch. I was watching Fellini's 8 ½ and writing down what I was hearing. In Italian, you say etsi a lot. It means 'oh, yes' (actually it's " eh, si "). And in Latin and French, it means 'what if'." In Greek, Etsy means "just because". In Etsy's first year, it attracted attention for frequently adding new tools and functionality to

6120-480: The site to help sellers gain exposure and traffic, including Adobe Flash -based visualizations and a taxonomy of categories with tags . Etsy passed $ 1.7 million in sales in May 2007. On July 29, Etsy had its one-millionth sale and anticipated its two-millionth sale would occur mid-December 2007. In November 2007, buyers spent $ 4.3 million purchasing 300,000 items for sale on Etsy, an increase of 43 percent from October 2007. In June 2007, it expected to be profitable by

6205-528: The site to make a living. According to artists who have developed their Etsy stores into their primary jobs, scaling up production of handmade items can require more than full-time work , especially during the holiday shopping season . Etsy's main office is in Dumbo, Brooklyn , and it has hosted open crafting classes in the "Etsy Labs". The site's technology, customer support, marketing, PR, business, and communications teams operate out of this office. Etsy Labs has

6290-399: The site which could affect the stock price, among them that "more than 5 percent of all merchandise for sale on Etsy’s website may be either counterfeit or constitute trademark or copyright infringement" and that "brands are increasingly pursuing sellers on Etsy for trademark or copyright infringement, jeopardizing listing fees and commissions". The suit also claimed that Etsy management knew of

6375-541: The situation in the textile mills in the 1920s). These laws may take into account other considerations than humanitarian concerns, such as preserving the health of workers so that they may continue to be productive, or increasing the overall level of employment in the economy. One common approach to regulating overtime is to require employers to pay workers at a higher hourly rate for overtime work. Companies may choose to pay workers higher overtime pay even if not obliged to do so by law, particularly if they believe that they face

6460-531: The vendor of being a reseller, which would be against the Etsy Terms of Service. The vendor asserted that it was in line with the Terms of Service, stating that the shop had simply failed to identify itself as a "collective" that included the work of several individuals, and many Etsy community members posted on the Etsy forum expressing unhappiness with the action (or lack of action) taken by Etsy. As of June 2012,

6545-519: The vendor's account is no longer active on Etsy. In May 2012, Etsy raised $ 40 million in Series F funding, and announced the company had become a B Corp . This B Lab certification lapsed in 2017. Etsy's 2012 funds went towards expanding Etsy in international markets, including France, Germany, and Australia. On October 1, 2013, Dickerson held an online Town Hall Meeting to announce that Etsy would now permit factory-made goods and drop shipping, provided

6630-1041: The website reads: "By using Etsy, you authorise Etsy to use your information in the United States, Ireland and any other country where Etsy operates". Etsy is popular as a side-business, as well as a place to buy goods made from recycled and upcycled materials, along with less expensive or more unusual versions of mass-produced items. The unique nature of many of the items for sale is part of their appeal to some shoppers. Product photos on Etsy tend to be editorial or artistic instead of commercial catalog style. Sellers can add 13 tags to their products to help buyers find them, and buyers can choose to search for items available locally. Etsy staffers publish lists of featured items. Most sellers are women, who tend to be college-educated and in their twenties and thirties. Individual Etsy sellers decide which payment options to offer buyers; these options may include credit card, cheque, money order , PayPal , bank transfer , and Etsy gift card. Etsy sellers range from hobbyists to professional artists who use

6715-431: The workers' normal rate of pay for any time worked above 40 hours. The law creates two broad categories of employees, Employers are not required to pay exempt employees overtime but must do so for non-exempt employees. Law Enforcement Availability Pay (LEAP) is a type of premium pay that is paid to federal law enforcement officers who are classified as GS-1811 or FP-2501, criminal investigator or special agent. Due to

6800-439: Was applied to all users without the attainment of prior permission. Users of the service raised concerns over the feature's violation of privacy rights, but an official response was not released by the company. On October 1, 2013, Etsy changed its policy to allow sellers to outsource production to third parties and factories and to use shipping or fulfillment services. The new rules allow products to be labeled "handmade" as long as

6885-470: Was appointed CEO over Chad Dickerson, citing pressure from shareholders and poor profits. In July 2019, Etsy acquired the music based marketplace Reverb for $ 275 million. During the COVID-19 pandemic in 2020 , shares in Etsy more than quadrupled, with the company's forward multiple going up around 90 times what analysts had expected from forward earning. Equity analyst at D.A. Davidson Tom Forte stated

6970-437: Was constituted as for-profit corporation and by 2014 online marketplaces that consider themselves part of the sharing economy, such as Uber and Airbnb , organized in the trade association Peers.org . A 2014 study of oDesk , an early global online marketplace for freelance contractors, found that the service outsourcing of microwork increased opportunities for freelancers regardless of their geographic location, but

7055-436: Was handling complaints about stores. At the time, a comparison of the two websites included complaints that on Etsy, items are difficult to find, the interface "feels slow", and the buying and selling process is United States-centric. Other reviewers enjoyed using Etsy's specialized search options, including the "Shop Local" tool. In July 2008, Rob Kalin ceded the position of CEO to Maria Thomas. Some longtime Etsy employees left

7140-562: Was launched in 2005 by iospace, a small company composed of Robert Kalin, Chris Maguire, and Haim Schoppik. The initial version had taken two and a half months to build. Later Jared Tarbell joined the team. Former NPR executive Maria Thomas joined as COO in 2008, was promoted to CEO and left Etsy in December 2009. Robert Kalin resumed his role as CEO from December 2009 until July 2011. Investors include Sean Meenan, Albert Wenger , Spencer and Judson Ain, Union Square Ventures , and founders of Flickr and Delicious . Kalin explained why he named

7225-782: Was one of the main members of the Handmade Consortium, a 2007 effort to encourage buying handmade holiday gifts. Etsy has partnered with the retail chain West Elm to sell some Etsy products in its stores. In December 2012, Etsy opened a temporary holiday storefront in SoHo , New York City. In 2019 the UK's first Etsy store was opened in Didcot , Oxfordshire. The store features over 50 local makers & small businesses and an eco refill station, selling packaging free groceries including dry foods, toiletries, and cleaning products. The site

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