Guest: Tim Holley - VP of Product at Etsy. Tim has been with Etsy for over 10 years, helping grow the company from $500 million to over $13 billion in GMV, showcasing his expertise in scaling marketplace businesses. Key Takeaways: Crisis Response: During the COVID-19 pandemic, Etsy capitalized on the demand for face masks by mobilizing its sellers, demonstrating the importance of agility and communication in crisis management. Cultural Shift: Transitioning from a consensus-driven culture to a more KPI-focused approach helped Etsy scale effectively. A clear north star metric like GMS (Gross Merchandise Sales) can align and drive company priorities. Marketplace Dynamics: Initially focusing on sellers helped build a strong supply base. As the marketplace matured, the focus shifted to enhancing the buyer experience to drive sales and retention. Experimentation and Insights: Etsy runs most changes as experiments, leveraging data to drive decisions. However, they recognize the need for diverse validation methods beyond A/B testing. Retention Strategies: Implementing features like favorites and personalized notifications helps close the loop on buyer intent, increasing engagement and repeat purchases. Topics Covered: Etsy's growth during COVID-19, cultural transformation at Etsy, marketplace supply and demand dynamics, experimentation and decision-making, retention strategies, product team structure, hiring practices, building a brand in a competitive market.
“We needed to get faster at launching features, improving the experience, and ultimately, having a predictable way to drive GMS.”
“It's a business, and we needed to get faster at launching features.”
“If you're going to do it, do it properly.”
