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Online marketplace Etsy is facing backlash from frustrated sellers and a declining market value as it announces an underdefined policy change to address concerns about frozen funds.
This decision was prompted by sellers holding 75% of their money for a lengthy 45-day period. While Etsy stated that they are "substantially decreasing" the money held, no specific details were provided regarding the new rate or timeframe.
Sellers like Dan, who currently has £7,000 of his earnings on hold, found the announcement lacking necessary details. This has led to calls for a boycott and increased pressure on Etsy, which recently reported a decline in profits. From April to June, profits decreased by 15% compared to the previous year. Additionally, the company's projected revenue for the next three months is lower than expected.
The decline in growth is also evident in the UK market, where Etsy owns the fashion marketplace app, Depop. Consequently, the company's shares fell more than 5% after the US stock markets closed.
Liz Barclay, Small Business Commissioner, expressed disappointment over the lack of clarity in Etsy's statement regarding sellers' funds. She has urged the company to explain the reduction in reserves and its timeline clearly.
Etsy has faced significant criticism for treating sellers and withholding funds. This was highlighted when hundreds of sellers received an email discussing implementing Etsy's "reserve system." Sellers like Dan expressed frustration as their earnings were withheld, forcing them to rely on credit cards and family loans to sustain their businesses.
Rachel Collyer, a ceramics seller, stated that Etsy was holding £899 of her funds, preventing her from purchasing materials necessary for production. In response to the ongoing complaints, the head of payment policy, Chirag Patel, assured sellers that improvements would be made to the reserve system and communication with new sellers.
Minister for Enterprise, Markets, and Small Businesses, Kevin Hollinrake sent a letter to Etsy's CEO, Josh Silverman, requesting that the company address the issue due to the escalating number of seller inquiries and complaints.
Photo: Kelly Sikkema/Unsplash
