ON APRIL 2, 2020, DURING THE CHAOTIC early days of the pandemic, Etsy CEO Josh Silverman awoke to a sales shock.
Every four hours, the company’s data-junkie boss received an update on the volume of personalized pillows, hand-sewn stuffed animals, vintage Victorian lockets and millions of other one-off items sold through the digital marketplace. Silverman had been rushing to cut Etsy’s marketing spending to prepare for a Covid-induced slump. But the latest report showed a surge.
The source: face masks. The press was reporting that the federal Centers for Disease Control was soon to recommend face coverings for all Americans. With inventory already difficult for first responders to find, civilians were flocking to Etsy’s ragtag community of hobbyists for their pandemic protection.
“Until that day, if you searched Etsy for ‘mask’ you’d see Halloween costumes or face cream,” says Silverman, sitting cross-legged on a handmade modern wingback chair in Etsy’s still-deserted Brooklyn headquarters. “We had an emergency meeting to decide whether to double down on masks.”
The team was split. Some saw the face mask market as a fad. To others, it offered a chance for Etsy to show off the power and flexibility of its decentralized, nearly 3 million-strong seller community. “This was our Dunkirk, where we could mobilize cottage industry to come to the rescue,” says Silverman, who is 52.
“The world’s supply chains had locked up. You couldn’t get face masks. Yet Etsy’s supply chain was just two hands making.”
This story is from the December 2021 - January 2022 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2021 - January 2022 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
HIP-HOP'S HOTTEST HUSTLER
The Memphis rap star runs one of the biggest music labels, owns a piece of an MLS team and is looking to expand his empire like his billionaire mentor Jay-Z. But first, he's going to business school.
Kigali Triennial, The Ambitious New Event On The African Cultural Calendar
Rwanda has rightly earned the nickname of \"a land of a thousand hills and a thousand and one opportunities\" because of the country's impressive economic progress. However, after the recently-concluded celebration of arts which was the inaugural Kigali Triennial festival, you can now add culture to the list of things the country offers for tourists and investors.
The dark Side of AI
There is a thin line between innovation and abuse. A look at how large language models (LLMs) are making cyber-criminals even better at mastering the art of deception.
Gene Gamechanger
Disease-resistant crops? Cows that can withstand climate change? Here's how CRISPR is already transforming the continent, and why building a network of skilled scientists can help position Africa as a key global contributor in this frontier of crop development.
Women Empowerment And Transformation In Mining: A Distinctive Perspective
GMDC is a mining company that specializes in tungsten (wolfram) and operates in the city of Kigali, Nyarugenge District, Mageragere Sector.
How The Mining Sector Contributes To Community Development Initiatives
It plays a significant role in Rwanda's overall development, contributing to infrastructure, job creation, health, education, and even environmental conservation. It's not just about extracting resources; mining is mandated to build up the communities and nation alongside its operations.
Reflecting On 2023 Milestones And A Look Ahead
Last year solidified Rwanda's position as a prime African mining investment destination and a burgeoning hub for mineral value addition. What will 2024 hold?
Rwandan Mining Regulator Unveils Three-Year Mineral Exploration Campaign
A holistic approach to responsible mineral resource management in the country.
TASTING SUCCESS
Paul Siguqa has had an unlikely journey in the wine business in South Africa. His mother worked in the vineyards as a laborer during the apartheid era and now, his fully black-owned wine farm sells premium products.
Creating Stronger Communities In Africa Through Digital And Financial Inclusion
In Sub-Saharan Africa, a silent barrier to economic inclusion and social mobility persists: one in four adults lacks identification, according to a World Bank report.