Rachel Glaser: Yes, so what we said on the call was that habitual buyers is about 8% of our total buyers represents 40% of our GMS. Actually, for the full-year of 2022, it represented 44% of our GMS. And just as a reminder, habitual buyers are those buyers that come six or more times a year and spend $200 or more in a year. It was a little bit of a step-down, but those buyers are not churning out. They’re actually becoming repeat buyers, and I think they follow the same trend line as all of the other headwinds we might experience during reopening, during recession, periods of time where consumers have less discretionary spend. And so it’s very reasonable that we’d see some step-down from that. These numbers are significantly higher than they were pre-pandemic when habituals represented only about 5% of our total GMS.
Debra Wasser: Josh, do you want to talk a little bit about initiatives focused on habituals and cross-category and all that?
Josh Silverman: Work. Yes, it’s a big focus of ours, and so the team is working on it in a couple of ways. Let me start with the product experience, and then I can talk about the marketing experience. In the product experience, we want to make it easy for you to pick up a thread when you’re in the middle of a mission and then easy to start a new mission when you’re done with the mission that you’re on. And so starting to understand an intuit, are you trying to complete a mission or start a new one is one path of work the team is working on. And then when we think about completing a mission, some of the work we talked about in the call about collections is a good example, where when you’re on Etsy, you’re thinking, well, maybe I want this or maybe I want that.
Maybe you’re planning a wedding, what are different ways I could set the table? So, you might put all of those into one collection. What are some bridal gowns I might use? You might put that into a different collection. That, by the way, tells us a lot about you that’s very interesting. And now you’ve curated collections that some other buyer might also find very useful. So you’ve laid breadcrumbs to make it easy for you to come back and you’ve made it easier for us to get to know you better and in getting to know you better to become more personalized and to serve other customers as well. And then picking up the next mission is where things like recommendation algorithms get very important and where our better understanding of things like style and taste concepts that were very difficult to understand, even using just technology five years ago that are suddenly getting much, much easier to understand, that’s where I think the cutting edge is.
And we’re very optimistic that we can continue to do a much better job understanding your tastes, understanding what our inventory is and matching you with good recommendations. We continue to do a good job with singles and nudges as well that continues to be a fruitful area for what are nudges we’d give you, for example, badges in the app, that would be a worthwhile reason to want to come back. Something you added to a collection might have just gone on sale, for example, or a seller or something you added to a collection might have just put something new in her shop. So these are all different things we’re doing on the site itself. Off the site, we’re getting better and better at targeted marketing. So broad scale, we’re launching a new television campaign in the next week or two, and you’re going to see us really talk about home, fashion and gifting very explicitly.
