North America Equity Research December 2025 US Internet 2026 Outlook Doug Anmuth AC (212) 622-6571 douglas.anmuth@jpmorgan.com J.P. Morgan Securities LLC Dae Lee, CFA AC (415) 315-8500 dae.k.lee@jpmorgan.com J.P. Morgan Securities LLC Bryan M. Smilek AC (212) 622-8886 bryan.smilek@jpmorgan.com J.P. Morgan Securities LLC Neeraj Kookada, CFA (212) 622-0270 neeraj.s.kookada@jpmorgan.com J.P. Morgan Securities LLC Margaret Hoffman (212) 622-1710 margaret.hoffman@jpmchase.com J.P. Morgan Securities LLC See the e ...

This e-commerce niche provider sells differentiated goods on its marketplace.When it comes to online shopping, Amazon is without question the dominant force, with its massive selection and sprawling logistics footprint. However, Etsy (ETSY 2.27%) has found its place in the industry. It's a top choice for those consumers searching for unique, vintage, and handcrafted items.Before investors consider buying this e-commerce stock, though, it's a smart move to take a closer look at Etsy's performance. Etsy share ...

on 10-Dec-2025 9 December 2025 US Payments and Internet The Age of Agents: How does it change commerce and how we pay? Harshita Rawat, CFA +1 917 344 8485 harshita.rawat@bernsteinsg.com Nikhil Devnani, CFA +1 917 344 8425 nikhil.devnani@bernsteinsg.com Mark Shmulik +1 917 344 8508 mark.shmulik@bernsteinsg.com Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com Wenhuan Chang +1 917 344 8546 wenhuan.chang@bernsteinsg.com Lavnik Balyan +1 917 344 8563 lavnik.balyan@bernsteinsg.com A century ...

Core Insights - Etsy is a digital two-sided marketplace focusing on unique and handmade goods [1] - Josh Silverman, the current CEO of Etsy since 2017, will transition to Executive Chair at the end of the year, while Kruti Patel Goyal will take over as CEO in January [2] Company Overview - Etsy operates as a platform for unique and handmade products, catering to a niche market within the digital commerce space [1] - The leadership transition indicates a strategic shift, with Silverman moving to a more advisory role and Goyal stepping in to lead the company [2]

Etsy (NasdaqGS:ETSY) Conference December 09, 2025 01:40 PM ET Company ParticipantsJosh Silverman - CEOKruti Patel Goyal - Chief Growth OfficerConference Call ParticipantsRick Patel - Senior Research AnalystRick PatelAll right, thank you. Good afternoon, everyone, and thanks for joining us at Raymond James 2025 TMT and Consumer Conference. I'm Rick Patel, Senior Research Analyst covering digital commerce, soft lines, retail, and global brands here at Raymond James. I'm happy to host Etsy, which is a digital ...

Core Viewpoint - Etsy, Inc. is facing challenges within a struggling industry, but it remains a relatively better investment option compared to its peers, with a current valuation at 14 times this year's earnings estimates [1]. Group 1: Company Performance - Etsy operates online marketplaces connecting buyers with independent sellers across various categories, including handmade goods and fashion resale [2]. - Despite recent execution issues, the stock is valued at $52 after a disappointing quarter, indicating a belief in its underlying value [2]. - The recommendation is to hold the stock, with a suggestion to buy more if it drops to previous lows, as the franchise is considered worth more than the current stock price [2]. Group 2: Industry Context - The overall industry is not performing well, with Jim Cramer expressing skepticism about its future prospects [1]. - While Etsy is not thriving, it is noted for its profitability compared to competitors like ThredUp [1].

Etsy在全球拥有超过9200万活跃买家和770万活跃卖家，覆盖234个国家和地区，吸引了不少跨境卖家入驻。对于新手卖家而已，了解开店相关费用是必不可 少的。下面将详细分析在Etsy开店需要支付的主要费用。 一、店铺设置相关费用 1. listing费。卖家在Etsy上架的每件产品需要支付0.2美元，四个月后到期。如果商品未售出或上架更多产品时，需要重复支付这笔小额费用。 2. 店铺设计费。虽然在etsy平台开设店铺是免费的，但卖家设计logo、横幅或拍摄产品图等也需要一定的费用。具体费用取决于卖家的设计选择。 二、交易相关费用 1. 交易费。通过Etsy销售，卖家需要对每笔销售的总价（包括运费和礼品包装）收取6.5%的交易费。 2. 付款处理费。使用Etsy payments的每笔交易向卖家收取付款处理费用，该费用因国家而异。如美国手续费为3%+0.25美元，在中国为6.5% + 0.3美元，在法 国为4% + 0.30 欧元。 2. 包装材料费。包括使用箱子、气泡膜或带衬垫的信封，每个包裹的成本具体取决于所使用的材料。 四、市场营销与广告 为增加店铺曝光率和收益，Etsy提供了付费广告平台，卖家可以在此平 ...

Core Insights - The integration of artificial intelligence (AI) is significantly impacting e-commerce, with AI-driven online sales on Black Friday reaching a record high of $11.8 billion, reflecting a 9.1% year-over-year increase [1] - Online traffic surged to over 1 trillion, marking an 805% year-over-year increase, aided by AI-powered chatbots that helped customers find the best prices despite tariff-related price hikes [2] - E-commerce sales for Black Friday in 2025 are projected to grow by 10.4% year over year, with estimates for this year's sales reaching $18 billion, a 3% increase from last year [2] E-commerce Stock Recommendations - Five e-commerce stocks are recommended for investment in 2026: Amazon.com Inc. (AMZN), Expedia Group Inc. (EXPE), Etsy Inc. (ETSY), Booking Holdings Inc. (BKNG), and 1stdibs.Com Inc. (DIBS), all carrying favorable Zacks Ranks [3][8] Amazon.com Inc. (AMZN) - Amazon is experiencing growth from its Prime and Amazon Web Services (AWS) segments, utilizing AI technologies such as the Claude chatbot and Trainium2 AI chips [6][9] - The company has invested $8 billion in Anthropic and plans to use 1 million custom Trainium2 chips for AI applications by 2025 [7] - Amazon's expected revenue and earnings growth rates for next year are 11.3% and 9.2%, respectively, with a 2% improvement in earnings estimates over the last 30 days [11] Expedia Group Inc. (EXPE) - Expedia is leveraging AI for personalized trip planning through tools like AI-powered search filters and itinerary builders, integrating OpenAI's ChatGPT into its app [12] - The company has an expected revenue growth rate of 6.3% and an earnings growth rate of 20.8% for next year, with a 7.9% improvement in earnings estimates recently [13] Booking Holdings Inc. (BKNG) - Booking Holdings is enhancing its travel services with AI-driven tools that improve user engagement and booking conversion rates [15] - The company has an expected revenue growth rate of 8.9% and an earnings growth rate of 15.8% for next year, with a slight improvement in earnings estimates [17] Etsy Inc. (ETSY) - Etsy is focusing on AI-driven personalization and advanced search ranking models to enhance user experience and drive sales [19] - The expected revenue growth rate for Etsy is 3.4%, with earnings growth projected to exceed 100% for next year [20] 1stdibs.Com Inc. (DIBS) - 1stdibs.Com connects sellers of luxury items with buyers, utilizing AI to monitor its impact on the design market [21] - The company has an expected revenue growth rate of 2.8% and an earnings growth rate of 32.5% for next year, with a significant improvement in earnings estimates [22]

Core Insights - The adoption of AI in holiday shopping is increasing, with 54% of consumers planning to use AI tools for the upcoming season, although this is a slight decrease from previous expectations [3] - A significant portion of consumers (46%) prefer a personal touch in their shopping experience, indicating a desire for human connection in gifting [4] - Younger demographics, particularly Gen Z and millennials, are more inclined to use AI compared to older generations like Gen X and baby boomers [6][7] Consumer Behavior - The primary use cases for AI among consumers include seeking product reviews, price comparisons, tracking deals, and generating gift ideas [3] - Trust issues and lack of knowledge about AI tools are significant barriers for those who choose not to use AI [4] - The desire for personalization in gifting is a key reason why some consumers are hesitant to fully embrace AI [4][7] Demographic Trends - Younger consumers show a higher affinity for adopting AI technologies, while older generations exhibit more reluctance [6][7] - The trend of preferring human interaction over AI is observed even among younger users, highlighting a complex relationship with technology [7]

Core Insights - The rise of AI-generated content is significantly impacting food bloggers, leading to a decline in web traffic and revenue as consumers increasingly trust AI-generated recipes over traditional ones [2][3][10] Impact on Traffic and Revenue - Food bloggers report drastic declines in traffic, with some experiencing drops of up to 80% in revenue due to AI-generated content taking precedence in search results [10][24] - Specific examples include a 40% year-over-year decline in traffic for a turkey recipe and a 30% drop in Google traffic for a German recipe blog [2][18] Quality and Accuracy Concerns - AI-generated recipes often contain inaccuracies, leading to potential cooking disasters for consumers, as seen in examples where incorrect cooking times and methods are provided [2][6] - Bloggers express concerns that AI cannot replicate the real-life testing of recipes, which undermines the trustworthiness of the content [5][6] Content Visibility and Competition - AI-generated content is flooding platforms like Pinterest and Facebook, pushing down the visibility of vetted recipes from human creators [4][18] - Many bloggers have noted that their original recipes are being copied and altered by AI, leading to confusion among consumers and further diminishing their traffic [20][23] Platform Responses - Companies like Google and Pinterest acknowledge the changes but emphasize that their AI tools are meant to supplement human creativity rather than replace it [8][25] - Despite these claims, food bloggers feel that the algorithms favor AI-generated content, making it difficult for original creators to gain visibility [24][26] Long-term Implications - The shift towards AI-generated content raises existential concerns for food bloggers about the future of their businesses and the authenticity of culinary knowledge shared online [26] - There is a fear that if content creators abandon their platforms due to declining traffic, the quality of available recipes will deteriorate further, leading to a cycle where AI-generated content becomes the primary source of cooking information [10][26]