UGG is the Top-Traded & Fastest-Growing Brand on StockX

StockX, the online marketplace for sneakers and streetwear, has published their annual report for 2023 which highlights UGG as the number 1 top-traded and the number 1 fastest-growing brand. UGG closing 2023 with a 154% brand growth in shoes category compared to 2022 . In the other category, Asics lead the sneaker rankings last year and Fear of God maintains top spot for apparel category.

The UGG Tazz Slipper, featuring a fuzzy, chunky sheepskin design and a robust platform sole, stands out as one of the current hottest shoes globally.Its unexpected popularity, surpassing even traditional sneakerhead favorites, becomes clearer through the growth and its status as the number one top-traded brand on StockX. “Sneakers are not on the way down, per se. But sneakerheads who traditionally coalesce around hypebeast culture and have closets full of Jordans and Dunks are waking up to brands like UGG and Oakley and Asics,” said Drew Haines, the merchandising director at StockX.

One factor contributing to UGG's substantial growth is its virality on social media, with numerous celebrities and influencers showcasing the brand. “They’ve been successful not only at driving hype and selling the product out, but they’re also generating a larger awareness and gaining credence with the kinds of sneakerheads who would have laughed at an UGG boot or a Crocs slipper two years ago," he continued.

In the shoes category, UGG is not the sole standout this year according to the StockX Report. Other socially renowned brands in 2023, such as Crocs and Birkenstock, also secure positions in the top three.

eBay Cuts 1,000 Jobs Amid Tech Industry Downturns

eCommerce giant, eBay, has announced significant layoffs, reducing their workforce by approximately 1,000 employees, equating to 9% of their total full-time staff. This move is a part of the company's broader strategy to ensure long-term success in a challenging economic landscape. CEO Jamie Iannone emphasized the need for organizational changes to align teams better and improve customer experiences globally.

The decision follows a pattern of layoffs across the tech industry, with other major players like Amazon, Google, and Duolingo also reducing their workforce. eBay's action reflects the company's commitment to becoming more agile and responsive, focusing on sustainable growth despite external economic pressures.

The layoffs are a response to the mismatch between the company's rapid hiring and its growth rate. In a statement, Iannone mentioned that while progress is being made, the company's overall headcount and expenses have outpaced its business growth. He stressed the importance of addressing these challenges to position eBay for long-term prosperity.

These organizational changes are expected to consolidate certain teams within eBay, creating efficiencies and better meeting customer needs. The company is set to announce its Q4 earnings next month, which will provide further insight into its financial performance and strategic direction.

Etsy Launches Gift Mode, a New AI-Powered Feature that Generates 200+ Gift Guides

Etsy launched “Gift Mode,” an AI-powered feature designed to match you with tailored gift ideas based on specific preferences. Gift Mode is essentially an online quiz that asks about who you’re shopping for (sibling, parent, child), the occasion (birthday, anniversary, get well), and the recipient’s interests. At launch, the feature has 15 interests to choose from, including crafting, fashion, sports, video games, pets, and more. It then generates a series of gift guides inspired by your choices, pulling options from the over 100 million items listed on the platform. The gift guides are centered around more than 200 different personas.

For instance, “The Music Lover,” “The Video Gamer,” “The Adventurer” and “The Pet Parent.” Over time, the company plans to add new interests and personas in response to “emerging trends,” Tim Holley, Etsy’s VP of Product, told TechCrunch. Additionally, Etsy introduced a “gift teaser” option where you can send the recipient a sneak peek of the item via email in case the gift won’t arrive in time for the event. You can also include a gift note and tracking information.

Etsy hopes Gift Mode will relieve the stress that comes with selecting the perfect present. According to Etsy’s latest survey, 71% of respondents felt anxious when shopping for gifts within the past year. “We built Gift Mode on the insight that while plenty of brands sell items that make nice gifts, there isn’t a dedicated and scaled shopping experience designed for the gifter that addresses these pain points while helping shoppers find truly thoughtful, meaningful gifts. Now, Etsy is building for the gifting experience year-round, to become the destination for gifting. And we believe these products will help people discover and more easily purchase gifts from independent sellers,” Holley added.

Etsy has released other gift-related offerings in the past, including wedding and baby registries. The company says it will continue its investment in the gifting space and enhance Gift Mode’s capabilities over time. The platform recently announced a new optional program, “Share & Save,” where sellers share links to their Etsy store, and after making a sale, the platform only takes a 4% transaction fee instead of the usual 6.5%. In 2022, the company received backlash from sellers when it increased the fee to 6.5% — up from 5% — which resulted in a strike. Etsy touts more than 90 million customers and over 6 million sellers.