A sign advertising the online seller Etsy Inc is seen outside the Nasdaq market site in Times Square following Etsy's initial public offering (IPO) on the Nasdaq in New York, April 16, 2015. Reuters/Mike Segar

Etsy announced the launch of the Congressional Microbusiness Caucus last month in an effort to elevate the requirements of microbusinesses. Formation of the bipartisan caucus was co-chaired by US Congressional representatives Barbara Comstock, Anna Eshoo, Tim Ryan and Patrick Tiberi.

"Microbusinesses are today's mom and pop shops with an even greater potential for success thanks to advancements in technology," Tiberi said. "It is remarkable that with a click of a mouse or on a smart phone, a one-person business can potentially reach millions of customers across the country and globe." According to Eshoo, causes of the initiative will constitute of health insurance portability, funding for small businesses, accessible Internet and patent and copyright protections.

The news comes as Etsy announced on Tuesday it has appointed Rachel Glaser as chief financial officer (CFO). Glaser, who has more than 30 years of experience, will be managing the company’s global financial operations. She begins her tenure on or about June 1, 2017. "I am excited to welcome Rachel to the Etsy team and am confident that she has the right expertise to execute and evolve our financial operations strategy to support Etsy's global growth initiatives and continue enhancing our communications with the street," CEO Chad Dickerson said.

Previously, Glaser served as the CFO of Leaf Group. Her responsibilities since she was appointed in 2015 included leading efforts to improve operating efficiency, creating a strong foundation to support the company through a significant period of transformation, and enabling the company to invest in its businesses for growth.

As of end of last year, Etsy had as many as 1.7 million active sellers across the globe. As many as US$2.84 billion (AU$3.75 billion) worth of goods were bought and sold in the company’s markets last year; a number that’s higher than the gross domestic product of 29 nations.

According to “Freelancing In America: 2016 Survey,” conducted by Upwork and Freelancers Union on Oct. 6, 2016, more people are opting to work independently. The 2017 US Seller Census reveals that 97 percent of Etsy sellers in the United States operate their businesses out of their homes. More than 75 percent of sellers are one-person operations and 74 percent treat their shops as businesses.

A large part of the seller community on Etsy are women (87 percent) who more likely to be younger than an average business owner. More than 50 percent sellers are running their microbusinesses for the first time on Etsy. Twenty eight percent of sellers live in rural communities.

Souce: YouTube/Etsy