I think it‘s always good to reflect on each quarter and the question what we might have missed or what could be improved next quarter.
I think this quarter demonstrates very well how valuable it can be to develop a framework with proprietary data, correlations, reports that serve as indicators etc. that helps us to predict key data points like GSV.
If this is possible and how close we can get to an accurate description of reality is questionable but I think at least we should try.
As an example data from Tinuiti proved to be very valuable and reliable when it comes predicting Meta results. Additionally this kind of data from Tinuiti is not known to the wider market and provides us with an edge.
In my opinion Upwork will have a lot of room to grow and is still early in its adoption cycle from clients. (Given the company and it‘s products don’t change for the worse)
Therefore when thinking about GSV we always have to weigh demand from additional clients (cohorts) and churn/ changes in existing client behavior.
Ultimately what might have helped in my opinion could be more client optimism and spend on freelancers due to a more positive economic outlook.
Additionally some of the weakness from startups esp. in Europe could have eased and without this headwind and consistently new clients coming in (although currently at lower levels) GSV growth q/q might have been easier.