I read somewhere else that it is the source that brought people to Etsy... not necessarily your shop. I could be reading it wrong but an Etsy help article says this:
With traffic sources, Shop Stats shows how people found your shop and Google Analytics shows how people found Etsy. If someone searched for "Etsy" on Yahoo, clicked through to the Etsy Homepage, did a search on Etsy and then clicked through to your listing, Google Analytics would record the traffic source as Yahoo and Shop Stats would record the traffic source as Etsy Search.
http://www.etsy.com/help/article/544