Whatnot Achieves $2 Billion in Annual GMV and Introduces Rewards Club Program for Sellers
Whatnot, the leading livestream marketplace platform for trading card collectors and sneakerheads, has hit a major milestone by surpassing $2 billion in gross merchandise volume (GMV) this year. This achievement comes shortly after the launch of their new Rewards Club program, allowing sellers to create customized rewards for buyers, such as coupons, free shipping, and exclusive access to shows and merchandise.
The growth of Whatnot's GMV not only showcases the company's strong momentum but also reflects the overall expansion of live commerce in the U.S. market. However, the U.S. still lags behind China, where livestream shopping is a $512 billion business.
In Whatnot's annual report, it was revealed that the top 500 sellers on the platform each generated $1 million or more in sales. Additionally, a significant number of sellers earn substantial incomes through livestream selling, with two-thirds making over $10,000 per month and one in four sellers bringing in over $300,000 annually.
Despite Whatnot's popularity, increased competition from platforms like TikTok Shop and CommentSold poses a challenge. TikTok Shop is projected to reach $17.5 billion in GMV this year, while CommentSold claims to have facilitated over $4.4 billion in lifetime GMV.
What sets Whatnot apart is its initial focus on trading cards and collectibles, expanding to include various categories like fashion, beauty, electronics, and more. The platform has accumulated over 11 million first-time downloads, showcasing its broad appeal.
To remain competitive, Whatnot has introduced the Rewards Club feature, allowing sellers to incentivize repeat purchases and engagement. The program has already shown promising results during beta testing, with buyers increasing their spending by 12% and sellers experiencing a 12% boost in hourly sales.
Eligible sellers can now join the Rewards Club by meeting specific criteria, such as completing 50 orders, earning $1,000 in sales revenue, maintaining a high seller rating, and adhering to platform guidelines. The program operates on a seasonal basis, with the current season running from September 9 to December 2.
In conclusion, Whatnot's success in reaching $2 billion in annual GMV and implementing the Rewards Club program demonstrates the platform's growth and commitment to supporting sellers and buyers in the live commerce space. It showcases the potential for individuals to earn substantial incomes through livestream selling and highlights the competitive landscape in the evolving e-commerce industry.