Whatnot has evolved from a niche community focused on Funko Pops into a robust live shopping platform, generating approximately $6 billion in annual sales. Initially designed for enthusiasts seeking rare collectibles, the platform now attracts a diverse audience, enabling users to engage in live auctions and purchase a wide variety of products, from sports cards to fresh produce.
The transformation of Whatnot is not just about the products; it’s about creating an engaging shopping experience. Users now spend an average of 80 minutes daily on the platform, participating in lively discussions, bidding wars, and building relationships with sellers. This unique blend of commerce and entertainment has created a new paradigm in eCommerce, where shopping feels like a community event.
Understanding Whatnot’s Success
According to Armand Wilson, Whatnot’s Vice President of Categories and Expansions, the platform was not designed to revolutionize shopping but to cater specifically to its community’s needs. “The earliest days were about just staying really close to our community and trying to solve needs for them,” Wilson explained. This community-first approach has been fundamental to the platform’s rapid growth.
Sellers on Whatnot are often passionate experts in their fields, creating an environment that feels more akin to a live show than a traditional retail experience. This personal touch fosters customer loyalty and encourages repeat business. Whatnot has successfully rebuilt the joy of unexpected discoveries in shopping, a sentiment that Karen Webster described as the “serendipity associated with shopping.”
Whatnot has expanded beyond its original Funko Pop focus, now encompassing categories such as sneakers, apparel, and even fresh produce. Customers return regularly, often making multiple purchases in a single evening. The platform’s design encourages users to explore and engage, tapping into the excitement of live auctions and real-time interactions.
The Role of AI in Enhancing Engagement
While artificial intelligence (AI) plays a role in streamlining operations, Wilson emphasizes that it is not intended to replace the human elements that make live commerce enjoyable. Instead, AI acts as a behind-the-scenes tool, enhancing efficiency without detracting from the authentic connections formed during live streams. Sellers can quickly launch auctions using AI for instant product recognition and automatic listing creation, allowing them to maintain momentum and focus on their audience.
For instance, when a seller showcases a product like AirPods, the platform’s AI can instantly recognize the item, creating an auction without the seller needing to pause for manual entry. This seamless integration helps maintain the dynamic energy crucial to live selling.
Looking ahead, Whatnot is exploring new categories such as food and high-ticket items like cars. Wilson notes that live auctions for automobiles could offer a more transparent and exciting experience compared to traditional online sales methods. By integrating live elements into these categories, Whatnot aims to bring back the warmth and spontaneity often lost in modern eCommerce.
In essence, Whatnot is redefining the shopping experience by focusing on community engagement and genuine interactions. As Wilson aptly stated, “We’re adding the personal element to the shopping experience that has been missing as eCommerce has just taken off.” This emphasis on the human connection has allowed Whatnot to grow from a small online niche into a vibrant marketplace where users not only shop but also connect and engage, transforming the way people view online retail.