Introduction to Whatnot
Whatnot is revolutionizing the e-commerce landscape by blending the thrill of live auctions with the convenience of online shopping. Launched in 2019, Whatnot has quickly become a go-to platform for buying and selling collectibles, fashion items, trading cards, and more through live video streams. This article delves into how Whatnot functions, its unique selling points, and how business owners who have an ecommerce website can leverage this platform to expand their reach and sales.
Shop on Whatnot and get free credit from Lethal Digital
What is Whatnot?
Whatnot is essentially a social marketplace where sellers host live auctions, enabling buyers to engage in real-time bidding. Unlike traditional e-commerce sites where products are listed with fixed prices, Whatnot introduces a dynamic, interactive shopping experience where:
- Live Auctions: Sellers can go live to showcase items, allowing viewers to bid as the auction timer counts down. This creates an engaging environment akin to a live TV shopping show.
- Community and Interaction: The platform encourages interaction through live chat, where buyers can ask questions, provide feedback, and connect with sellers and other collectors.
- Wide Range of Categories: From sports cards and luxury handbags to comics and vintage clothing, Whatnot supports a diverse array of product categories, catering to various niche markets.
Advantages for E-Commerce Business Owners
For sellers, Whatnot offers several compelling advantages:
- Increased Engagement: Live auctions create a sense of urgency and excitement, often leading to higher sales prices and quicker inventory turnover. Real-time interaction helps in building a loyal customer base who feel personally connected to the seller.
- Lower Entry Barriers: Whatnot doesn’t require as detailed listings as platforms like eBay. You can showcase items live, reducing the time spent on photography and detailed descriptions, which is particularly beneficial for sellers with high inventory volumes.
- Community Building: By engaging directly with customers, sellers can foster a community around their brand. This can lead to repeat customers and word-of-mouth promotion.
- Immediate Feedback: Sellers receive instant feedback on what their audience likes, allowing for real-time adjustments to sales strategies.
How to Sell on Whatnot
Here’s how e-commerce business owners can start selling on Whatnot:
- Application to Sell: Unlike other platforms, Whatnot requires sellers to apply before they can list items. This involves showcasing your inventory and possibly attending a training session to ensure quality interaction on live streams.
- Setting Up Live Streams: Plan your auctions, prepare your items, and set up for streaming. Whatnot provides tools within the app to manage auctions, including setting starting bids and auction durations.
Rehearsal Mode: New sellers can practice in a simulated environment to get accustomed to the platform’s features. - Engagement During Auctions:
– Use the chat feature to answer questions, share stories about items, or even run giveaways to boost engagement.
– Utilize “Sudden Death” for quick sales or extend auction times for bidding wars to maximize profits. - Post-Auction Management: After auctions, Whatnot handles payment processing, but sellers must ship items promptly. The platform delays payment until shipping is confirmed, ensuring buyer satisfaction.
- Analytics for Improvement: Whatnot provides detailed analytics on viewer engagement and sales performance, which sellers can use to refine their strategies.
Challenges and Considerations
- Technical Glitches: Some users have reported issues with app stability, which might require updates or reinstallation.
- Time Commitment: Live selling demands significant time, especially for creating engaging content and managing auctions.
- Fee Structure: Whatnot takes an 8% commission on sales plus transaction fees, which sellers need to account for in pricing strategies.
Maximising Whatnot for Business Growth
- Consistent Scheduling: Regular live sessions can build a following. Whatnot’s data shows that consistent sellers see more success.
- Cross-Promotion: Use social media to drive traffic to your Whatnot shows. The platform’s referral program can also attract new buyers.
- Niche Focus: Specialising in a niche can make you a go-to seller in that category, enhancing your reputation and sales.
Conclusion
Whatnot is not just another e-commerce platform; it’s an interactive marketplace where the excitement of live auctions meets the convenience of online shopping. For business owners looking to expand their e-commerce ventures, Whatnot presents a unique opportunity to engage with customers in real-time, build brand loyalty, and potentially see higher returns on sales through live bidding. However, success on Whatnot requires an understanding of its community-driven nature and a commitment to live engagement. With the right strategy, Whatnot can be a lucrative platform for selling, tapping into the growing trend of live commerce.