Overview of Whatnot

Monthly Searches

165,000

Competition

LOW

Interest Over Past 5 Years

5,483.33%

Interest Over Past 12 Months

21.81%

Monthly searches for last 5 years

Monthly searches for last 12 months

What is "Whatnot"?

Whatnot is a social marketplace that allows users to buy, sell, and go live while interacting with a community of collectors and other like-minded individuals. It was launched in 2019 as a platform for selling Funko Pop collectibles and has since expanded to include categories such as sports trading cards, sneakers, luxury handbags, women's thrift, comics, and estate sale items. Whatnot charges an 8% commission fee on the sold price of an item plus a 2.9% + $0.30 payment processing fee for the entire transaction. The app allows for live video shopping experiences where buyers can interact with sellers in real-time. Whatnot has a strong social media presence and over 265k followers on Instagram. Some resellers use Whatnot as a legitimate platform to make a full-time or part-time income. Sellers can choose to use Whatnot or eBay, which charges 10% on listed auctions and 3% payment processing for a total of 13%.

RamenApps Analysis

Rising Trend of Whatnot

The trend analysis of Whatnot shows a significant increase in relative interest over time, with the latest data point reaching a high of 86 in Q1 2024. This upward trend indicates a growing interest in the platform, making it a potentially lucrative opportunity for entrepreneurs, investors, and content creators looking to capitalize on the trend.

Diversification of Product Categories

Whatnot has expanded its offerings beyond Funko Pop collectibles to include sports trading cards, sneakers, luxury handbags, women's thrift items, comics, and estate sale items. This diversification of product categories allows for a broader audience and appeals to a wider range of collectors and enthusiasts. Entrepreneurs can consider exploring niche categories within Whatnot to tap into new markets and cater to specific interests.

Live Video Shopping Experience

One of Whatnot's unique features is its live video shopping experience, where buyers can interact with sellers in real-time. This interactive and engaging format enhances the shopping experience, builds trust between buyers and sellers, and creates a sense of community among users. Entrepreneurs and content creators can leverage this feature to showcase products, engage with audiences, and drive sales through live streaming events or auctions.

Reselling Opportunities

Some users on Whatnot use the platform as a legitimate way to make a full-time or part-time income through reselling collectibles. With Whatnot charging lower commission fees compared to other platforms like eBay, entrepreneurs and resellers can take advantage of the competitive fee structure to increase profit margins. Leveraging the growing interest in reselling and collectibles, entrepreneurs can establish a successful business on Whatnot by curating unique items, building a loyal customer base, and offering competitive pricing.

Social Media Integration and Audience Growth

Whatnot boasts a strong social media presence with over 265k followers on Instagram, indicating a significant reach and influence in the online marketplace. Entrepreneurs and content creators can capitalize on this social media integration by leveraging Whatnot's existing audience to promote products, drive traffic to their stores, and increase brand visibility. Collaborating with popular influencers or running targeted marketing campaigns can help expand reach and attract new customers to the platform.

Comparison with Competitors

By comparing Whatnot's commission fees and payment processing charges with competitors like eBay, entrepreneurs can make informed decisions on which platform to use for selling products. With Whatnot offering lower fees, entrepreneurs can maximize profits and minimize costs, making it an attractive option for those looking to optimize their selling strategies. Understanding the competitive landscape and differentiating factors can help entrepreneurs position their products effectively and stand out in the crowded marketplace.