CommerceTech - Teardown | Whatnot
Teardown | WhatnotFounded in 2019, Whatnot has raised over $220M to bring the livestreaming shopping phenomena from the East to the WestSnapshotAbout Whatnot: Website Business Overview and Products
How It WorksWhatnot has a livestreaming platform that allows fan communities to interact with each other to buy and sell verified rare products like Pokemon cards and Funko Pops. The company relies on the ever-growing popularity of the live-shopping trend in the US to attract customers. Once approved, sellers can start chatting and interacting with the followers, or selling products through live auctions. The seller sets a starting price and time limit for the item they would like to sell and the buyers start bidding through a click button the app offers. In case the seller does not want to auction their product, they can simply make their item available as a “Buy it Now” product and users may purchase it at any time throughout the seller show. Sellers can also offer giveaway features where viewers can be randomized and the seller can give away any product of their choosing. Business Model and Pricing
TractionSpecific traction metrics haven’t been shared by the company but some of the data points shared over the years include:
Founder(s)Grant LaFontaine Logan Head History and Evolution2019: 2020 2021 2022 Market Snapshot
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