Whatnot Surpasses $2B in GMV Amid U.S. Livestream Shopping Challenges
Whatnot, the leading livestream shopping platform for collectors and enthusiasts, has reached a significant milestone with $2 billion in annual gross merchandise volume (GMV). This achievement comes as the company launches its innovative Rewards Club program, designed to foster buyer loyalty in an industry still struggling to gain mainstream adoption in the U.S.
Key Growth Metrics and Market Position
- $2B GMV milestone achieved in 2024
- Top 500 sellers each generated $1M+ in sales
- 66% of sellers earn over $10,000/month
- 25% of sellers make $300,000+ annually
- 175,000+ hours of weekly livestream content
While China’s livestream shopping market thrives at $512 billion, U.S. adoption remains slow. Whatnot’s success demonstrates potential in niche markets, particularly among collectors of trading cards, sneakers, and memorabilia.
The New Rewards Club Program
Whatnot’s Rewards Club introduces a tiered loyalty system where sellers can customize rewards including:
- Exclusive discounts and coupons
- Free shipping offers
- Access to special merchandise
- VIP livestream events
How the Tier System Works
| Tier | Requirements |
|---|---|
| Bronze | Purchase any item OR spend $10+ OR watch 3+ shows (10 min each) |
| Silver | Seller-specific purchase quantity/amount |
| Gold | Higher purchase thresholds |
| Platinum | Significant spending milestones |
| Diamond | Top-tier buyer status |
Competitive Landscape and Differentiation
Whatnot faces growing competition from:
- TikTok Shop (projected $17.5B GMV in 2024)
- CommentSold ($4.4B lifetime GMV)
However, Whatnot maintains unique advantages:
- Specialized collector focus (trading cards, memorabilia)
- “Sudden death” auction format creating excitement
- Diversified categories including fashion, electronics, and live plants
Rewards Club Early Results
During beta testing with 160 sellers:
- 12% increase in buyer spending
- 12% boost in hourly sales for sellers
- 20% growth in repeat purchases
Seller Eligibility Requirements
To participate in Rewards Club, sellers must:
- Complete 50+ orders
- Generate $1,000+ in lifetime sales
- Maintain 4.7+ seller rating
- Be active for 30+ days
- Comply with platform guidelines
The program operates on quarterly seasons, with the current cycle running from September 9 to December 2, 2024.
The Future of Livestream Commerce
With 11 million app downloads (per Appfigures) and strong niche appeal, Whatnot continues to innovate in the U.S. livestream shopping space. The Rewards Club initiative demonstrates the platform’s commitment to creating engaging, mutually beneficial experiences for both buyers and sellers.
Image Credit: Whatnot
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