Whatnot Hits $2 Billion GMV Mark, Releases State Of Livestream Selling Report
Livestream shopping site Whatnot is starting Q4 off with a bang, releasing their first State Of Livestream Selling Report and revealing over $2 Billion in sales made through the platform so far in 2024.
The company provided highlights of the report in a blog post this week, showing the results of a survey conducted with 1,613 Whatnot sellers and 500 sellers from across various other live shopping platforms to gauge how livestream selling boosts revenue streams and expands customer bases, as well as the broader impact on the economy.
Liz Goodno
Thanks to your dedication—whether you're a solo entrepreneur or running a brick-and-mortar store—we’ve reached an exciting milestone: surpassing $2 billion in livestream sales in 2024 alone. This achievement is a direct reflection of the hard work and passion that drives your success.
We’re also excited to share that more than 175,000 hours of livestreams are hosted by you each week – this exceeds QVC’s weekly broadcast hours by 800x! Our global growth has been just as exciting.
So far this year, U.K. sales have grown 155% from January to September, while sales from livestreams in France have grown by an average of 73% quarter-over-quarter this year. And over in Germany, a Pokémon card is sold every 30 seconds on Whatnot.
Fueling Business Growth
According to the report:
- Livestream selling makes a significant impact on a business's bottom line. Two-thirds of sellers (66%) earn more than $10,000 per month through livestream selling. Meanwhile, one in four sellers report making over $300,000 annually.
- Small businesses use live shopping to open up new revenue streams. Three out of four sellers reported increases in their overall business revenue since starting on a live shopping platform, while 41% of sellers now generate more than half of their total annual sales from live selling.
- Live selling creates jobs. 64% of sellers hire others to support their thriving e-comm businesses. At least one in three sellers employs over six people.
- Livestream e-commerce is here to stay. 92% of sellers consider livestream selling very important to their business’ long-term success. That’s why 88% have plans to increase their livestream selling efforts in the next year.
The study also looked into demographics to understand more about who is making the most of the livestream selling industry.
- Most Whatnot sellers are millennials. According to the Whatnot user survey, over half (54%) identified as Gen Y (ages 28-43), while Gen X (ages 44-59) made up about 29% of respondents. Five percent of live sellers identify as Boomers.
- But Gen Z is making bank. Even though Zoomers are just beginning to make their mark on social commerce (12% identify as ages 18-27), nearly one in four Gen Z Whatnot sellers reported earning over $120,000 annually. This far surpasses the median income for Gen Z workers, estimated to be about $45,493 according to a recent TransUnion report.
- Live selling brings Main Street USA to the mainstream. Sellers don’t need to live in a major metropolitan market to be successful. One in five (or 20%) Whatnot sellers reside in rural settings, compared to 43% who live in urban areas and 37% who are located in the ‘burbs.
Other interesting tidbits from the full report:
• Sneakers are most frequently sold by live sellers. Much to the delight of sneakerheads everywhere, 30% of live sellers say they sell kicks. That’s closely followed by sports collectibles and men’s fashion (both 29%), as well as beauty (17%), women’s fashion (15%), and handbags, jewelry, and accessories (9%). Emerging categories include electronics (8%), antiques (7%), and coins (4%).
• The average Whatnot buyer purchases over 12 items per week on the platform. A recent Whatnot shopper survey revealed the top reasons buyers tune-in are to get a product they want (66%), to get a deal (53%), to be entertained (46%), and to watch a seller they like (43%). That’s why month-over-month customer retention on Whatnot is 62%
The section about methodology lists the other platforms sellers in the survey are using - Tiktok Shop, YouTube Live, Instagram Live, Amazon Live, Facebook Live, Fanatics Live, CommentSold, Channelize.io, Bambuser, Smartzer, and NTWRK - with eBay Live being a notable and telling omission.
The report, and growth for Whatnot, comes as the platform is swiftly working to iterate and improve their product offerings, showing how nimble scrappy up and comers can often move faster and do more innovative things than large, established legacy players in the same space.
Last month, Whatnot launched Rewards Club, giving sellers access to VIP program levers to help drive repeat sales and buyer loyalty.
Liz Morton
The product team at Whatnot has been busy with other updates and improvements as well, like new seller tools, a seller API, improved discovery, new ways to refer new sellers, tools to help new sellers get comfortable going live, non-live Auctions and Video listings, and a Free Pickup option and enhanced card break experience.
They've also just announced free shipping for first time US buyers (up to $25) initially in the iOS app but also coming to Android, Web, and International soon.
Liz Goodno
What do you think of Whatnot's State Of Livestream Selling Report? If you sell or buy on Whatnot, I'd love to hear about your experience - leave a comment below or contact VAR!
