Whatnot has been around since 2019, but it wasn’t until the last year or so that people across the fashion industry at large finally began to sit up and pay attention to the live-stream startup. Initially, the focus transformed from creating a full-service version of Craigslist to trying to revolutionise the stagnant collectables space.
To achieve this, they tapped into a technology that has generated billions of dollars in the Far East for the better part of a decade. Whatnot is now the biggest name in the emerging space of live commerce, primed to spearhead fashion’s big push to leverage the tech in the years to come.
Live Commerce in the West
As noted, live commerce has been an established factor in the fashion industry and many others over in the Far East, and particularly in China, for a very long time. However, the consumer environment over there is much more mobile and influencer-driven in a much more condensed app and platform space than in Western markets.
Cracking markets like the UK and US proved to be very difficult. Several highly rated startups – at least, highly rated among investors – fell by the wayside in the years following 2020. One of the most notable was Popshop Live, which was reportedly burning through cash before the rounds of layoffs took hold in 2022.
Even so, before that, there were signs that major brands were willing to toy with the tech. A feature of 2020 was the rise of live-streamed product reveals, such as from carmakers like McLaren and Bentley, as well as a renewed focus on live-streamed fashion shows. It all spread these luxury events to much wider audiences. Of course, long before all of this interest, live streaming was established as a major player in entertainment.
From sports to platforms like Twitch, millions used the tech each day, and some live products even rose to the fore. This is what’s showcased by the array of live casino games online. From classic table games to be played in real-time with a professional croupier, like London Baccarat, to out-there game shows like Family Feud Live from Las Vegas and Buffalo Blitz Live, the tech has added another level of engagement to new releases and the classics.
Leveraging its Prominence
Whatnot is now the biggest name in live shopping in Western markets, having grown significantly and powered up by several prominent funding rounds. It’s now in the phase where it’s getting its name out there even more, leveraging events to get the Whatnot experience to the masses.
Most recently, this approach took Whatnot to New York City Comic Con. In a partnership with Mass Appeal, Whatnot put on the Whatnot Liveplex, the home of hip-hop collectables. The showcase featured fashion, art, and the hip-hop genre, complete with live shopping events, auctions, and exclusives.
All of Whatnot’s New York Comic Con programming was live-streamed via Beyond the Con, giving the platform even more exposure to target audiences. It looks to be a major point in the timeline of the platform, likely leading to even more live events that can be shopped on its online platform to further normalise live shopping.
After years of heralding the live shopping revolution, Whatnot looks to be the one to finally crack the formula. Those unfamiliar with the format will doubtless encounter the brand or live shopping proper very soon if Whatnot rolls on with more events like its setup at NYCC.