Europe witnessing rise in popularity of live product selling as the next major trend
Whatnot: The Rising Star of Live Shopping Platforms in Europe
Whatnot, a shopping app that allows users to livestream their products for sale, is experiencing significant growth in Europe. According to McKinsey, by 2026, 20% of online sales could flow through live shopping platforms, and Whatnot is well-positioned to capture a large portion of this market.
A teenager in the UK is just one example of the platform's success. By live streaming football shirts on Whatnot, they managed to make €1,000 in sales within an hour. This is not an isolated incident; many sellers, like Jon-Luc Greenwood and Char Williams from the UK, have found success on Whatnot. Since November 2023, their weekly sales on the platform reached £15,000 (€18,000) by Q4 of 2024.
Whatnot's rapid growth can be attributed to several factors. The platform hosts over 20,000 hours of live shows a week, with Europeans choosing live selling over traditional jobs due to dissatisfaction with conventional career paths and rising costs of living. The platform's auction-style shopping and community-driven events have also proven popular, with some users spending significant amounts on collectibles.
Whatnot's success is in stark contrast to TikTok Shop and Instagram Live. TikTok Shop's live shopping feature is still developing, with only moderate traction in the UK, and creators have complained about low payments and limited access. Instagram Live, while popular for influencer-driven sales, lacks the dedicated commerce features and auction-style excitement that Whatnot integrates.
Whatnot's recent $50 million Series B funding round indicates investor confidence in its marketplace model, seen as one of the fastest growing in livestream ecommerce. The company, founded in 2019 to solve pain points experienced by sellers of plastic Funko Pop figurines, has been actively improving its platform with new features like product variants and payout tools to enhance seller earnings and efficiency in Europe.
The future looks bright for Whatnot. Maryam Ghahremani, CEO of Bambuser, expects more large brands to train up their internal staff to be live sellers. With its strong growth, emerging earning potential, and unique features, Whatnot is poised to continue its dominance in the live shopping market.
References:
- Whatnot Raises $265 Million in Series E Funding
- TikTok's Shopping Feature: A Mixed Bag for Creators
- Whatnot's Growth in Europe: A Closer Look
- Whatnot's Key Differentiators in the Live Shopping Market
- Whatnot's $50 Million Series B Funding Round
The surge in Whatnot's popularity has extended beyond sellers, with teenagers like the UK example earning €1,000 in an hour through live streaming. As technology advancements transform the digital landscape, finance and lifestyle expectations intertwine, offering unprecedented opportunities for individuals seeking alternative income streams in a shifting global economy.
With technology enhancing the livestream ecommerce sector, platforms like Whatnot stand at the forefront, showcasing the potential for significant financial gains while simultaneously reshaping lifestyles through innovative shopping experiences.
