What is Whatnot? Everything you need to know

There are plenty of options for buying and selling products online, so any new platform needs to find a way to differentiate itself. Whatnot takes another angle, harnessing the success of the popular live video sales method and centralizing it into a hub full of all types of collectors. What is Whatnot all about? We’ll cover everything you need to know about the service, so stick around.

What is Whatnot, and who is it for?

Whatnot is a community marketplace for buyers and sellers. Sounds simple, right? The main differentiator is that all sales are made through live video. This creates a social aspect in which people can interact during the process. In fact, the first time I entered a sale, the host greeted me personally, saying: “What’s up, Sasquatch? Welcome in.”

The website is mainly geared toward the sale of collection items. This includes figurines, toys, trading cards, jewelry, video games, arts & crafts, and whatnot.

When you sign up for a Whatnot account, you can either become a buyer or a seller. Once you’re ready to go, you must browse through the list of categories, look through the live streams, and join one. The host will talk about the product he’s selling, and geek out over the topic with all other members.

If you want to purchase any of the items, you can either bid for them or buy them immediately. The options are titled Auction or Buy Now. You can also look through the Sold and Purchased sections.

After a purchase, the seller will ship the product and get paid for it.

Whatnot is mainly meant for selling and buying collectibles, but the list of supported products is very broad. Here’s Whatnot’s official category list.

What are the pros and cons of using Whatnot?

Like any other platform, Whatnot has its good and bad sides. Let’s talk about them.

It’s fun and interactive!

The art of selling is complex. Simply posting a product on eBay may seem a bit cold and distant. With Whatnot, sellers interact with potential customers and usually have fun while doing so. People can geek out on items and ask questions live. The seller can respond to questions immediately and convince buyers to purchase an item. Additionally, some sellers do fun things like host giveaways, or randomize sales by letting a wheel decide what you win for a set prize.

You can find hard-to-get collectibles

Collectors know how hard it is to find some products. Sometimes it’s hard to get specific items from giants like eBay or Amazon. Because Whatnot is full of like-minded fans of the same things, you’re likely to find rare items.

It’s pretty safe

Whatnot acts as a mediator between buyers and sellers. You can do everything from the app to finalize a purchase. Sellers aren’t paid until a product is shipped. There’s also a process for ensuring items are authentic. Chances of fraud or scams are slim.

There aren’t many people using it

Whatnot is a relatively new service (launched in 2019). As such, it’s obviously not as popular as other marketplaces. The website has been getting 2.7-3.0 million visitors monthly for a few months. That’s nothing compared to the over 700 million eBay visitors.

Most people using Whatnot are like-minded individuals with similar hobbies, making each customer and seller more valuable, but numbers still help get things sold.

You have to watch to buy

Many of us still feel like watching a livestream to buy things is a bit too much. Sometimes I don’t want to socialize or listen to someone when I purchase something. Whatnot doesn’t give you this option.

Nothing in life is free, and neither is Whatnot’s services. The company will take an 8% commission on all sales. Additionally, the buyer will have to cover a payment fee of 2.9% plus $0.30. And the processing fee is applied to the total, including the subtotal, tax, and shipping costs.

How much is shipping?

Shipping prices depend on the product’s weight, and also where you ship the product to and from. If the transaction happens within the USA, shipping starts at $4 plus $0.25 per additional item. That covers up to one ounce of shipping weight.