The modern-day version of striking gold, as reflected in the booming fascination with baseball cards, has been masterfully harnessed by Whatnot, the preeminent live-stream shopping network in North America and Europe. Armand Wilson, Whatnot’s Vice President of Categories & Expansion, exalts in the platform’s growth buoyed by the resurgence of sports card collecting, with a brisk rate of one card sold every second on the site.
Venturing into the world of collectibles in 2019, initially specializing in Funko Pops, Whatnot swiftly diversified into other categories, prominently featuring sports cards. Wilson elucidates that the original ethos of Whatnot was rooted in assuaging buyer woes when procuring collectibles online, especially in light of prevalent fraud in the market. The transition to integrating cards seamlessly into their lineup was a natural progression, with an average buyer now accumulating 12 items weekly.
A game-changer for the platform was its active involvement in “The National,” a monumental midsummer collectibles extravaganza. Whatnot ingeniously replicated the convention milieu on its platform, captivating thousands of sellers to unveil their collections live. This cutting-edge approach facilitated dynamic interactions between buyers and sellers, further solidifying Whatnot’s standing in the market. Wilson emphasized the profound impact of showcasing the platform’s capabilities by congregating esteemed sellers under one virtual roof.
Despite levying an 8% commission on each transaction, sellers attest to witnessing substantially higher sales volumes compared to other digital marketplaces. Wilson cites that sellers on Whatnot achieve twice the sales of other platforms, attributing this success to the platform’s unwavering focus on enhancing user experiences on all fronts. Whatnot’s ethos revolves around delivering exceptional experiences, bespoke to its users, without fixating on competitors.
The platform’s meteoric growth trajectory is awe-inspiring. From a modest team of less than 10 employees when Wilson came on board four years ago, Whatnot has burgeoned to nearly 700 team members today. Notably, baseball cards have played a pivotal role in propelling this expansion. Wilson asserts that sports cards, with their amalgamation of collectibles and online shopping, represent a quintessential product for Whatnot.
Whatnot’s narrative is bolstered by the tales of triumph from successful sellers. Geoff Wilson, operator of Cards HQ near Atlanta, raked in $2.5 million in sales since inaugurating his 14,000-square-foot showroom and studio earlier in the year. In a similar vein, 25-year-old entrepreneur Dakota Peters from Boca Raton metamorphosed her Instagram-based hobby into a full-fledged enterprise on Whatnot, now boasting 30 employees and having hosted over 400 live shows, each garnering an average of $10,000.
Fostering trust between buyers and sellers remains paramount for Whatnot. Though the platform refrains from directly authenticating products, sellers earn credibility by upholding stringent standards and swiftly addressing customer queries. Wilson underscores the pivotal role of nurturing and fortifying trust for sellers to burgeon on the platform.
Headquartered in Culver City, California, with hubs spanning across North America and Europe, Whatnot has ascended as a global juggernaut. Hosting a staggering 175,000 hours of live streams weekly—800 times more than QVC—the platform witnesses sellers achieving ninefold more sales than on conventional marketplaces. Buyers, on average, devote 80 minutes daily to indulge in live streams.
One of the most riveting features on Whatnot is card-breaking, whereby a box of cards is divvied up amongst a group, unearthing excitement through shared pack openings. Wilson describes it as a thrilling communal endeavor fostering camaraderie and engagement among collectors. The adrenaline-pumping auctions, some lasting a mere minute, ensure an enthralling experience that keeps users returning for more.
Beyond being a mere marketplace, Whatnot has metamorphosed into a social and interactive realm for collectors. Sellers engage ardently with buyers in real-time, addressing them personally and tailoring interactions to their preferences. This personalized touch has been instrumental in cultivating a devoted and eclectic audience, extending from youthful enthusiasts in their 20s to seasoned collectors in their 70s. Wilson humorously remarks, “Even my 79-year-old dad is onboard!”
As Whatnot continues its expansionist pursuits, it unequivocally stands as a trailblazer revolutionizing the ethos of acquiring and offloading collectibles. By amalgamating the thrill of live-streaming with the timeless allure of baseball cards, Whatnot has etched its name as a frontrunner in the burgeoning collectibles market.
