The opportunity
With 92% of people actively working to stop seeing any paid advertising, governments intent on reducing the influence of social media giants – like Facebook and Google through tightening privacy legislation – getting growth for many businesses will be vastly more expensive.
Livestream retail is the new growth accelerator.
This story is how one business became the fastest growing and now number one Livestream retailer in the USA.
The opportunity is to replicate this business model in Australia. Time is short for those that want to play.
Market sizes
- The estimate of market size within the U.S.A. Livestream retail sector reached $11 billion by the end of 2021 and will grow to $25 billion by 2023,
- China $423 billion by 2022 – McKinsey
Whatnot.com – the business story.
Founded in 2019 by Grant Lafontaine and Logan Head, Whatnot.com has become the number one live stream shopping platform in the USA. With a business valuation of $1.5B
- It operates primarily as a marketplace for collectors and enthusiasts. It has 15 discreet live screening channels for each category – the most popular being sports cards.
- It is like a traditional Television shopping network without the studios and camera crews. Now people at home with their iPhones are selling to an audience of fellow collectors.
Whatnot’s live stream shopping captures the excitement of the in-person experience, allowing expert sellers in nearly every category to go live and auction their goods. Buyers and sellers interact and get feedback in real-time, all while making an income from the platform.
- Whatnot.com’s success has been because nearly anyone can find a community that shares their passion.
- New growth is entering a new category – a new TV channel that requires community building -convincing trusted sellers to join the platform and marketing to the right buyers to make it worthwhile.
Whatnot makes money by taking an 8% fee from every transaction.
Their Strategic Pitch – We aim to enable anyone to turn their passion into a business & bring people together through commerce.
Marketing
Word of mouth via organic social media has led all their growth – they do not spend any money on traditional marketing.
In the start-up phase audience was built through YouTube.
The key was getting ATTENTION first and building trust with communities of buyers and sellers – #socialselling.
There has been a big win.
Whatnot has cracked the code on making online shopping engaging and fun through their community-first approach to Livestream shopping.
It is a growth flywheel that accelerates growth on both sides of the marketplace.
- Buyers spend more hours each week engaged in the app’s content and community – it is like an Instagram feed for the live streams of products. The platform allows sellers to give in-depth information about the products before the auction.
- Sellers achieve more monetization than is available via other business types.
Opportunities
Can your business re-imagine your vertical and turn it into a Whatnot?
ATTENTION is the most valuable asset today in the world.
ACCELERATE – delivers more attention, influence and engagement with your perfect buyers so you sell more.
- Get your quick video – how we grew ATTENTION 500x within 120 days – packed with evidence and facts. Just leave a YES in the chat bar below.
We guarantee 8x more social media posts than you are getting today – find a lower price we will beat it by 15%.
ACCELERATE – provides a monthly subscription social media publishing + strategy service.
If you have read this far, thank you for your attention. It means a lot. I hope this helped you even a little bit in better making sense of this topic. If so please share it with a friend who might also benefit from it.
Thanks for reading,
David
