Aiming to serve a niche, Whatnot plans to expand into more collectible categories with the new funding and emphasize the community element of collecting.
In its announcement, Whatnot cited the success of livestream shopping in China, which has grown to become a multibillion market. The company noted that, though other companies are testing out livestream commerce features, it aims to be the main app where a community of customers consistently return to shop.
Whatnot joins other platforms like Instagram and Amazon in the livestream commerce space. With the COVID-19 pandemic pushing brands to connect with customers from afar, retailers are increasingly experimenting with livestream commerce. As with other online shopping platforms that fall outside the transactional experience of traditional e-commerce, livestream shopping still has some things to work out.Retail Dive