Whatnot – Live Shopping App Conquers Germany: Top Sellers Reveal Their Best Tips
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Wednesday evening. In front of the camera, the seller holds a Louis Vuitton bag up to the webcam. Viewers ask about scratches, seams, the serial number. A few minutes later, the bag is sold. This goes on for three hours. The scene takes place on the Whatnot platform, an app for live auctions. It's a bit like TikTok: if you're not interested, you just swipe on. Handbags, trading cards, but also coins or jewelry are offered. Those watching get a teleshopping feeling. But Whatnot is not like QVC & Co., but a new way of selling. In the bottom right of the screen, users see the starting bid. They can ask questions via chat, and sellers answer directly. At the same time, speed counts. Every auction starts at one Euro, and prices often rise quickly. The countdown runs – often the hammer falls after just a few seconds. Whatnot is growing rapidly, especially in Germany. The platform has been active here for a good two years. According to the US company, the gross merchandise value, i.e., the total value of all goods sold via the app, tripled in Germany last year. Whatnot does not provide exact sales figures. However, Germany is now one of its most important growth markets. A new financing round shows how big investors' bet on the business model has become. Whatnot raised 545 million dollars and is now valued at around 20 billion dollars. This means the company's value has almost...
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