Whatnot, a livestream marketplace platform, has reported an impressive annual gross merchandise volume exceeding $2 billion, underscoring the platform's rapid growth and robust seller engagement.
The introduction of the Rewards Club, which allows sellers to offer customizable rewards such as coupons and free shipping, is designed to boost both buyer engagement and seller profitability on the platform.
Whatnot is acknowledging the competitive landscape it operates in, noting that while it has a dedicated user base, up-and-coming competitors like TikTok Shop and CommentSold are quickly gaining traction, raising challenges.
Despite being popular, Whatnot faces significant competition from platforms like TikTok Shop and CommentSold, which have a much larger volume of GMV and broader market penetration in livestream commerce.
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