What Is It?
Whatnot is an innovative platform where you can engage in buying and selling a wide range of items. From storage unit discoveries to fashion, electronics, jewelry, trading cards and more, the categories are diverse. By creating an account, you can conduct live auctions to sell your goods, connecting with individuals nationwide and globally. This emerging app is gaining popularity as more users discover its features. Upon registration, a video tutorial is provided to guide you through the app's functionalities.
Engaging with the Whatnot Community
For introverts, you have the option to focus the camera on your merchandise rather than your face. You can invite friends to assist in moderating auctions and participate in the chat. Setting the price is in your hands, starting from $1 bids and upwards. For higher-priced items, sellers can start at higher prices or have them featured in the "buy it now" section of their stores. The platform fosters connections and allows users to share their interests, creating a welcoming community atmosphere.
Transaction Fees and Payments
Whatnot applies an 8% commission along with a minor transaction fee and standard card processing charges. (Example of Whatnot Fees)
Comparatively, eBay levies a commission of up to 15%, varying based on the item.
Typically, a "comp price" is set for most sales, with sellers encountering up to a 20% value deduction from the market price. For instance, when selling a Michael Jordan trading card at a card show, buyers usually pay around 20% of the recent selling price on platforms like market movers or eBay. Therefore, an $80 card would amount to $64 in such a scenario. Whatnot fees are comparatively lower than other selling methods.
Shipping Tips
Getting started, it can be helpful to watch other sellers' auctions and see how they do it. Many sellers can be helpful and will answer questions you may have. It is important to weigh each item you are selling to put in the item profile. The weight affects the shipping costs. Most items will be shipped by USPS Priority or Ground. Items may be shipped in any secure box, though it is important it complies with USPS standards. Boxes can not feature competitors shipping companies like Amazon. Shipping labels will need to be flat and clearly visible.
Whatnot allows sellers to reach a broad audience of buyers and see what they are interested in buying and how much they would pay. Auctions can be held at any time, scheduled in advance or not.
