Online retail platform Whatnot secures $20 million in funding for live shopping services.
In the ever-evolving world of online shopping, livestream platforms like Whatnot, Instagram, and Amazon are carving out a niche for themselves. These platforms are merging live video streaming with real-time shopping experiences, creating a unique and engaging shopping environment.
Whatnot, a platform specialising in collectibles such as Pokemon cards, sports cards, Funko Pops, and more, has raised $20 million in Series A funding. The funding round was led by Connie Chan, general partner at Andreessen Horowitz, with participation from Y Combinator, Wonder Ventures, Operator Partners, Scribble Ventures, Steve Aoki, and Chris Zarou. The company plans to use the funds to hire more staffers and enter into new categories, including comic books, vintage video games, and hardware.
Whatnot's co-founder, Logan Head, stated that the platform is inspired by their own experiences buying and selling collectibles online. The platform aims to be the main app where a community of customers consistently returns to shop, as a majority of Whatnot's shoppers are reported to return to the app.
The growing popularity of livestream shopping is not confined to Whatnot. Many sellers on the platform have thriving communities on other platforms but struggle with buying and selling items directly. This struggle is being addressed by livestream platforms, which offer a more interactive and entertaining shopping experience, often referred to as "shoppertainment."
Livestream shopping, like other online shopping platforms that fall outside traditional e-commerce, still has issues to resolve. However, the sector is growing rapidly. The global livestream shopping market is projected to grow from approximately $11.58 billion in 2025 to $287.17 billion by 2034, with a compound annual growth rate (CAGR) of around 34%. The U.S. market alone is expected to expand from $50 billion in 2023 to $68 billion by 2026.
China leads the sector, with a mature market worth roughly $678 billion as of 2023, where live commerce accounts for nearly 32% of total e-commerce gross merchandise value (GMV). In China, 42.1% of digital shoppers—about 320 million people—are expected to purchase via livestreams in 2023.
Platforms such as Whatnot, Instagram, and Amazon are increasingly adopting sophisticated technologies that support high-definition streaming, low latency, inventory synchronization, and multi-platform broadcasting. These technologies enhance the consumer experience by creating a community-driven shopping environment, which is especially popular with Gen Z and Millennials.
The COVID-19 pandemic has pushed brands to connect with customers from afar, leading to an increase in retailers experimenting with livestream commerce. The attractiveness of live commerce lies in its ability to offer exclusive deals, product discovery, and excitement, reported by substantial shares of consumers.
In summary, livestream e-commerce platforms currently enjoy robust growth with broad adoption across major markets, driven by technological innovation and consumer preference for interaction and entertainment. This sector's growth potential remains very strong, signaling continued expansion and increasing integration into mainstream e-commerce in the near future.
[1] Statista (2023). Global Livestream Shopping Market Size and Growth. [Online]. Available: https://www.statista.com/topics/12689/livestream-shopping/ [2] McKinsey & Company (2023). The rise of livestream commerce. [Online]. Available: https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-rise-of-livestream-commerce [3] China Internet Network Information Centre (2023). China Internet Statistics 2023. [Online]. Available: https://cnnic.cn/xwzx/gkzt/202306/t20230629_224458.shtml [4] eMarketer (2023). Livestream Shopping: The Next Frontier in E-Commerce. [Online]. Available: https://www.emarketer.com/content/livestream-shopping-the-next-frontier-in-e-commerce
- The growth of the global livestream shopping market is projected to move from approximately $11.58 billion in 2025 to $287.17 billion by 2034, with a compound annual growth rate (CAGR) of around 34%.
- China leads the sector, with a mature market worth roughly $678 billion as of 2023, where live commerce accounts for nearly 32% of total e-commerce gross merchandise value (GMV).
- The rise of livestream commerce is not only confined to entertainment, but it's also making significant strides in finance, technology, lifestyle, and business, as buyers seek interactive and entertaining shopping experiences.
- In the face of the pandemic, brands have been pushed to connect with customers from afar, leading to an increase in retailers experimenting with various forms of livestream commerce to offer deals, product discovery, and excitement.
- The integration of artificial intelligence (AI) and high-definition streaming technology allows for inventory synchronization, multi-platform broadcasting, and a community-driven shopping environment that appeals to younger generations like Gen Z and Millennials.
