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As the cost of living crisis continues to affect many of us on a daily basis, some people have resorted to selling old belongings to help make ends meet. Some of these people even go on to do this full-time, leaving their 9-5s to flip items online for a profit. In fact, reports suggest that the global resale market is expected to reach $64 billion by the end of 2024, exemplifying its potential. To discuss this further, Net Influencer will go on to describe the growth of Whatnot and how it is now using influencers to maintain its high position in the market.
The History of Whatnot
First launched in December 2019, Whatnot is an online marketplace designed to help buyers and sellers gain money and new items. This platform operates via a live auction, meaning that sellers have to conduct livestreams to help them show off their items in full detail. Although this may sound similar to other online selling platforms such as Poshmark and Pinterest TV, Whatnot focuses mainly on collectible items, ensuring that it can further capitalize on the recent nostalgia trends. Thus, this is a fantastic app to use if you’re keen to find a super rare Pokemon card to add to your collection or to get rid of some of your vintage toys.
The founders, Grant LaFontaine and Logan Head were always fascinated by reselling and often sold highly sought-after sneakers to their peers. After gaining experience in social media marketing and product marketing, the pair decided to launch Whatnot as a Craigslist-style competitor. But, after introducing livestreaming back in 2020, they realized that they had the opportunity to monetize the impact of selling collectibles online.
Despite being an incredibly popular platform, boasting 3 million monthly users, the team is very selective with their sellers. Data shows that only 50% of applicants are approved, making the app ultra-competitive and dynamic. Yet, this competition also allows users to sell $6,000 worth of goods each month. As such, with the recent addition of influencer marketing, it seems that Whatnot has the prime chance to build a bustling community of passionate sellers.
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How Does the Platform Work?
To get started on Whatnot, you must first create an account as either a buyer or a seller. Once your account has been approved, you can start browsing through a plethora of different categories such as video games, memorabilia, and jewelry. Each category will direct you to a series of current livestreams, you must then enter one to see the types of products on offer. In the livestream, you will be greeted by the host and have the opportunity to discuss the items with the other buyers in the chat.
In terms of buying a product, you can either place a bid for it or buy it immediately. These options are known as ‘Auction’ or ‘Buy Now’. If you entered the stream a little late, you can also see what has been sold already by looking under the ‘Purchased’ tab. As soon as your purchase has been confirmed, the seller will ship your items and will receive their funds.
Whatnot also poses a selection of fees and shipping costs. The app currently takes an 8% commission fee on all sales and asks that the seller pay an additional 2.9% as well as another $0.30. This is referred to as the processing fee and is applied to the overall total of their sale. Shipping costs obviously depend on the size and weight of the product as well as its destination. But, the platform estimates that it will cost around $3.59 to send a product across the US.
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What Is the Whatnot Ambassador Program?
The Whatnot Ambassador Program is designed to help influencers and content creators earn more money as they promote the unique nature of the platform. In a similar vein to an affiliate program, influencers can receive monetary incentives to promote Whatnot across their social media platforms. Plus, this program seems a lot simpler than others, since creators are only asked to place a referral link somewhere in their content. So, influencers could easily place the link in the description box of their latest YouTube video or in their LinkTree. Whatnot also encourages influencers to share this information across a whole host of social media platforms including Twitch and Facebook. As such, this is beneficial for those who are just starting out in the influencer marketing industry and are yet to build a wider presence online.
This program also allows influencers to go live on Whatnot to help sing its praises. As such, if an influencer has just received a high-end product through a seller on Whatnot, they are urged to post a livestream unboxing to give their viewers a better sense of how the app works. Since launching this program, Whatnot has already teamed up with a diverse assortment of popular reselling influencers such as Packman Cards, Storage Auction Pirate, and Hairy Tornado. Each of these resellers focuses on their own niche and has managed to build a positive reputation on the platform, ensuring that they can earn money on the app.
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What Perks Are on Offer?
This ambassador program focuses on financial rewards, making it a great incentive for influencers looking to build another lucrative income stream. As a verified seller, you can reward your followers by offering them $15 off their first purchase, but only when they use your invite to sign up to the platform.
Moreover, influencers will receive $25 for each new person who joins Whatnot through their exclusive link. In turn, this program offers benefits for both influencers and buyers, ensuring that each party feels like they’re gaining something from this relationship. Whatnot also provides an intuitive analytics dashboard, meaning that influencers can track their earnings all from the app’s desktop site.
How Do I Sign Up?
To become a Whatnot Ambassador, you must complete a simple application form. This document asks for a few personal details as well as a link to one of your active social media channels. Fortunately, this program only has a handful of eligibility requirements. Candidates must be aged 18 or over and must be based in the UK or the US.
If your application is approved, you will receive an email inviting you to join the ambassador onboarding process. Here, you will receive access to the brand guidelines and will be given some training materials in the Seller Academy. You’ll also be asked to join the Ambassador Slack Channel so that you can bond with other people in this community.
Benefits of Joining the Whatnot Ambassador Program
The introduction of the Whatnot Ambassador Program shows that even the most nuanced of brands are eager to work with influencers to boost their engagement and presence online. Plus, this is a fantastic resource for influencers who want to get rid of their old belongings, whilst still striving to build a community on social media. Content creators now have the chance to extend their content to a brand-new audience, whilst making some extra cash in the process. In addition, with the high-value incentives that this program offers to both influencers and their viewers, more people are likely to see Whatnot as an intriguing platform.
Even though Whatnot gives sellers the freedom to conduct their livestreams in a way that best suits them, this program still allows influencers to gain extra support when needed. Throughout this experience, ambassadors will be paired alongside a designated team member who will answer any of their concerns or questions. As such, this is very beneficial for those who are less familiar with livestreaming but still want to achieve the best results possible.
Though this program is more likely aimed toward up-and-coming content creators, it’s still useful for those who already have a large following. Since Whatnot is a relatively new app and is still gaining a lot of attention from investors and other brands, larger influencers can still use this program to tap into new audiences and demographics. Therefore, these content creators can now experiment with different content strategies and niches without disturbing their existing audience.
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The Whatnot Ambassador Program is just one example of how brands are now looking toward influencers to help them extend their messages. As people continue to buy and sell products online, a lot of us will be wondering how influencers will boost this process next. Not to mention, Whatnot also encourages influencers to increase their income, ensuring that they can revel in a keen sense of financial security.
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Courtesy : https://www.netinfluencer.com/whatnot-brand-ambassador-program/