Selling on Whatnot

Introduction

• Topic: Selling on Whatnot
• Reason for Discussion: As a reseller, the challenge is sourcing vs. listing. Whatnot offers a solution for quick sales without extensive listing.

About Whatnot

• Platform: Live auction platform
• Usage: Watch auctions, possibly shop and try out selling

Personal Experience

• Past Attempt: Tried Whatnot 3 years ago with limited success
• Current Situation: Settled in a house, renewed effort in selling
• Objective: Find balance between sourcing and selling without heavy listing

Strategy

• Sourcing: Goodwill bins, focusing on:
  • High-value items for platforms like eBay, Poshmark, Mercari
  • Lower-value items for quick sales on Whatnot
• Time Investment: 5-10 hours sourcing per week
• Objective: Quick flips on Whatnot, maintain minimal inventory

Show Structure and Results

• Show Frequency: Twice a week
• Show Elements: Sales, giveaways, promotions
• Performance Tracking: Spreadsheet to monitor sales, expenses, and profits
  • Columns: Date, items sold, total sales, giveaways, fees, profits

Challenges and Learnings

• Initial Losses: Shows with low attendance and sales
• Promotions and Giveaways: Necessary for attracting and retaining viewers
• Consistency: Key for building a presence and following

Profits and Growth

• Profit Margins: Aim for at least 35% profit
• Show Highlights:
  • Some shows resulted in losses
  • Gradual improvement as following grows

Future Plans

• Scheduled Shows: Continue with two shows weekly, optimal timing at 9 p.m.
• Promotional Tactics: Balance between promotional spend and giveaways

Tools and Integration

• Vendoo: Reselling tool with Whatnot integration for cross-listing

Conclusion

• Goal: Increase Whatnot profitability while maintaining the ability to source effectively
• Long-term Potential: Whatnot requires time to build a profitable sales model

Recommendations

• For New Sellers: Consider applying to sell on Whatnot, even if not ready immediately
• Feedback: Open to insights and suggestions from the community