At the turn of the decade, live shopping became a multi-million-dollar thing over in China. It quickly took off, with charismatic sellers on social media and dedicated live shopping platforms shifting tonnes of goods. From collectors to bargain hunters, they’d open their phones, watch a live show, and buy in real time.
Forecast to become the next big step in eCommerce in the West, many early efforts and investments ended up falling flat. Even efforts from established sites like Amazon failed to stick. Social media sites bowed out after quick live shopping stints, and just a couple of years ago, the sector looked to have flopped.
Whatnot thought otherwise. Founded in 2019, the niche shopping platform slowly built up speed, giving people the chance to sell their products live online and create very engaging events. It subtly grew to command a huge user base, over one billion in sales, and now, the company’s valued at $20 billion.
Realizing the Potential of Live Shopping
In May 2016, Alibaba’s Taobao Live began to prove the concept of live shopping and its potency in the Chinese market. A colossus of retail in China, the hit sales event Singles’ Day generated $7.5 billion in just 30 minutes on just the one platform in 2020. It had skyrocketed, encouraging the forecast reports from McKinsey.
They showcased the potential of this selling format, how it works, and why, but the medium just didn’t pick up as quickly as it did in China. The Far East nation has a population that’s far more adept at new tech formats and those the population in generally more willing to embrace new tech as it comes – such as with the AI trend right now.
Even so, Whatnot saw the potential just as McKinsey did, and they hung in there as the platform gradually grew. In fairness, the style was a hit from the get-go, with them selling a horde of Funko collectibles from the office for hours until they had to call it a day. That was in 2020. By October 2025, they’d met a valuation of $11.5 billion.
In August this year, Whatnot enjoyed yet another major jump in valuation. With $545 million raised in funding, its new valuation climbed to $20 billion. With that, the live shopping market was said to be worth $22 billion, which Whatnot estimates is around 60 percent under its umbrella.
Following a Trend of Live Growth
It took a little longer than some expected, with a fair few casualties along the way, but the underlying growth in people turning to live streaming for entertainment looks to have helped more people make the switch from eCommerce to live commerce.
This is clearly showcased in the arrival and continued draw of online live bingo. With a set schedule and a 90-minute main event on set nights, live bingo delivers the character and cheekiness of the classic game that regular online bingo can’t deliver. So, players get the best of both worlds – a fun host and convenient bingo play.
Of course, the spearhead of this movement is largely credited as Twitch, followed by fellow video platforms looking to catch up, like YouTube. At the time of writing, Twitch commanded over 2.7 million live viewers and a 2.2 million seven-day average. It’s a vast audience of people who continue to turn to live streams as their top option.
After a longer wait than expected, live shopping looks to be going mainstream, and the patience and steady growth of Whatnot looks primed to put the platform at this new forefront of online shopping.