What is Tophatter? Tophatter Review

Tophatter is a mobile e-commerce platform originated in Silicon Valley, USA. It is also an online auction house in the United States and the most interesting lifestyle store in the world. The novel and exciting SFB traffic bidding model is highly praised by European and American consumers. The immersive treasure hunting experience makes people never know what surprises will come next. Global consumers can break through the limitations of time and space and bid in real time on the platform, with high participation and high conversion, creating participation and sales speed higher than the average level of the e-commerce industry.

About Tophatter

Tophatter Inc. was founded in Silicon Valley, USA, by two founders, Ashvin Kumar (CEO) and Chris Estreich (CTO), who graduated from Stanford University. It is a newly emerging e-commerce platform focusing on mobile auction shopping. The company has received more than 35 million US dollars in investment from many well-known investment companies, including Goodwater Capital, CRV, and August Capital. The company has offices in San Francisco, Shanghai, and Shenzhen, currently has 150 employees, and is still actively expanding. The interesting fast auction model and accurate data algorithm system bring buyers a unique exploratory shopping experience, high participation, high conversion, and a successful sales rate of 85%. It has more than 25 million loyal consumers in 14 countries around the world, and the growth rate has exceeded 100% for four consecutive years.

The fashion + brands sold on Tophatter are guaranteed to be authentic. If the buyer believes that the product is not authentic, the website will ask the seller to provide proof of authenticity. If the seller cannot prove the product, the website will refund the full amount. If the buyer encounters a problem during the purchase and cannot communicate with the seller directly to resolve it, the buyer can report it in the website solution center, and the website will help mediate and resolve it.

Tophatter adopts the SFB traffic auction model, quickly issues orders in 90 seconds, has an 85% success rate, and sells 150,000 orders per day on average. It currently has 25 million loyal consumers in 14 countries, with a growth rate of more than 100% for four consecutive years. In 2019, the platform began to try to promote the development of the Buy Now fixed-price model to increase product richness, increase sellers' order channels, and reduce costs. Tophatter was founded by Ashvin Kumar (CEO) and Chris Estreich (CTO), with more than 70 employees in San Francisco and Shanghai.

Market Overview

The average order is $15-25, and some home and electronic products can cost $30-80;

Categories: Home, electronics, shoes and clothing, beauty, accessories, jewelry, mother and baby, etc.;

User profile: Age range 30-55, approximately 55% female, 45% male, and they like shopping at Walmart or on TV.

Value-added Services

1. In 2019, the platform began to try to promote the development of the Buy Now fixed-price model to increase product richness, increase seller order channels, and reduce costs;

2. ERP connection

Mabang, Dian Xiaomi (product, order docking), Yicang, Puyuan, Tongtu, Saihe, Mango Store Manager (order docking), and proprietary ERP docking support.

3. Logistics requirements

The latest delivery time is 5 days, the website is available within 2 days, and the delivery time is 14 to 20 days. The timeliness requirements may fluctuate according to the peak and off-peak seasons. Orders in the United States must have full tracking information, and other regions can use logistics service providers approved by the platform.

Advantages

On Tophatter, the distance between new and old sellers, small and large sellers is no longer so far. The SFB traffic bidding model allows sellers to:

Adjust the starting price, shipping fee and SFB bid at any time to match the operation strategy;

Multiple duplicate listings can be tested at will;

Rapidly place orders and analyze target buyers and market prices;

Peak season support, new sellers’ commission is as low as 9%, and registration enjoys a $25 advertising subsidy;

Apply on the same day, sell on the same day, review simultaneously, and no worries about payment.

This model allows Tophatter sellers to quickly process inventory and test products, greatly improving sellers' operational efficiency.

Entry conditions

1. Have a business license. Individual applications are not accepted.

2. Have experience in e-commerce and have some understanding of advertising traffic and bidding models.

3. List at least one SKU.

4. Dedicated personnel to operate the platform.

Settlement process

1. Click the application link, submit the information, and receive the exclusive entry link within 1-2 working days;

2. Log in to the registration link, fill in the account information, upload at least 1 product to the Auction campaign, and after confirming the sales terms, the platform will automatically select your products for display and sales. If the account is not completed within two weeks, it will be deemed inactive and cleared;

3. Bind your payment account and set a return address to make your sales worry-free.

Special Tips

1. After submitting your application, please check your registered email address in time. If you have not received any email, please check whether it is in your spam folder.

2. If we haven't contacted you for a long time, please contact Support: Go to HELP&SUPPORT - Contact US - Selling in the lower left corner of the background and leave a message for related questions.

3. Please log in from the official website.

Development History

-In 2012, the earliest version of Tophatter was launched, which was an auction website.

-In 2013, Tophatter launched the iOS version.

-In 2017, Tophatter doubled its annual transaction volume, with annual transaction volume exceeding US$320 million, an average monthly transaction volume of more than 3 million items, and the number of buyers exceeding 17 million. The product categories have also expanded from traditional clothing and jewelry to electronics, home furnishings, toys, gifts and other categories.

-In 2018, Tophatter will fully empower sellers to enhance their market competitiveness and profitability. The platform will also further optimize and refine the algorithm based on the Target Price submitted by sellers on the platform, helping sellers who are competitive in price and quality to grow rapidly and obtain higher sales and profits on the platform.

Frequently asked questions

Q: Can a company open multiple stores?

A: No, a company can only open one store, and the platform does not allow multiple accounts.

Q: What are the platform entry fees and commissions?

Answer: There is no annual fee or settlement fee. The settlement commission for new sellers during the peak season is as low as 9%.

Q: What categories can sellers apply for?

A: The platform implements general terms and conditions. After passing the review, all categories can be sold, including: electronics, jewelry, clothing, accessories, home furnishings, toys, etc. (Except for Fine Jewelery and Branded bags, which require relevant qualification certificates to apply to the account manager).

Q: What payment methods does the platform support?

A: Domestic sellers support two payment methods: Payoneer or WorldFirst. Please note: the payee must be the same as the legal person of the business license; the receiving bank must be a domestic bank.

Q: How long is the platform’s loan cycle?

A: For new sellers, it is 60 days (starting from the date of binding payment. The first loan release day after 60 days will be subject to all successful delivery payments during this period). After the first loan release, the seller level assessment will be conducted based on the account performance. The top sellers are assessed for 15 days, which means two loans per month.

Q: What are the logistics requirements of the platform?

A: The latest delivery time is 5 days, the product will be available online within 2 days, and the delivery time is 14 to 20 days. The delivery time may fluctuate according to the peak and off-peak seasons. Orders in the United States must have full tracking information, and other regions can use logistics service providers approved by the platform.

Q: What is the platform’s policy on counterfeit products?

A: If a new seller is found to have listed counterfeit products during the application process, the application will be rejected. Once the seller is found to have listed or sold counterfeit products after the sales authority is opened, the account will be frozen or even closed.

Q: How does the platform work?

A: The platform implements the SFB (Scheduling fees bidding) model.

Q: Are there any selling fees on Tophatter?

A: Yes, sellers selling on Tophatter need to pay:

1. Transaction fee: When the buyer pays for the order, the platform will charge the transaction fee.

2. Commission: Commission is charged based on the final sales price plus shipping costs. Commission is charged per piece at the time of payment.

3. Other deductions, including refund fees, shipping notes, shipping insurance, etc.