What is Tophatter? Tophatter Review

history

Tophatter was originally a failed online shopping sharing website called Blippy. Later, the founding team of Blippy made a comeback and founded Tophatter, an online auction website.

introduce

In terms of team, Tophatter’s founders are Ashvin Kumar (CEO) and Chris Estreich (CTO), with a total of more than 70 employees in San Francisco and Shanghai.

In terms of fees, Tophatter mainly charges two parts. The first part is the commission after the transaction, which is about 10%, depending on the category. The second part is the scheduling fee, which is used to appear on the auction page. The third part is the collection fee, which is charged according to a unified standard.

In terms of logistics timeliness, sellers are required to ensure that shipment is completed within 2 working days after the buyer pays and upload the order. All products to the United States must use EUB or better logistics methods, with full tracking and delivery within 7-14 days.

Entry conditions

1. Categories that can be applied for sales (Asia)

As a rapidly growing platform, Tophatter is full of opportunities in every category! The most popular and fastest growing categories include electronics, clothing, beauty, home furnishings, accessories, and jewelry.

2. Product sales requirements

(1) All listed products are required to set a starting price of $1;

(2) Stable and reliable logistics and delivery: Packages sent to the United States must use a logistics method that is fully tracked and quickly delivered (such as EUB)

Settlement process

1. Enter the platform cn.tophatter.com and click sell in the upper right corner

For Asian suppliers, you need to select Apply To Sell In volume (which is also one of the requirements for Asian suppliers), and the review speed will be faster;

2. Fill in the business information references of other platforms required by Tophatter

For example, if you are applying for clothing categories, it is strongly recommended that you provide 1-2 store links on other platforms that mainly sell clothing categories. This will help you pass the product review faster.

3. Fill in the information and submit the seller application

Before submitting the seller application, there is a last column which asks you how you learned about Tophatter. You can choose a trade show.

4. If the application has not been approved after submission, it will not affect the creation of the product

When creating a product, the platform will ask you to bind a Payoneer.

5. After completing the above steps, Tophatter will generally make the first contact within 3 working days.

algorithm

Tophatter has a dynamic automatic product selection algorithm system. Using this system, Tophatter's backend will accumulate data and learn independently based on consumers' browsing and behavior. After conducting potential analysis, it predicts the products that consumers may buy, and then accurately pushes different products to different customers.

develop

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.

Financing

In 2010, Tophatter (Blippy) raised $3.5 million from August Capital.

In May 2017, Tophatter received US$21 million in Series B financing, led by Saar Gur, CRV, August and Goodwater Capital.