Qurate Retail Positioned to Lead in Video Commerce, ‘vCommerce’ is the Future of Human Retail
November 18, 2021: As consumer interest grows in livestream video shopping experiences, opportunities for retailers are expanding rapidly. Over the next three years, for example, U.S. livestreaming ecommerce sales are expected to triple1, while U.S. social commerce sales are expected to almost double2.
Qurate Retail is well-positioned to lead this video commerce – or “vCommerce” – space, which includes video-driven shopping across linear TV, ecommerce sites, digital streaming, and social platforms. QVC and HSN pioneered vCommerce on linear TV and have leveraged our strong base there to create an advantaged vCommerce ecosystem across newer digital platforms and devices as well.
Our focus now is to accelerate our digital transformation and continue to capture share of the fast-growing opportunities in livestreaming and social commerce, said David Rawlinson II, President and CEO, Qurate Retail, Inc. David and other Qurate Retail leaders shared perspectives on the company’s growth opportunities earlier today at the 2021 Qurate Retail, Inc., Virtual Investor Meeting.
As other retailers and technology companies try to master vCommerce, they face an important challenge, David said: QVC and HSN have already defined – and refined – the essentials for success in this category. These essentials include the following:
- Authentic shopping experiences across vCommerce platforms
- Storytelling through hosts, influencers and entrepreneurs that both engages and sells
- Capability to offer established brands, and experience building home-grown multimillion-dollar exclusive and proprietary brands
- Agility to shift product mix in real-time to meet consumer needs and trends
- Ability to attract, retain and convert new customers to best customers
- Multiple payment options: QVC and HSN are the original “buy-now-pay-later” firms
“We have the authority to win in vCommerce, where live and live-like video content is a critical factor in driving engagement and purchasing,” David said. “QVC and HSN are the original marriage of shopping and entertainment, with a large, loyal base of passionate customers. We have a durable, profitable foundation in linear TV, and our digital reach is starting to replicate our linear reach.”
Over the past year, QVC and HSN shoppers viewed more than 60 billion minutes of vCommerce content on our U.S. broadcast channels alone. Worldwide, QVC and HSN generate over $11 billion in annual revenue and have over 16 million customers.
David highlighted QVC and HSN’s innovative streaming app, our most robust vCommerce experience, which features six linear channels with dozens of live hours per day, an extensive catalog of video on-demand, and original programming designed specifically for streaming.
Brian Beitler, Chief Marketing Officer of QVC US and HSN, described core attributes that make our vCommerce experiences compelling, including a consistent flow of inspiring ideas and products; live connections with real people; the convenience of joining us from virtually anywhere; and others.
“It’s not only our customers who value these attributes,” Brian added. “We see the market opportunity as much larger, when you consider the number of consumers who share the attitudes, values and demographics of our current customer base. In fact, including our 11 million customers, we see the opportunity as at least 50 million consumers.”
Jeff Davis, Chief Financial Officer of Qurate Retail Group, noted that Qurate Retail also has significant global scale across its seven brands in product sourcing and distribution, among other areas. “Our 19 fulfillment centers deliver more than 300 million units a year to 24 million customers across 3 continents,” he said. “Our global sourcing team sources exclusive and proprietary product from 35 different countries.
“We are poised to accelerate and grow shareholder value,” Jeff added. “We are a global media powerhouse, reaching more than 200 million homes through our broadcasts and millions more on our digital platforms, delivering nearly 90 hours a day of live enriching and engaging video content to inspire our loyal customer base.”
In summary, Qurate Retail has assembled a unique set of brands and assets that are distinctive and powerful in today’s evolving retail landscape. We have the scale and expertise to lead in vCommerce by expanding faster on digital platforms and inviting more customers into our highly engaged shopping community.
A webcast of the 2021 Qurate Retail, Inc., Virtual Investor Meeting will be available on the Qurate Retail IR Calendar under the News & Events tab on qurateretail.com.
1) Coresight Research as published in retailtouchpoints.com, October 6, 2021.
2) eMarketer, May 2021.