Qurate Expanding Efforts To Reach Consumers On Social Media
Qurate Retail Group is implementing a new strategy that looks to build off its legacy in television while also expanding into a live social shopping company.
As part of the new effort, the company is changing its name to QVC Group and is looking to achieve more than $1.5 billion in run-rate revenue from streaming and social within three years.
The decision comes as Qurate Retail Group nears the end of its multiyear Project Athens initiative, which company officials said has improved its business by driving growth in profitability. Company officials said Project Athens has instilled operational rigor, engaged customers, and fine-tuned brand and merchandising expertise.
"Through our new growth strategy, we will purposefully intensify our already successful efforts in social and streaming to reach fast-growing audiences," said David Rawlinson II, president and CEO of Qurate Retail. "Our winning edge lies in our differentiated live content production, fit-for-purpose retail model, and holistic content distribution."
He added, "Live social shopping is a natural evolution for us. We have always been live on television, and our programming has always had this deep human and social component. Our customers are spending dramatically more time on social media, and that is increasingly where they are finding inspiration and shopping."
QVC Group will organize around three priorities with its live social shopping efforts:
- Wherever She Shops: Drive live shopping content to everywhere its female customer spends her time
- Inspiring People and Products: Create the world's leading live social shopping content engine, inspiring human connection with incredible finds
- New Ways of Working: Lean into technology and continuous improvement to fund expansion onto new platforms and into new audiences
On social, QVC Group will extend its sales, content, and celebrity expertise to social-first formats with the most popular platforms among its core audience. The company will develop a platform-tailored approach for social, leveraging creator affiliate storefronts, live streams, organic media, paid media, and more.
On streaming, QVC Group will continue to amplify its QVC+ and HSN+ streaming platform and develop streaming commerce propositions for non-owned audiences on channels like YouTube TV, Sling, Roku, Hulu, Netflix, and others.
