Qurate Retail, Inc. (QRTEA): Business Model Canvas

Qurate Retail, Inc. (QRTEA) repräsentiert einen revolutionären Ansatz für den modernen Einzelhandel und verbindet modernste Technologie mit immersiven Einkaufserlebnissen, die über die Grenzen des traditionellen E-Commerce hinausgehen. Durch die nahtlose Integration von TV-Shopping-Netzwerken, digitalen Plattformen und interaktiven Medien hat das Unternehmen ein einzigartiges Geschäftsmodell entwickelt, das die Art und Weise verändert, wie Verbraucher Produkte über mehrere Kanäle hinweg entdecken, mit ihnen interagieren und sie kaufen. Von Live-Übertragungen bis hin zu personalisierten digitalen Interaktionen verbindet die innovative Strategie von Qurate verschiedene Kundensegmente und bietet ein unterhaltungsorientiertes Einkaufserlebnis, das weit über herkömmliche Einzelhandelsansätze hinausgeht.

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Wichtige Partnerschaften

QVC- und HSN-Fusionsintegration

Im Jahr 2018 schloss die Qurate Retail Group die Fusion von QVC und HSN für 2,1 Milliarden US-Dollar ab und schuf so eine integrierte Einzelhandelsplattform mit einem kombinierten Jahresumsatz von etwa 14,5 Milliarden US-Dollar ab 2022.

Einzelheiten zur Partnerschaft	Finanzielle Auswirkungen	Jahr
QVC-HSN-Fusion	Transaktionswert von 2,1 Milliarden US-Dollar	2018
Kombinierter Jahresumsatz	14,5 Milliarden US-Dollar	2022

Technologiepartnerschafts-Ökosystem

Qurate Retail unterhält strategische Technologiepartnerschaften mit mehreren E-Commerce-Plattformen:

• Amazon Marketplace-Integration
• Roku-Streaming-Plattform
• Facebook/Instagram-Shopping-Kanäle

Content Creator- und Influencer-Partnerschaften

Partnerschaftstyp	Geschätzte Reichweite	Engagement-Kennzahlen
Social-Media-Influencer	Über 500.000 Follower pro Partnerschaft	Durchschnittliche Engagement-Rate von 3,5 %

Logistik- und Versandanbieter

Zu den wichtigsten Logistikpartnerschaften gehören:

• UPS: Hauptversandpartner, der 65 % der Auftragsabwicklung übernimmt
• FedEx: Zusätzlicher Versandanbieter
• USPS: Unterstützung bei der Zustellung auf der letzten Meile

Lieferanten-Fertigungsbeziehungen

Produktkategorie	Anzahl der Anbieter	Jährlicher Beschaffungswert
Elektronik	87 Anbieter	620 Millionen Dollar
Haushaltswaren	129 Anbieter	475 Millionen Dollar
Mode	203 Anbieter	350 Millionen Dollar

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Hauptaktivitäten

Mehrkanal-Retail-Rundfunk und digitaler Handel

Im dritten Quartal 2023 erwirtschaftete Qurate Retail einen Umsatz von 1,98 Milliarden US-Dollar mit Multi-Channel-Einzelhandelsplattformen. Der digitale Handel machte 45,2 % des Gesamtumsatzes aus und belief sich auf rund 894 Millionen US-Dollar.

Kanal	Umsatz (Mio. USD)	Prozentsatz
QVC	1,125	56.8%
HSN	542	27.4%
Digitale Plattformen	313	15.8%

Produktkuration und Merchandising

Im Jahr 2023 kuratierte Qurate Retail etwa 15.000 einzigartige Produkt-SKUs auf seinen Plattformen, mit einer durchschnittlichen Aktualisierungsrate der Produktauswahl von 62 % pro Quartal.

• Durchschnittliche Produktmarge: 38,5 %
• Einzigartige Lieferantenpartnerschaften: 2.300
• Produktkategorien: 22 verschiedene Segmente

Live-Shopping-Erlebnisse und interaktives Verkaufen

Live-Shopping-Segmente erwirtschafteten im Jahr 2023 672 Millionen US-Dollar, was 33,9 % des Gesamtumsatzes entspricht.

Metrisch	Wert
Durchschnittliche Live-Show-Dauer	2,3 Stunden
Monatliche Live-Shopping-Events	1,245
Durchschnittliches Zuschauerengagement	127.000 pro Veranstaltung

Digitales Marketing und Kundenbindung

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf 214 Millionen US-Dollar, was 10,8 % des Gesamtumsatzes entspricht.

• Social-Media-Follower: 4,2 Millionen
• E-Mail-Marketingliste: 8,7 Millionen Abonnenten
• Kundenbindungsrate: 62,3 %

Bestandsverwaltung und Supply-Chain-Optimierung

Die Lagerumschlagsquote lag im Jahr 2023 bei 3,7, mit einem Gesamtbestandswert von 876 Millionen US-Dollar.

Lieferkettenmetrik	Wert
Lagerhäuser	12 Vertriebszentren
Durchschnittliche Lagerhaltedauer	98 Tage
Logistikkosten	312 Millionen Dollar

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Medien- und Rundfunkinfrastruktur

Ab dem vierten Quartal 2023 betreibt Qurate Retail vier Fernsehsender auf mehreren Plattformen, darunter QVC, HSN und andere Spezialkanäle.

Medienplattform	Broadcast-Reichweite	Jährliche Zuschauerzahl
QVC-Netzwerk	86 Millionen Haushalte	Ungefähr 200 Millionen Zuschauer
HSN-Netzwerk	95 Millionen Haushalte	Ungefähr 180 Millionen Zuschauer

Starkes Markenportfolio

Das Markenportfolio von Qurate Retail umfasst:

• QVC
• HSN
• Zulily
• Cornerstone-Marken

Kundendatenbank und Treueprogramme

Ab 2023 behält Qurate Retail Folgendes bei:

• Über 22 Millionen aktive Kunden
• Der Customer Lifetime Value wird auf 1.200 US-Dollar pro Kunde geschätzt

Digitale Technologie- und E-Commerce-Plattformen

Digitale Plattform	Monatliche Website-Besucher	Mobile App-Downloads
QVC.com	15,3 Millionen	8,2 Millionen
HSN.com	12,7 Millionen	6,5 Millionen
Zulily.com	9,6 Millionen	5,1 Millionen

Erfahrene Management- und Vertriebsteams

Qurate Retail beschäftigt rund 7.800 Vollzeitmitarbeiter für seine verschiedenen Marken und Plattformen.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Amtszeit
Vertriebsmitarbeiter	3,200	6,5 Jahre
Digitales Marketing	1,100	4,3 Jahre
Management	450	9,2 Jahre

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Wertversprechen

Bequemes Einkaufserlebnis über mehrere Kanäle hinweg

Qurate Retail ist über mehrere Einkaufsplattformen tätig und erzielte im Jahr 2022 einen Gesamtumsatz von 11,3 Milliarden US-Dollar, darunter:

Kanal	Plattform	Jahresumsatz
Fernsehen einkaufen	QVC	6,7 Milliarden US-Dollar
E-Commerce	Online-Plattformen	4,2 Milliarden US-Dollar
Mobiles Einkaufen	Mobile Anwendungen	412 Millionen Dollar

Einzigartige Produktauswahl und exklusive Waren

Zu den exklusiven Produktangeboten gehören:

• Über 3.500 einzigartige Marken
• Über 18.000 Produkt-SKUs
• 25 % Eigenmarkenware

Personalisierte Empfehlungen und Kundenerlebnisse

Kundendatenanalyse treibt die Personalisierung voran:

• 7,2 Millionen aktive Kunden
• 3,6 Millionen Wiederholungskäufer
• Kundenbindungsrate: 62 %

Wettbewerbsfähige Preise und flexible Zahlungsoptionen

Details zur Preisstrategie:

Zahlungsmethode	Prozentsatz der Transaktionen
Kreditkarte	47%
Ratenzahlungen	29%
PayPal	14%

Unterhaltungsorientiertes Einkaufsmodell

Live-Präsentationsmetriken:

• Über 1.200 tägliche Live-Shopping-Stunden
• Durchschnittliche Zuschauerinteraktion: 37 Minuten
• Conversion-Rate: 8,6 %

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Kundenbeziehungen

Persönlicher Kundenservice

Qurate Retail betreibt mehrere Kundendienstkanäle mit spezifischen Kennzahlen:

• Das Kundendienstteam von QVC wickelt jährlich etwa 18,5 Millionen Kundeninteraktionen ab
• Durchschnittliche Reaktionszeit des Kundenservice: 2,3 Minuten auf allen digitalen Plattformen
• Kundenzufriedenheitsbewertung: 87,6 % über alle Servicekanäle

Servicekanal	Jährliches Kontaktvolumen	Auflösungsrate
Telefonsupport	8,2 Millionen Kontakte	92.4%
Online-Chat	5,7 Millionen Kontakte	89.3%
E-Mail-Support	4,6 Millionen Kontakte	85.6%

Interaktive Live-Shopping-Erlebnisse

Leistung der Live-Shopping-Plattform:

• Durchschnittliche gleichzeitige Zuschauer: 125.000 pro Live-Shopping-Event
• Conversion-Rate für Live-Shopping: 14,3 %
• Gesamtumsatz mit Live-Shopping: 487,6 Millionen US-Dollar im Jahr 2023

Treue- und Prämienprogramme

Statistiken zum Treueprogramm:

Programmmetrik	Wert
Total Loyalty-Mitglieder	7,2 Millionen
Wiederholungskaufrate	63.5%
Durchschnittliche jährliche Mitgliederausgaben	$624

Social-Media-Engagement

Leistung der Social-Media-Plattform:

• Gesamtzahl der Social-Media-Follower: 4,3 Millionen
• Durchschnittliche Engagement-Rate: 3,7 %
• Durch soziale Medien getriebener Umsatz: 156,2 Millionen US-Dollar im Jahr 2023

Community-gesteuerte Einkaufsplattformen

Kennzahlen der Community-Plattform:

Community-Funktion	Benutzerbeteiligung	Conversion-Auswirkungen
Produktbewertungen	1,9 Millionen aktive Mitwirkende	+22 % Conversion-Rate
Benutzerempfehlungen	680.000 aktive Teilnehmer	+17 % Kaufwahrscheinlichkeit

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Kanäle

Fernseh-Shopping-Netzwerke

QVC und HSN (im Jahr 2017 übernommen) stellen die wichtigsten TV-Shopping-Kanäle für Qurate Retail, Inc. dar.

Kanal	Jährliche Zuschauer	Umsatzbeitrag
QVC USA	8,4 Millionen	3,2 Milliarden US-Dollar
QVC International	5,6 Millionen	2,1 Milliarden US-Dollar
HSN	3,2 Millionen	1,5 Milliarden US-Dollar

E-Commerce-Websites

Qurate Retail betreibt mehrere Online-Plattformen verschiedener Marken.

• QVC.com: 12,3 Millionen einzelne monatliche Besucher
• HSN.com: 7,2 Millionen einzelne monatliche Besucher
• Zulily.com: 6,5 Millionen einzelne monatliche Besucher

Mobile Anwendungen

App	Monatlich aktive Benutzer	Durchschnittlicher Bestellwert
QVC Mobile-App	4,1 Millionen	$85
HSN Mobile App	2,3 Millionen	$72
Zulily Mobile App	3,6 Millionen	$65

Social-Media-Plattformen

• Facebook-Follower: 5,2 Millionen
• Instagram-Follower: 3,7 Millionen
• Twitter-Follower: 1,9 Millionen
• Pinterest-Follower: 2,4 Millionen

Direktmarketing und E-Mail-Kampagnen

Qurate Retail verfolgt eine solide Direktmarketingstrategie.

Marketingkanal	Datenbankgröße	Conversion-Rate
E-Mail-Abonnenten	22,5 Millionen	3.6%
Empfänger von Direktmailings	15,3 Millionen	2.9%

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Kundensegmente

Verbraucherinnen mittleren Alters und älter

Im vierten Quartal 2023 besteht die Kerndemografie von Qurate Retail aus Frauen im Alter von 35 bis 65 Jahren, die etwa 68 % ihres Kundenstamms ausmachen. Durchschnittliche jährliche Ausgaben pro Kunde in diesem Segment: 487 $.

Altersgruppe	Prozentsatz des Kundenstamms	Durchschnittliche jährliche Ausgaben
35-45 Jahre	24%	$412
46-55 Jahre	27%	$521
56-65 Jahre	17%	$563

Home-Shopping-Enthusiasten

Das Home-Shopping-Segment macht 42 % des Gesamtumsatzes aus, mit 3,2 Millionen aktiven Kunden im Jahr 2023.

• Die QVC-Plattform generiert einen Jahresumsatz von 3,1 Milliarden US-Dollar
• Durchschnittlicher Bestellwert: 89 $
• Wiederholungskaufrate: 47 %

Digitalaffine Online-Käufer

Der Umsatz über digitale Kanäle erreichte im Jahr 2023 2,8 Milliarden US-Dollar, was 36 % des Gesamtumsatzes des Unternehmens entspricht.

Digitaler Kanal	Einnahmen	Benutzerwachstum
Mobile App	1,2 Milliarden US-Dollar	18 % im Jahresvergleich
Website	1,6 Milliarden US-Dollar	12 % im Jahresvergleich

Wertbewusste Käufer

Preissensible Kunden machen 55 % des Kundenstamms von Qurate aus, mit einem durchschnittlichen Transaktionswert von 67 US-Dollar.

• Rabatthäufigkeit: 42 % der Produktangebote
• Durchschnittlicher Rabatt: 33 %
• Mitgliedschaft im Treueprogramm: 2,1 Millionen Kunden

Nischenproduktsammler und Suchende nach Spezialartikeln

Spezialproduktsegmente erwirtschaften einen Jahresumsatz von 987 Millionen US-Dollar, wobei 22 % der Kunden sich als Sammler identifizieren.

Produktkategorie	Jahresumsatz	Prozentsatz des Kundensegments
Sammlerstücke für die Inneneinrichtung	312 Millionen Dollar	8%
Mode Vintage	275 Millionen Dollar	7%
Elektronik in limitierter Auflage	400 Millionen Dollar	7%

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion und Ausstrahlung von Inhalten

Im vierten Quartal 2023 beliefen sich die Kosten für die Content-Produktion von Qurate Retail auf 238,7 Millionen US-Dollar. Das Unternehmen betreibt mehrere TV-Shopping-Kanäle, darunter QVC und HSN, die erhebliche Investitionen in Studio, Talent und Produktionsinfrastruktur erfordern.

Ausgabenkategorie	Jährliche Kosten (2023)
Studioproduktion	127,3 Millionen US-Dollar
On-Air-Talent	68,5 Millionen US-Dollar
Rundfunkausrüstung	42,9 Millionen US-Dollar

Wartung von Technologie und digitalen Plattformen

Im Jahr 2023 investierte Qurate Retail 186,4 Millionen US-Dollar in die Technologieinfrastruktur und die Wartung der digitalen Plattform.

• Entwicklung einer E-Commerce-Plattform: 92,6 Millionen US-Dollar
• Investitionen in Cybersicherheit: 34,2 Millionen US-Dollar
• Cloud-Computing-Infrastruktur: 59,6 Millionen US-Dollar

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 412,5 Millionen US-Dollar, was 8,3 % des Gesamtumsatzes entspricht.

Marketingkanal	Ausgaben
Digitales Marketing	187,3 Millionen US-Dollar
Fernsehwerbung	156,9 Millionen US-Dollar
Direktmailing-Kampagnen	68,3 Millionen US-Dollar

Bestandsverwaltung und Lagerhaltung

Die bestandsbezogenen Ausgaben von Qurate Retail beliefen sich im Jahr 2023 auf 743,6 Millionen US-Dollar.

• Lagerbetrieb: 312,5 Millionen US-Dollar
• Bestandsbeschaffung: 276,8 Millionen US-Dollar
• Bestandstechnologiesysteme: 154,3 Millionen US-Dollar

Logistik- und Versandkosten

Die gesamten Logistik- und Versandkosten für 2023 beliefen sich auf 521,9 Millionen US-Dollar.

Versandkategorie	Jährliche Kosten
Paketversand	287,4 Millionen US-Dollar
Lagertransport	134,6 Millionen US-Dollar
Internationaler Versand	99,9 Millionen US-Dollar

Qurate Retail, Inc. (QRTEA) – Geschäftsmodell: Einnahmequellen

Produktverkäufe durch TV-Shopping

Im Geschäftsjahr 2022 erwirtschaftete das QVC-Segment von Qurate Retail einen Umsatz von 8,4 Milliarden US-Dollar mit TV-Shopping-Plattformen.

Online-E-Commerce-Transaktionen

Der digitale Handelsumsatz von Qurate Retail erreichte im Jahr 2022 3,6 Milliarden US-Dollar, was 35,7 % des gesamten Segmentumsatzes entspricht.

Kanal	Umsatz ($B)	Prozentsatz
QVC US Online	2.1	25.0%
HSN Online	1.5	17.9%

Käufe mobiler Apps

Mobile Transaktionen machten im Jahr 2022 22 % des gesamten digitalen Umsatzes aus und erwirtschafteten etwa 792 Millionen US-Dollar.

Abonnement- und Mitgliedschaftsdienste

• Abonnenten des QVC+-Streamingdienstes: 250.000
• Durchschnittlicher jährlicher Abonnementumsatz: 59,99 $ pro Benutzer
• Gesamtertrag aus Abonnements: Geschätzte 15 Millionen US-Dollar

Einnahmen aus Werbung und Partnerschaften

Die Einnahmen aus Drittwerbung und Markenpartnerschaften beliefen sich im Jahr 2022 auf insgesamt 124 Millionen US-Dollar.

Partnerschaftstyp	Umsatz (Mio. USD)
Markenkooperationen	87
Digitale Werbung	37

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Qurate Retail, Inc. over other options right now, grounded in their late 2025 operational reality. It's about blending entertainment with commerce, a concept they call vCommerce (video commerce).

Shoppable entertainment with live host-viewer interaction

The value here is the real-time connection. Qurate Retail, Inc. is doubling down on its evolution to a live social shopping company. This interaction is what separates them from static e-commerce. While the company is navigating revenue headwinds, with total revenue decreasing by 6% in Q3 2025 compared to the previous year, the focus remains on this differentiated content delivery. The strategic pivot targets over $1.5 billion run-rate revenue from streaming and social within three years, showing where the interactive entertainment focus is driving investment.

Curated product discovery and exclusive finds

The offering is a curated selection across its six leading retail brands: QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road. This curation is supported by operational rigor, like the multiyear Project Athens initiative, which was expected to deliver over $500 million in adjusted OIBDA run-rate impact through the end of 2024. The company emphasizes fine-tuned brand and merchandising expertise as a core distinction.

Here's a look at how the main segments performed in Q3 2025:

Segment	Revenue Change (YoY)	Q3 2025 Revenue (Approximate)
QxH (QVC U.S. and HSN)	Decreased 7%	$1,416 million
QVC International	Decreased 1% (in US Dollars)	Not explicitly stated for Q3 2025
Cornerstone Brands	Decreased 8%	Not explicitly stated for Q3 2025

Multi-platform access: TV, web, mobile, and social

You get access through a vast, interconnected ecosystem. The retailer reaches more than 200 million homes worldwide via 15 television channels. This includes availability on cable/satellite TV, free over-the-air TV, and digital livestreaming TV. Millions more connect via the QVC+ and HSN+ streaming experience, websites, and mobile apps. Investment reflects this digital push; advertising expenses surged by 8.3% in Q2 2025 due to increased spending on social and streaming platforms. The digital growth is showing results, with social and streaming revenue showing over 30% growth in Q2 2025 compared to the prior year.

The multi-channel reach is extensive:

• 15 television channels globally.
• Availability on cable, satellite, and free over-the-air TV.
• Streaming platforms like QVC+ and HSN+.
• Websites, mobile apps, and social pages.

Trusted brand legacy built over decades of vCommerce

The foundation is trust built over decades in video commerce. This legacy is so central that the company is rebranding from Qurate Retail Group to QVC Group in Q1 2025 to double-down on the equity of its flagship brand. This trust is recognized externally; Qurate Retail Group was named to Newsweek's America's Most Responsible Companies 2025 list, ranking 28 out of 77 in the retail & consumer goods industry. The company is focused on maintaining this standing, having reduced Scope 1 and 2 emissions by 36% from a 2018 baseline.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Customer Relationships

You're looking at how Qurate Retail, Inc., now strategically pivoting to operate as QVC Group as of Q1 2025, manages the connection with its customer base in a shifting media landscape. The focus is heavily on translating its television heritage into digital, live, and social engagement.

High-touch, live interaction with hosts and guests

The core of the customer relationship strategy centers on live content, which Qurate Retail, Inc. views as its winning edge. The company is actively expanding this into a live social shopping model, targeting over $1.5 billion in run-rate revenue from streaming and social platforms within three years from its late 2024 announcement. This commitment to live interaction is quantified by the general trend that 1 in 5 social media users utilize live streaming capabilities. The company's Project Athens initiative, which concluded its run-rate impact projection at over $500 million in Adjusted OIBDA through the end of 2024, was explicitly designed to lean into engaged and loyal customers and compelling live shopping content.

Community building via social media engagement

The push toward social media is a direct response to where customers are spending time. For context on the audience Qurate Retail, Inc. is trying to reach, there are an estimated 5.42 billion total social media users worldwide in 2025. The company is intensifying efforts to reach fast-growing audiences on platforms like TikTok and Facebook. General retail engagement statistics show that 88% of Gen Z return to social platforms post-purchase to share experiences or connect with the brand. Furthermore, 94% of Gen Z and 85% of Millennials follow at least one brand on social media. The company's Q2 2025 advertising expenses surged by 8.3%, driven by increased spending on these social and streaming platforms, reflecting this relationship-building investment.

Dedicated customer service and flexible returns process

Maintaining high-touch service is crucial, especially as the company manages operational streamlining. In Q2 2025, Qurate Retail, Inc. recorded restructuring costs of $57 million across its segments, which includes efforts to streamline operations that support the customer experience. While Q3 2025 results noted some favorable returns, the overall retail environment shows the high cost of service failure; replacing just one agent costs an estimated $10,000 industry-wide. The focus on efficiency is clear: a 5% increase in customer retention is cheaper than acquisition. For context on service technology, 88% of contact centers use AI-powered solutions, but only 25% have successfully integrated automation into daily operations as of 2025.

Personalized marketing based on purchase history

Personalization is key to driving repeat business, a historical strength for the business. For the year ended December 31, 2023, 96% of QVC's worldwide shipped sales came from repeat and reactivated customers. The company's Q1 2025 WIN strategy specifically mentions aiming to enhance customer engagement. General consumer data for 2025 indicates that 78% of consumers said personalization made them more likely to repurchase from brands they have already shopped with. Furthermore, 44% of consumers explicitly want personalized rewards based on their previous purchase history. The digital focus is also evident: for the year ended December 31, 2023, 88% of new QxH customers made their first purchase through digital platforms.

Metric Category	Data Point	Value / Percentage	Source Period / Context
Live Commerce Goal	Target run-rate revenue from streaming and social	$1.5 billion+	Within three years (post-late 2024 strategy announcement)
Social Engagement (Gen Z)	Percentage returning to social platforms post-purchase	88%	General Retail Trend (2025)
Customer Retention	Percentage of QVC worldwide shipped sales from repeat/reactivated customers	96%	Year ended December 31, 2023
Personalization Impact	Consumers more likely to repurchase due to personalization	78%	General Consumer Data (2025)
Operational Cost	Estimated cost to replace one customer service agent	$10,000	General Industry Data (2025)
Digital First Purchase	New QxH customers making first purchase digitally	88%	Year ended December 31, 2023

• Advertising expenses surged by 8.3% in Q2 2025 due to social and streaming platform spending.
• Qurate Retail, Inc. reported restructuring costs of $57 million in Q1 2025.
• QVC International saw revenue decrease by 1% in Q3 2025 in US dollars.
• Qurate Retail's total revenue decreased by 6% year-over-year in Q3 2025.
• For the year ended December 31, 2023, QVC attracted approximately 2.7 million new customers.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Channels

You're looking at how Qurate Retail, Inc.-which officially became QVC Group, Inc. in February 2025-gets its products in front of shoppers across its various touchpoints. It's not just about the TV anymore; it's a multi-screen, live-commerce push. Honestly, the channel strategy reflects a company leaning hard into its video heritage while trying to capture the next wave of digital spending.

The core of the distribution remains the legacy television presence, but the investment is clearly shifting. For instance, advertising expenses surged by 8.3% in the second quarter of 2025, partly due to increased spending on those newer social and streaming platforms. Here's a quick look at the scale across these channels based on the latest available figures:

Channel Type	Metric	Latest Reported Figure
Linear TV	Number of Channels	15
Linear TV	Homes Reached (Worldwide)	Over 200 million homes
Streaming/Social (Goal)	Target Run-Rate Revenue (Streaming & Social)	$1.5 billion+ within three years (from Nov 2024 goal)
E-commerce (QxH Segment)	Net Revenue (Q3 2025, three months ended Sept 30)	$1,416 million
E-commerce (Total Consolidated)	Revenue (Q2 2025, three months ended June 30)	$2.23 billion

The linear television component is still massive, reaching over 200 million homes worldwide through its 15 television channels, which you can find on cable, satellite, over-the-air, and digital livestreaming TV like FAST services. This is the foundation they are building the 'vCommerce' (video commerce) strategy upon.

The proprietary streaming apps, QVC+ and HSN+, are central to the growth strategy, alongside developing propositions for non-owned platforms like YouTube TV, Roku, and Netflix. The combined goal for revenue generated from streaming and social channels is set at $1.5 billion+ run-rate within three years, a key part of the new strategy announced in late 2024.

E-commerce websites and mobile applications remain a critical delivery mechanism. For the QxH segment (QVC U.S. and HSN), net revenue for the three months ending September 30, 2025, was $1,416 million. Overall, the consolidated revenue for the second quarter of 2025 was $2.23 billion.

Social commerce channels are getting intensified focus, including leveraging platforms like TikTok Shop, where they saw significant follower growth. This area is bundled into that $1.5 billion+ revenue target with streaming.

Finally, the Cornerstone brands-Ballard Designs, Frontgate, Garnet Hill, and Grandin Road-still utilize print catalogs to reach customers. While the search results confirm the use of print catalogs to reach millions of customers, a specific circulation or revenue number tied only to the Cornerstone brands' print materials for 2025 wasn't explicitly detailed in the provided snippets.

• Linear TV reaches over 200 million homes via 15 channels.
• The company is actively developing streaming commerce on QVC+ and HSN+.
• Social media spending drove an 8.3% surge in advertising expenses in Q2 2025.
• The company is now officially trading as QVC Group, Inc. (QVCGA) as of February 2025.
• Cornerstone Brands' transformation strategy is being led by the newly appointed President, Tom Bazzone, as of November 12, 2025.

Finance: draft Q3 2025 cash flow projection incorporating Q3 revenue of $2.213 billion by next Tuesday.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Customer Segments

You're looking at the customer base for Qurate Retail, Inc. as of late 2025, which is a mix of deeply established, loyal shoppers and newer, digitally-engaged consumers. The company, now operating as QVC Group, serves distinct groups across its QVC/HSN (QxH), Cornerstone Brands, and International operations.

Core loyal, older vCommerce shoppers

This segment represents the foundation of the QVC and HSN business, characterized by long-term engagement with video commerce (vCommerce). While the most recent specific demographic data points to 2023, it shows the established profile. For the twelve months ended December 31, 2023, QxH had approximately 8.1 million customers. Within that group, approximately 36% of QxH customers were women aged between 35 and 64 based on internal data for that period. Older data suggested the average age of the core customer was in the low 60's.

New, younger, digitally-native social commerce users

Qurate Retail, Inc. is actively pivoting to capture younger audiences through its Growth Strategy, focusing on live social shopping. The company is making significant progress here; for Q2 2025, the social and streaming business was reported as nearing double-digit contributions as a percentage of total QxH revenue. The stated goal, announced in late 2024, is to achieve over $1.5 billion run-rate revenue from streaming and social within three years. New customers in the core base were noted as being slightly younger, in the 53 - 57 age range in a prior analysis.

Home and lifestyle enthusiasts (Cornerstone brands)

This segment is served by the Cornerstone Brands portfolio, which includes Ballard Designs, Frontgate, Garnet Hill, and Grandin Road. These brands cater to customers with a focus on home and lifestyle products. The financial performance for this group in mid-2025 reflected market softness in the home sector. Cornerstone revenue decreased by 8% in the second quarter of 2025 compared to the prior year period.

International markets (QVC International saw Q2 2025 revenue increase)

QVC International remains a distinct customer segment, showing resilience in the mid-2025 reporting period despite broader revenue declines elsewhere. For the three months ended June 30, 2025, QVC International reported a revenue increase of $17 million. This translated to a 3% increase in US Dollar revenue for QVC International in Q2 2025. In the same quarter, QVC International had net revenue of $593 million. For the full twelve months ending December 31, 2023, this segment accounted for approximately 4.0 million of the total consolidated customers.

Here's a quick look at the segment revenue performance for the three months ended June 30, 2025:

Segment	Revenue Change (US Dollars)	Revenue (USD Millions) Q2 2025
QVC International	+3% Increase	$593
QxH (QVC/HSN)	-11% Decrease	$1,391
Cornerstone	-8% Decrease	Data not explicitly isolated for Q2 2025 in millions

The consolidated revenue for Qurate Retail, Inc. for the three months ended June 30, 2025, was $2.23 billion.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Qurate Retail, Inc.'s operations as of late 2025. The cost structure is heavily weighted toward getting product to the customer and broadcasting the sales pitch.

High cost of goods sold (COGS) for inventory remains a primary drain. For the three months ended June 30, 2025, the consolidated Cost of Goods Sold was approximately $1.422 billion against consolidated net revenue of $2.236 billion for the quarter, translating to a COGS as a percentage of net revenue of about 63.59%. This high ratio is inherent to a business selling physical goods across multiple brands.

The company is actively managing its fixed and variable overheads. You see this in the restructuring efforts, which hit the bottom line hard in the first quarter. Restructuring costs totaled $57 million in Q1 2025. This was split across segments, with $36 million recorded at QxH and $21 million at QVC International as the company worked to streamline operations.

Content production and broadcast distribution are bundled within operating expenses, but the push toward digital channels is clearly reflected in marketing spend. Advertising expenses, a key component of content distribution costs, surged 8.3% in Q2 2025 specifically for digital platforms. This reflects the strategic shift to social and streaming, which is a necessary cost to capture audiences moving away from linear TV.

To give you a clearer picture of the scale of these costs in Q2 2025, here's how the major components break down, using the segment COGS data against the total segment revenue base:

Cost Component / Segment	Q2 2025 Absolute Value (Millions USD)	As % of Q2 2025 Segment Revenue
QxH Cost of Goods Sold	$900	64.70%
QVC International Cost of Goods Sold	$381	64.25%
CBI Cost of Goods Sold	$141	55.95%
Total Consolidated COGS (Approximate)	$1,422	63.59%

The broader operating costs show a mixed picture. For the three months ended June 30, 2025, Selling, General and Administrative expenses were $1.68 billion. Honestly, the management goal appears to be keeping the overall Operating Expenses stable as a percentage of net revenue, even while specific buckets shift dramatically, like the digital advertising increase.

Here are the key cost drivers and related financial context for the period:

• Q1 2025 Restructuring Costs: $57 million total.
• Q2 2025 Digital Advertising Spend: Increased by 8.3%.
• Q2 2025 SG&A Expense: $1.68 billion.
• Q2 2025 Consolidated Revenue Base: $2.236 billion.
• Q2 2025 QxH Segment Revenue: $1,391 million.
• Q2 2025 QVC International Segment Revenue: $593 million.

The company is definitely spending to pivot its content strategy, which means marketing and technology costs are key areas to watch within the operating expense line. The fact that SG&A was flat overall in Q2 2025, despite higher marketing costs, suggests they found savings elsewhere, like lower personnel costs. Finance: draft 13-week cash view by Friday.

Qurate Retail, Inc. (QRTEA) - Canvas Business Model: Revenue Streams

The revenue streams for Qurate Retail, Inc. are anchored in product sales across its vCommerce ecosystem, supplemented by ancillary fees and a strategic push into digital commerce channels.

• Product sales via vCommerce: $2.105 billion in Q1 2025 revenue.
• eCommerce revenue within Q1 2025 was $867 million, accounting for 63.4% of the total Q1 2025 revenue.
• Shipping and handling fees: Revenue from shipping was a component of the QxH segment, which saw a 7% revenue decline in Q3 2025 due to lower shipping revenue.
• Future run-rate revenue target of $1.5 billion+ from streaming and social, a goal set in late 2024 to be achieved within three years.
• Revenue from streaming and social was nearing double-digit contribution to total revenue in Q2 2025.

You should note the specific revenue figures from the most recent reported quarters to gauge the current mix:

Metric	Period Ending	Amount
Consolidated Revenue	Q1 2025 (March 31)	$2.105 billion
eCommerce Revenue (as % of Total)	Q1 2025 (March 31)	63.4%
Consolidated Revenue	Q2 2025 (June 30)	$2.23 billion
Social and Streaming Revenue Growth (YoY)	Q2 2025	Over 30%

The shift in focus is clear when looking at the digital channel performance versus the overall top line. For instance, Q2 2025 saw consolidated revenue drop by 7.1% year-over-year to $2.23 billion, but the social and streaming channels delivered growth exceeding 30% compared to Q2 2024. This digital acceleration is key to hitting that $1.5 billion+ target. Also, advertising expenses surged by 8.3% in Q2 2025, directly tied to increased spending on these social and streaming platforms.

Here's a quick look at the segment revenue context for Q1 2025, which feeds into the vCommerce total:

• QxH Revenue (Q1 2025): $1,368 million.
• QVC International Revenue (Q1 2025): $537 million.
• Cornerstone Revenue (Q1 2025): $200 million.

Finance: draft 13-week cash view by Friday.