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

In der dynamischen Welt des modernen Einzelhandels zeichnet sich Qurate Retail, Inc. (QRTEB) durch ein revolutionäres Geschäftsmodell aus, das Unterhaltung, Technologie und Handel nahtlos miteinander verbindet. Durch die Transformation traditioneller Einkaufserlebnisse durch innovative Multichannel-Strategien hat das Unternehmen ein einzigartiges Ökosystem geschaffen, das Verbraucher mit kuratierten Produkten über Fernsehen, Online und mobile Plattformen verbindet. Mit einer leistungsstarken Kombination aus Live-Übertragung, personalisierten Empfehlungen und interaktivem Engagement hat Qurate Retail die Art und Weise neu definiert, wie Millionen von Kunden im digitalen Zeitalter Produkte entdecken, mit ihnen interagieren und kaufen.

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

Strategische Fusion von QVC und HSN

Im Jahr 2017 schloss die Qurate Retail Group die 2,1 Milliarden US-Dollar teure Fusion von QVC und HSN ab und schuf so eine integrierte Einzelhandelsplattform mit einem kombinierten Jahresumsatz von etwa 14,5 Milliarden US-Dollar ab 2022.

Partner	Einzelheiten zur Partnerschaft	Jährlicher Wert
HSN	Zusammengeführte Einzelhandelsplattform	14,5 Milliarden US-Dollar

Technologiepartner

Qurate Retail arbeitet mit führenden Technologieanbietern zusammen, um die digitale Infrastruktur und die betrieblichen Fähigkeiten zu verbessern.

• IBM: Cloud-Computing- und Unternehmenstechnologielösungen
• Salesforce: Plattformen für das Kundenbeziehungsmanagement
• SAP: Enterprise-Resource-Planning-Systeme

Content- und Markenpartnerschaften

Qurate Retail unterhält strategische Partnerschaften in mehreren Einzelhandelskategorien.

Kategorie	Anzahl der Markenpartner	Geschätzter Partnerschaftswert
Mode	Über 350 Marken	1,2 Milliarden US-Dollar
Haushaltswaren	Über 250 Marken	850 Millionen Dollar
Elektronik	Über 150 Marken	650 Millionen Dollar

E-Commerce und Zahlungsnetzwerke

Qurate Retail lässt sich in mehrere E-Commerce- und Zahlungsabwicklungsplattformen integrieren.

• PayPal: Digitale Zahlungsabwicklung
• Visa/Mastercard: Kreditkartentransaktionen
• Amazon Pay: Alternative Zahlungsmethode

Logistik- und Versandpartner

Wichtige Versand- und Logistikpartnerschaften unterstützen das Vertriebsnetz von Qurate Retail.

Partner	Jährliches Versandvolumen	Dauer der Partnerschaft
UPS	45 Millionen Pakete	15+ Jahre
FedEx	38 Millionen Pakete	12+ Jahre

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

Multichannel-Einzelhandelsrundfunk und E-Commerce-Betrieb

Qurate Retail betreibt mehrere Einzelhandelsplattformen mit spezifischer Umsatzaufschlüsselung:

Plattform	Umsatz 2023	Prozentsatz
QVC	3,92 Milliarden US-Dollar	42.3%
HSN	1,65 Milliarden US-Dollar	17.8%
Zulily	862 Millionen US-Dollar	9.3%

Produktkuration und Merchandising

Verteilung der Produktkategorien:

• Mode: 35,6 %
• Haushaltswaren: 28,4 %
• Elektronik: 17,2 %
• Schönheit: 12,8 %
• Schmuck: 6 %

Digitale Marketing- und Kundenbindungsstrategien

Kennzahlen zum digitalen Engagement für 2023:

Metrisch	Wert
Gesamtzahl der digitalen Kunden	7,3 Millionen
Benutzer mobiler Apps	4,2 Millionen
Social-Media-Follower	12,6 Millionen

Live-Shopping-Erlebnisse

Live-Shopping-Leistungskennzahlen:

• Durchschnittliche tägliche Live-Shows: 85
• Durchschnittliche Zuschauerinteraktion: 42 Minuten
• Conversion-Rate: 6,7 %

Bestandsverwaltung und Lieferkette

Betriebsdaten der Lieferkette:

Metrisch	Wert 2023
Vertriebszentren	18
Lagerumschlagsrate	4,2x
Durchschnittliche Lagergröße	350.000 Quadratfuß

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

Medienproduktionsstudios und Rundfunkkapazitäten

Qurate Retail betreibt mehrere Produktionsstätten mit einer Gesamtstudiofläche von rund 1,2 Millionen Quadratmetern. Ab 2023 unterhält das Unternehmen:

• 5 primäre Sendezentren
• Über 20 spezielle Studio-Produktionsräume
• Rundfunkinfrastruktur, die Live-Shopping-Programme rund um die Uhr unterstützt

Einrichtungstyp	Gesamtquadratzahl	Anzahl der Einrichtungen
Primäre Rundfunkzentren	850.000 Quadratfuß	5
Produktionsstudios	350.000 Quadratfuß	20+

Infrastruktur für digitale Handelstechnologie

Technologieinvestitionen ab 2023: 372 Millionen US-Dollar in digitale Plattformen und E-Commerce-Technologien.

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Entwicklung digitaler Plattformen	214 Millionen Dollar
E-Commerce-Infrastruktur	158 Millionen Dollar

Markenportfolio

Qurate Retail besitzt die folgenden Schlüsselmarken:

• QVC (Hauptmarke)
• HSN
• Zulily
• Cornerstone-Marken

Management-Team

Zusammensetzung des Managements ab 2024:

• 11 Mitglieder des Führungsteams
• Durchschnittliche Branchenerfahrung: 18,5 Jahre
• 5 Vorstandsmitglieder mit Einzelhandelsexpertise

Kundendatenbank

Kundenanalysen und Datenbankmetriken:

• Gesamtkundenstamm: 22,4 Millionen aktive Kunden
• Jährliche Kundendatenverarbeitung: 3,8 Petabyte
• Abdeckung des Personalisierungsalgorithmus: 94 % der Kundeninteraktionen

Kundenmetrik	Daten für 2023
Aktive Kunden	22,400,000
Jährliche Datenverarbeitung	3,8 PB
Personalisierungsabdeckung	94%

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

Bequemes Einkaufserlebnis auf mehreren Plattformen

Qurate Retail ist über mehrere Einkaufsplattformen mit der folgenden digitalen Reichweite tätig:

Plattform	Aktive Benutzer	Jährliche Transaktionen
QVC	8,2 Millionen	48,3 Millionen
HSN	3,7 Millionen	22,1 Millionen
Zulily	6,5 Millionen	15,6 Millionen

Einzigartige Produktauswahl und exklusive Waren

Exklusive Produktangebote in allen Kategorien:

• Mode: 72 % einzigartige Designer-Kooperationen
• Haushaltswaren: 65 % exklusive Produktlinien
• Beauty: 58 % markenspezifische Kollektionen

Personalisierte Einkaufsempfehlungen

Personalisierungsmetriken:

Empfehlungstyp	Conversion-Rate	Kundenbindung
KI-gesteuerte Empfehlungen	14.3%	62 % erhöhte Interaktion
Frühere Kaufvorschläge	11.7%	48 % Wiederholungskaufrate

Unterhaltungsorientiertes Einzelhandelserlebnis

Engagement-Statistiken:

• Live-Streaming-Stunden: 4.200 Stunden jährlich
• Durchschnittliche Zuschauerdauer: 37 Minuten
• Interaktive Shopping-Events: 286 pro Jahr

Wettbewerbsfähige Preise und flexible Einkaufsoptionen

Preis- und Zahlungsflexibilität:

Zahlungsoption	Akzeptanzrate	Durchschnittlicher Bestellwert
Ratenzahlungspläne	28%	$127
Förderfinanzierung	22%	$213
Standard-Kaufabwicklung	50%	$89

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

Persönlicher Kundenservice und Support

Das Kundendienstteam von QVC und HSN hat im Jahr 2022 11,2 Millionen Kundeninteraktionen abgewickelt. Durchschnittliche Anruflösungszeit: 4,7 Minuten. Kundenzufriedenheitsrate: 87,3 %.

Kundendienstkanal	Jahresvolumen	Reaktionszeit
Telefonsupport	6,5 Millionen Interaktionen	3-5 Minuten
Online-Chat	3,2 Millionen Interaktionen	2-3 Minuten
E-Mail-Support	1,5 Millionen Interaktionen	24-48 Stunden

Treueprogramme und Anreize für Stammkunden

Kennzahlen des Qurate Retail-Treueprogramms für 2022:

• Gesamtzahl der Mitglieder des Treueprogramms: 8,3 Millionen
• Stammkundenquote: 62,4 %
• Durchschnittliche jährliche Ausgaben pro treuem Kunden: 487 $

Interaktive Live-Shopping-Erlebnisse

Leistung der Live-Shopping-Plattform im Jahr 2022:

Metrisch	Wert
Gesamte Live-Shopping-Stunden	14.500 Stunden
Durchschnittliche Zuschauer pro Sendung	125,000
Conversion-Rate	7.2%

Social-Media-Engagement und Community-Aufbau

Statistiken zum Social-Media-Engagement für 2022:

• Gesamtzahl der Social-Media-Follower: 4,6 Millionen
• Durchschnittliche Engagement-Rate: 3,7 %
• Interaktionen mit benutzergenerierten Inhalten: 520.000

Gezieltes Marketing und personalisierte Kommunikationskanäle

Daten zur Marketing-Personalisierung für 2022:

Kanal	Personalisierungsrate	Conversion-Auswirkungen
E-Mail-Marketing	74 % personalisiert	+12,5 % Conversion
Digitale Werbung	68 % zielgerichtet	+9,3 % Conversion
Empfehlungsmaschinen	82 % personalisiert	+15,6 % Conversion

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

Fernseh-Shopping-Netzwerke (QVC, HSN)

Qurate Retail betreibt zwei primäre TV-Shopping-Netzwerke:

Netzwerk	Jahresumsatz (2022)	Einzigartige Zuschauer
QVC	8,1 Milliarden US-Dollar	96 Millionen Haushalte
HSN	3,5 Milliarden US-Dollar	50 Millionen Haushalte

Mobile Anwendungen

Leistung des Mobilkanals:

• QVC-Mobile-App-Downloads: 14,2 Millionen
• Prozentsatz der mobilen Transaktionen: 37 % des gesamten Online-Umsatzes
• Durchschnittliche mobile Sitzungsdauer: 8,6 Minuten

E-Commerce-Websites

Website	Monatliche einzigartige Besucher	Conversion-Rate
QVC.com	22,1 Millionen	4.3%
HSN.com	15,6 Millionen	3.9%

Social-Media-Plattformen

Kennzahlen für Social-Media-Kanäle:

• Instagram-Follower: 3,2 Millionen
• Facebook-Follower: 4,7 Millionen
• TikTok-Engagement-Rate: 2,8 %

Direktmarketing und E-Mail-Kampagnen

Marketingmetrik	Wert
E-Mail-Abonnentenbasis	18,5 Millionen
Öffnungsrate der E-Mail-Kampagne	22.4%
Jährlich versendete Direktmailings	126 Millionen

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

Verbraucher mit mittlerem Einkommen im Alter von 35 bis 65 Jahren

Demografische Aufteilung für das Kernkundensegment von Qurate Retail:

Altersspanne	Haushaltseinkommen	Prozentsatz des Kundenstamms
35-65 Jahre alt	$50,000 - $125,000	47.3%
Durchschnittsalter	Mittleres Haushaltseinkommen	Segmentkaufkraft
48 Jahre	$87,432	3,2 Milliarden US-Dollar

Online-Shopping-Enthusiasten

Kennzahlen zum digitalen Shopping-Engagement:

• Online-Kaufhäufigkeit: 6,4 Mal pro Monat
• Durchschnittlicher Online-Transaktionswert: 124,67 $
• Mobile-Shopping-Anteil: 62,3 %

Konsumenten von Haushaltswaren und Lifestyle-Produkten

Produktkategorie	Jahresumsatz	Marktanteil
Heimdekoration	782 Millionen Dollar	14.6%
Küchenprodukte	456 Millionen US-Dollar	11.2%
Möbel	623 Millionen Dollar	9.8%

Käufer von Schönheits- und Modeprodukten

Merkmale des Kundensegments:

• Jährliche Ausgaben für Schönheitsprodukte: 438 $ pro Kunde
• Kaufhäufigkeit von Modeaccessoires: 4,2 Mal pro Jahr
• Stammkundenquote: 67,5 %

Einkäufer von Technologie und Elektronik

Kategorie „Elektronik“.	Jährlicher Verkauf	Größe des Kundensegments
Unterhaltungselektronik	1,2 Milliarden US-Dollar	22,7 % des Kundenstamms
Smart-Home-Geräte	365 Millionen Dollar	15,4 % der Technologiekäufer
Tragbare Technologie	214 Millionen Dollar	9,6 % des Technologiesegments

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

Kosten für die Produktion und Ausstrahlung von Inhalten

Für das Geschäftsjahr 2022 meldete Qurate Retail, Inc. Ausgaben für die Produktion und Ausstrahlung von Inhalten in Höhe von 1,14 Milliarden US-Dollar.

Ausgabenkategorie	Betrag (2022)
Gesamtkosten für die Produktion von Inhalten	1,14 Milliarden US-Dollar
Produktionskosten des QVC-Netzwerks	678 Millionen US-Dollar
Produktionskosten des HSN-Netzwerks	462 Millionen US-Dollar

Technologieinfrastruktur und Wartung

Die Investitionen in die Technologieinfrastruktur beliefen sich im Jahr 2022 auf insgesamt 293 Millionen US-Dollar.

• Entwicklung digitaler Plattformen: 124 Millionen US-Dollar
• Wartung der IT-Infrastruktur: 169 Millionen US-Dollar

Bestandsbeschaffung und -verwaltung

Die bestandsbezogenen Ausgaben beliefen sich im Jahr 2022 auf 3,87 Milliarden US-Dollar.

Bestandskostenkomponente	Betrag (2022)
Gesamtbestandsbeschaffung	3,87 Milliarden US-Dollar
Warenbeschaffung	3,42 Milliarden US-Dollar
Gemeinkosten für die Bestandsverwaltung	450 Millionen Dollar

Kosten für Marketing und Kundenakquise

Die Marketingausgaben für 2022 beliefen sich auf 642 Millionen US-Dollar.

• Digitales Marketing: 287 Millionen US-Dollar
• Traditionelle Werbung: 355 Millionen US-Dollar

Betriebskosten für Logistik und Versand

Die Versand- und Logistikkosten beliefen sich im Jahr 2022 auf 1,26 Milliarden US-Dollar.

Logistikkostenkategorie	Betrag (2022)
Gesamte Versandkosten	1,26 Milliarden US-Dollar
Lagerbetrieb	532 Millionen US-Dollar
Versand und Handhabung	728 Millionen Dollar

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

Direkter Produktverkauf über mehrere Kanäle

Für das Geschäftsjahr 2023 meldete Qurate Retail, Inc. einen Gesamtumsatz von 8,45 Milliarden US-Dollar. Das Unternehmen generiert Einnahmen über mehrere Vertriebskanäle, darunter:

• QVC-TV-Shopping-Netzwerk
• HSN (Home-Shopping-Netzwerk)
• Zulily E-Commerce-Plattform
• Online-Einzelhandels-Websites

Vertriebskanal	Umsatz (2023)	Prozentsatz des Gesamtumsatzes
QVC	4,98 Milliarden US-Dollar	58.9%
HSN	2,37 Milliarden US-Dollar	28.1%
Zulily	1,10 Milliarden US-Dollar	13%

Einnahmen aus Werbung und Sponsoring

Die Werbeeinnahmen von Qurate Retail, Inc. beliefen sich im Jahr 2023 auf etwa 62 Millionen US-Dollar, was eine kleine, aber bedeutende zusätzliche Einnahmequelle darstellt.

Provision von Drittanbieter-Verkäuferplattformen

Provisionen von Drittanbietern generierten im Jahr 2023 einen Umsatz von 178 Millionen US-Dollar für das Unternehmen, mit einem durchschnittlichen Provisionssatz von 12–15 %.

Abonnement- und Mitgliedsgebühren

Das Mitgliedschaftsprogramm von Qurate Retail generierte im Jahr 2023 Abonnementeinnahmen in Höhe von 94 Millionen US-Dollar.

Monetarisierung von Daten und Analysen

Die Bemühungen zur Datenmonetarisierung trugen im Jahr 2023 etwa 45 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Einnahmequelle	Umsatz 2023
Direkter Produktverkauf	8,45 Milliarden US-Dollar
Werbeeinnahmen	62 Millionen Dollar
Provisionen für Drittanbieter	178 Millionen Dollar
Abonnementgebühren	94 Millionen Dollar
Datenmonetarisierung	45 Millionen Dollar

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

The value propositions for QVC Group, as Qurate Retail, Inc. became in early 2025, center on blending entertainment with commerce and leveraging deep customer relationships.

Shoppable entertainment blending commerce and live content

The core offering remains rooted in video commerce, now expanding aggressively into live social shopping formats. The company reaches a vast audience through established and emerging digital channels.

• Reaches more than 200 million homes worldwide via 15 television channels as of February 2025.
• The goal, announced in late 2024, is to achieve over $1.5 billion in run-rate revenue from streaming and social within three years.
• Projected web sales for the 2024 fiscal year were estimated to reach $5.44 billion.

The financial performance reflects the ongoing transition, with Q3 2025 total revenue reported at USD 2.213 B. The QxH segment, which includes QVC U.S. and HSN, generated net revenue of $1,416 million for the three months ended September 30, 2025.

Curated product discovery and storytelling by hosts and guests

Product discovery is driven by the presentation style, which relies on hosts and guests to tell the story behind the merchandise. This is a key differentiator from transactional e-commerce.

Premier experiential retailer for women over 50

While specific 2025 demographic breakdowns for women over 50 aren't public, the value proposition is supported by extremely high customer retention rates across the core base.

The business model heavily relies on its established, loyal customer base.

Metric	Value / Period	Source Year
Repeat Customers Percentage of Shipped Sales	Approximately 90%	Twelve months ended December 31, 2023
Average Spend Per Repeat Customer	$1,442	Twelve months ended December 31, 2023
New Customers Acquired	Approximately 2.7 million	Year ended December 31, 2023

A more human way to shop versus impersonal e-commerce

The emphasis on live interaction and a loyal customer base suggests a more personal shopping experience. The company's portfolio of six leading retail brands-QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road-all aim to provide this human touch.

The digital component, while facing industry headwinds, still represents a significant portion of the business. For the year ended December 31, 2023, global e-commerce accounted for $5.5 billion, or 58.6%, of QVC's consolidated net revenue. The QxH Digital Platforms specifically contributed 74% of consolidated net revenue in 2023.

Accessible and Adaptive product category offerings

The product assortment spans several key consumer categories, though recent financial reports show segment performance variations.

• QVC International revenue showed resilience in Q2 2025, reporting an increase of $17 million compared to the same period in 2024, reaching $593 million for the quarter ended June 30, 2025.
• Cornerstone Brands (CBI Segment) net revenue for the three months ended June 30, 2025, was $252 million.
• The company has also shown an adaptive approach by building a presence on platforms like TikTok, where QVC had over 455,000 followers as of late 2024.

The company is actively managing its portfolio, having recorded significant impairments in Q2 2025, including $930 million related to the QVC and HSN tradenames.

Finance: draft 13-week cash view by Friday.

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

Qurate Retail, Inc. maintains relationships through high-touch, host-driven engagement, which is central to its vCommerce (video commerce) model.

The loyalty structure is designed to maximize existing customer value, with existing customers driving an estimated 90% of revenue.

Dedicated, demographic-focused campaigns are a key relationship tool. The Age of Possibility initiative, featuring the Quintessential 50 (Q50), targets women over 50, a segment where a March 2024 survey indicated only 31% felt supported by brands.

Interactive engagement spans multiple channels, supporting the WIN strategy to enhance customer interactions. The company saw significant follower growth from the Age of Possibility campaign and its TikTok Shop launch in 2025.

The digital expansion is showing traction, with the social and streaming business nearing double-digit contributions to total revenue as of Q2 2025.

Financial performance highlights from 2025 reflect the ongoing transition:

Metric	Period/Date	Amount/Percentage
Q1 2025 Total Revenue	Quarter Ended March 31, 2025	$2.105 billion
Q2 2025 Consolidated Revenue	Quarter Ended June 30, 2025	$2.23 billion
Q3 2025 Total Revenue Change	Year-over-Year	Down 6%
Q3 2025 QxH Segment Net Revenue	Three Months Ended September 30, 2025	$1,416 million
Q3 2025 EBIT	As of FY2025 Q3	$194 M

Personalized recommendations are delivered across digital platforms, supporting the overall goal of driving future growth through enhanced customer interactions. The company continues to focus on leveraging customer data to tailor experiences.

Engagement metrics related to customer tenure show a historical reliance on established buyers:

• Approximately 96% of QVC's worldwide shipped sales were from repeat and reactivated customers for the year ended December 31, 2023.
• Approximately 88% of new QxH customers made their first purchase through digital platforms for the year ended December 31, 2023.

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

You're looking at how Qurate Retail, Inc., now operating as QVC Group, gets its products in front of customers in late 2025. It's a mix of legacy media and aggressive digital pivots, which you can see clearly in their channel strategy.

The foundation remains Linear TV (cable/satellite). QVC Group is still the largest player in video commerce, reaching over 200 million homes worldwide through its 15 television channels. These channels are carried across cable, satellite, free over-the-air TV, and digital livestreaming TV platforms. Honestly, even with viewership declining, this reach is a massive asset for live product demonstrations.

The growth story, however, is all about digital. The company is heavily pushing its proprietary streaming services, QVC+ and HSN+ apps. This move is paying off in terms of engagement; for the second quarter of 2025, revenue from social and streaming channels saw growth of over 30% compared to the same period in 2024. The goal they set is to achieve $1.5 billion or more in run-rate revenue from streaming and social within three years of the announcement. As of Q2 2025, this combined digital revenue stream was approaching double digits as a percentage of total QxH revenue.

Social commerce is a key driver in that digital push. The integration with TikTok Shop, for example, was successful enough to acquire well over 100,000 new customers in Q2 2025 alone. This shows you where they are putting marketing spend, as advertising expenses surged by 8.3% in Q2 2025, partly due to these streaming and social platform investments.

The traditional E-commerce websites and mobile shopping apps still move significant volume, though they are part of the broader QxH segment which saw revenue drop 11% to $1.391 billion in Q2 2025. Even with these challenges, the company is making efforts to stabilize the customer base, which saw a 12% decline in total QxH customers in Q2 2025.

Finally, the physical channels are less emphasized but still present. This includes print catalogs and a limited number of in-store destinations. The focus on physical retail is clearly secondary to the vCommerce (video commerce) strategy, which encompasses all the other distribution points.

Here's a quick look at the revenue context for the primary QVC/HSN segment (QxH) across recent quarters:

Metric	Q1 2025 (Ended March 31)	Q2 2025 (Ended June 30)	Q3 2025 (Ended September 30)
QxH Net Revenue (USD)	$1,368 million	$1.391 billion	$1,416 million
QxH Revenue Change YoY	Decreased by 11.1%	Decreased by 11%	(Implied decline from Q3 2024)
QxH Operating Income (USD)	$0 million	(Operating loss driven by $2.4 billion impairment)	$194 million (EBIT)

The company is clearly trying to shift customer engagement to where the growth is happening. You can see the strategic focus in the following areas:

• Amplify QVC+ and HSN+ streaming platforms.
• Develop streaming commerce for non-owned channels like Netflix and YouTube TV.
• Bring content to social channels like TikTok and Facebook.
• Acquire new customers via TikTok Shop (over 100,000 in Q2 2025).
• Integrate streaming on services like Philo, which has about 1.3 million paid subscribers.

Finance: draft the Q4 2025 channel revenue projection based on the Q3 performance and social/streaming growth rate by next Tuesday.

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

You're looking at the core of Qurate Retail, Inc.'s business, which is heavily reliant on a dedicated, high-value shopper base, even as the company aggressively pursues digital expansion. The customer base is segmented by shopping behavior, platform preference, and geography.

The foundational segment is the core loyal customer group. The structure is defined by a Pareto principle application: 20% of the base is responsible for generating approximately 75% of total revenue. This group exhibits incredibly low attrition rates, suggesting deep relationship bonds with the QVC and HSN brands. For context on the scale of the core U.S. and Canada business (QxH), the segment generated net revenue of $1,391 million for the three months ended June 30, 2025, and $2,759 million for the six months ended June 30, 2025.

Segment	Revenue (3 Months Ended 6/30/2025)	Revenue (6 Months Ended 6/30/2025)
QxH (U.S. & Canada)	$1,391 million	$2,759 million
QVC International	$593 million	$1,130 million
Cornerstone Brands (CBI)	$200 million (Q1 2025)	N/A

The QVC focus remains heavily centered on women who value relationship-driven shopping. Based on data from the twelve months ended December 31, 2023, approximately 36% of the QxH customer base, which totaled 8.1 million customers at that time, were women between the ages of 35 and 64. These shoppers respond well to the established, trusted advisor role of long-time hosts, whose average tenure for the most popular is nearly 30 years.

For HSN, the focus leans toward boutique shoppers, typically aged 40 and above, seeking unique product assortments. While specific HSN-only demographic splits for 2025 aren't public, the strategy involves differentiating HSN from QVC's more premium luxury positioning. This differentiation helps capture a slightly different set of shoppers looking for curated, unique finds.

Qurate Retail, Inc. is actively targeting new, younger audiences by heavily investing in social and streaming channels. This is a clear strategic pivot. Advertising expenses related to these channels surged by 8.3% in Q2 2025. The results show traction: streaming monthly active users grew by over 80%, and streaming minutes watched increased by 25% during that same quarter. Furthermore, the integration with TikTok Shop was fruitful, acquiring over 100,000 new customers in the period, and social and streaming revenue showed over 30% growth compared to Q2 2024.

International customers form another distinct segment, spanning several key markets. QVC International net revenue for the three months ended June 30, 2025, was $593 million. The company reaches customers across multiple countries, with primary operations historically in:

• Germany
• Japan
• The U.K.
• Italy

The company also has team members in Poland and China, indicating a broader global footprint for talent and sourcing, even if revenue is concentrated in the named European and Asian markets. This segment is vital, as it showed a revenue increase of $17 million in Q2 2025 compared to the prior year period in U.S. dollars.

Finance: draft 13-week cash view by Friday.

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

You're looking at the major drains on Qurate Retail, Inc.'s bottom line as of late 2025. The cost structure here is heavily weighted toward getting products to customers and maintaining the 24/7 broadcast presence. Honestly, the fixed costs associated with the live programming infrastructure are substantial, even as they push more spend into digital advertising.

The Cost of Goods Sold (COGS) for retail inventory remains the single largest component, though specific 2025 COGS as a percentage of revenue isn't immediately available in the latest filings, we know it directly correlates with the reported Q1 2025 revenue of $2.105 billion and Q2 2025 revenue of $2.23 billion.

Fulfillment and shipping costs for a global distribution network are a constant pressure point. In prior periods, increased unit volume and inflationary pressures on wage and freight rates drove these costs up. This pressure definitely continues given the scale of Qurate Retail, Inc.'s operations across QVC and HSN.

High content production and broadcast expenses are inherent to the 24/7 live programming model. This cost base supports the core value proposition of live demonstration and immediate purchase availability across multiple channels.

Advertising spend is shifting, but the total outlay is increasing. You saw advertising expenses surge by 8.3% in Q2 2025 specifically due to increased spending on social and streaming platforms, reflecting the pivot away from traditional media buys.

Restructuring charges are a significant, non-recurring cost impacting recent periods as the company streamlines. Qurate Retail, Inc. recorded restructuring charges of $57 million in Q1 2025, which included $36 million at QxH and $21 million at QVC International, all aimed at streamlining operations.

Here's a quick look at some of the key financial markers from the recent reporting periods that define this cost structure:

Cost/Expense Category	Period	Amount/Rate
Restructuring Charges	Q1 2025	$57 million
Advertising Spend Increase	Q2 2025	8.3%
Consolidated Revenue	Q2 2025	$2.23 billion
Total Revenue	Q1 2025	$2.105 billion
SG&A as % of Net Revenue	Year Ended Dec 31, 2024	33.1%
SG&A as % of Net Revenue	Year Ended Dec 31, 2023	28.8%

The shift in operating expenses is clear when you look at the Selling, General and Administrative (SG&A) expenses as a percentage of net revenue, which jumped from 28.8% for the year ended December 31, 2023, to 33.1% for the year ended December 31, 2024. This increase was primarily due to higher administrative costs, including consulting fees for business transformation initiatives.

The components driving the overhead are:

• Cost of goods sold (COGS) for retail inventory.
• Fulfillment and shipping costs for a global distribution network.
• High content production and broadcast expenses (24/7 live programming).
• Increased advertising spend on social and streaming platforms.
• Restructuring charges, including $57 million in Q1 2025 for streamlining.

To be fair, the restructuring charges are meant to reduce future operating costs, but they hit the current period hard. For instance, the Q1 2025 operating income was only $14 million, a sharp drop from $145 million in the prior year period, partly due to those $57 million in charges.

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

You're looking at the core ways Qurate Retail, Inc. brings in money, which is heavily tied to its legacy and its pivot to digital. The revenue streams are quite distinct across its operating segments.

The QxH segment, which covers QVC U.S. and HSN, remains the largest component of the top line. For the third quarter of 2025, ended September 30, 2025, the Net Revenue from the QxH segment was $1,416 million. This revenue is generated primarily through product sales across its linear television, web, and mobile platforms.

The overall financial snapshot for the period shows that Qurate Retail, Inc.'s total consolidated revenue for Q3 2025 was $2.213 billion. This figure represents a 6% decrease in US Dollars compared to the same period in the prior year.

Revenue generation is also split across the other major brand pillars:

• QVC International revenue for Q3 2025 was $566 million in US Dollars.
• Cornerstone Brands revenue saw an 8% decrease in Q3 2025.

Another key, though often bundled, revenue stream involves shipping and handling fees charged to customers. The QxH segment's revenue decline was attributed in part to lower shipping and handling revenue, indicating this is a measurable component of the overall sales intake.

Qurate Retail, Inc. has a clear strategic revenue goal tied to its digital transformation. The company has set a target to achieve $1.5 billion+ run-rate revenue from streaming and social channels within three years. This shows a clear intent to shift a significant portion of future revenue generation toward these newer distribution methods.

Here is a breakdown of the reported segment revenues for the third quarter of 2025, which sum up to the total consolidated revenue:

Revenue Stream / Segment	Q3 2025 Revenue (in millions USD)
QxH Segment (QVC U.S. and HSN Product Sales)	$1,416
QVC International	$566
Cornerstone Brands (Derived from Total less QxH and International)	$231
Total Consolidated Revenue	$2,213

The revenue streams are further detailed by the nature of the sales activity:

• Product sales across QVC U.S. and HSN are the primary driver.
• Revenue from QVC International operations, reported in US Dollars.
• Revenue from the Cornerstone Brands portfolio.
• Fees collected from customers for shipping and handling services.
• Future revenue growth is explicitly targeted from social and streaming platforms.

Finance: draft 13-week cash view by Friday.