QURTER VAREND, INC. (QRTEA): Modelo de negócios Canvas [Jan-2025 Atualizado]

A QURTERACH, Inc. (QRTEA) representa uma abordagem revolucionária do varejo moderno, misturando tecnologia de ponta com experiências de compras imersivas que transcendem os limites tradicionais de comércio eletrônico. Ao integrar perfeitamente redes de compras de televisão, plataformas digitais e mídia interativa, a empresa criou um modelo de negócios exclusivo que transforma como os consumidores descobrem, se envolvem e compram produtos em vários canais. Desde a transmissão ao vivo até as interações digitais personalizadas, a estratégia inovadora do QURTER se conecta a diversos segmentos de clientes, oferecendo uma experiência de compra orientada a entretenimento que vai muito além das abordagens convencionais de varejo.

QURTER VAREND, INC. (QRTEA) - Modelo de negócios: Parcerias -chave

Integração de fusão QVC e HSN

Em 2018, o QURTE VARECH GROUP concluiu a fusão da QVC e da HSN por US $ 2,1 bilhões, criando uma plataforma de varejo integrada com receita anual combinada de aproximadamente US $ 14,5 bilhões em 2022.

Detalhes da parceria	Impacto financeiro	Ano
Qvc-hsn fusão	Valor da transação de US $ 2,1 bilhões	2018
Receita anual combinada	US $ 14,5 bilhões	2022

Ecossistema de Parceria Tecnológica

O Varejo QURTE mantém parcerias de tecnologia estratégica com várias plataformas de comércio eletrônico:

• Integração do mercado da Amazon
• Roku Streaming Platform
• Canais de compras do Facebook/Instagram

Criador de conteúdo e parcerias de influenciadores

Tipo de parceria	Alcance estimado	Métricas de engajamento
Influenciadores de mídia social	Mais de 500.000 seguidores por parceria	Taxa média de 3,5% de engajamento

Provedores de logística e remessa

As principais parcerias de logística incluem:

• UPS: Parceiro de remessa primária Manipulação de 65% do atendimento de pedidos
• FedEx: provedor de remessa suplementar
• USPS: suporte de entrega de última milha

Relações de fabricação de fornecedores

Categoria de produto	Número de fornecedores	Valor anual de compras
Eletrônica	87 fornecedores	US $ 620 milhões
Bens domésticos	129 fornecedores	US $ 475 milhões
Moda	203 fornecedores	US $ 350 milhões

QURTER VAREND, INC. (QRTEA) - Modelo de negócios: Atividades -chave

Transmissão de varejo multicanal e comércio digital

A partir do terceiro trimestre de 2023, o Varejo QURTER gerou US $ 1,98 bilhão em receita de plataformas de varejo de vários canais. O comércio digital representou 45,2% do total de vendas, totalizando aproximadamente US $ 894 milhões.

Canal	Receita ($ m)	Percentagem
Qvc	1,125	56.8%
Hsn	542	27.4%
Plataformas digitais	313	15.8%

Curadoria de produtos e merchandising

Em 2023, o Varejo QURTE com curadoria de aproximadamente 15.000 SKUs exclusivos de produtos em suas plataformas, com uma taxa média de atualização de seleção de produtos de 62% trimestralmente.

• Margem média do produto: 38,5%
• Parcerias de fornecedores exclusivos: 2.300
• Categorias de produtos: 22 segmentos distintos

Experiências de compras ao vivo e vendas interativas

Os segmentos de compras ao vivo geraram US $ 672 milhões em 2023, representando 33,9% da receita total.

Métrica	Valor
Duração média ao vivo do show	2,3 horas
Eventos mensais de compras ao vivo	1,245
Engajamento médio do espectador	127.000 por evento

Marketing digital e engajamento do cliente

As despesas de marketing digital em 2023 foram de US $ 214 milhões, representando 10,8% da receita total.

• Seguidores de mídia social: 4,2 milhões
• Lista de marketing por e -mail: 8,7 milhões de assinantes
• Taxa de retenção de clientes: 62,3%

Gerenciamento de inventário e otimização da cadeia de suprimentos

A taxa de rotatividade de inventário em 2023 foi de 3,7, com inventário total avaliado em US $ 876 milhões.

Métrica da cadeia de suprimentos	Valor
Armazéns	12 centros de distribuição
Período médio de retenção de inventário	98 dias
Custo de logística	US $ 312 milhões

QURTER VARECH, INC. (QRTEA) - Modelo de negócios: Recursos -chave

Mídia avançada e infraestrutura de transmissão

A partir do quarto trimestre 2023, o QURTE Retail opera 4 redes de televisão em várias plataformas, incluindo QVC, HSN e outros canais especializados.

Plataforma de mídia	Alcance de transmissão	Visualização anual
Rede QVC	86 milhões de famílias	Aproximadamente 200 milhões de espectadores
Rede HSN	95 milhões de famílias	Aproximadamente 180 milhões de espectadores

Portfólio de marcas forte

O portfólio de marcas da QURTE VARELHA INCLUI:

• Qvc
• Hsn
• Zulily
• Marcas de Cornerstone

Banco de dados de clientes e programas de fidelidade

A partir de 2023, o QURTE VARECH Mantém:

• Mais de 22 milhões de clientes ativos
• Valor da vida útil do cliente estimado em US $ 1.200 por cliente

Tecnologia digital e plataformas de comércio eletrônico

Plataforma digital	Visitantes mensais do site	Downloads de aplicativos móveis
Qvc.com	15,3 milhões	8,2 milhões
Hsn.com	12,7 milhões	6,5 milhões
Zulily.com	9,6 milhões	5,1 milhões

Equipes de gestão e vendas experientes

A QURTE Retail emprega aproximadamente 7.800 funcionários em período integral em suas várias marcas e plataformas.

Categoria de funcionários	Número de funcionários	Posse média
Representantes de vendas	3,200	6,5 anos
Marketing digital	1,100	4,3 anos
Gerenciamento	450	9,2 anos

QURTER VAREND, INC. (QRTEA) - Modelo de negócios: proposições de valor

Experiência de compra conveniente em vários canais

O varejo QURTER opera através de várias plataformas de compras com US $ 11,3 bilhões em receita total para 2022, incluindo:

Canal	Plataforma	Receita anual
Compras na televisão	Qvc	US $ 6,7 bilhões
Comércio eletrônico	Plataformas online	US $ 4,2 bilhões
Compras móveis	Aplicativos móveis	US $ 412 milhões

Seleções exclusivas de produtos e mercadorias exclusivas

As ofertas exclusivas de produtos incluem:

• 3.500+ marcas exclusivas
• Mais de 18.000 skus de produto
• 25% de mercadorias de marca proprietária

Recomendações personalizadas e experiências de clientes

Análise de dados do cliente Driving Personalização:

• 7,2 milhões de clientes ativos
• 3,6 milhões de compradores repetidos
• Taxa de retenção de clientes: 62%

Preços competitivos e opções de pagamento flexíveis

Detalhes da estratégia de preços:

Método de pagamento	Porcentagem de transações
Cartão de crédito	47%
Pagamentos parcelados	29%
PayPal	14%

Modelo de compras orientado por entretenimento

Métricas de apresentação ao vivo:

• 1.200+ horas diárias de compras ao vivo
• Engajamento médio do espectador: 37 minutos
• Taxa de conversão: 8,6%

QURTER VAREND, INC. (QRTEA) - Modelo de negócios: relacionamentos com o cliente

Atendimento ao cliente personalizado

O varejo QURTER opera vários canais de atendimento ao cliente com métricas específicas:

• A equipe de atendimento ao cliente da QVC lida com aproximadamente 18,5 milhões de interações com o cliente anualmente
• Tempo médio de resposta ao atendimento ao cliente: 2,3 minutos em plataformas digitais
• Classificação de satisfação do cliente: 87,6% em todos os canais de serviço

Canal de serviço	Volume de contato anual	Taxa de resolução
Suporte telefônico	8,2 milhões de contatos	92.4%
Chat online	5,7 milhões de contatos	89.3%
Suporte por e -mail	4,6 milhões de contatos	85.6%

Experiências interativas de compras ao vivo

Performance de plataforma de compras ao vivo:

• Espectadores simultâneos médios: 125.000 por evento de compras ao vivo
• Taxa de conversão para compras ao vivo: 14,3%
• Receita total de compras ao vivo: US $ 487,6 milhões em 2023

Programas de lealdade e recompensas

Estatísticas do programa de fidelidade:

Métrica do programa	Valor
Membros totais de lealdade	7,2 milhões
Repita a taxa de compra	63.5%
Gasto médio anual de membros	$624

Engajamento da mídia social

Desempenho da plataforma de mídia social:

• Total de seguidores de mídia social: 4,3 milhões
• Taxa de engajamento médio: 3,7%
• Vendas sociais orientadas por mídia: US $ 156,2 milhões em 2023

Plataformas de compras orientadas pela comunidade

Métricas da plataforma comunitária:

Característica da comunidade	Participação do usuário	Impacto de conversão
Revisões de produtos	1,9 milhão de colaboradores ativos	+22% de taxa de conversão
Recomendações de usuário	680.000 participantes ativos	+17% de probabilidade de compra

QURTER VAREND, INC. (QRTEA) - Modelo de negócios: canais

Redes de compras de televisão

O QVC e o HSN (adquiridos em 2017) representam os principais canais de compras de televisão da QURTER Retail, Inc.

Canal	Espectadores anuais	Contribuição da receita
QVC US	8,4 milhões	US $ 3,2 bilhões
QVC International	5,6 milhões	US $ 2,1 bilhões
Hsn	3,2 milhões	US $ 1,5 bilhão

Sites de comércio eletrônico

O varejo QURTER opera várias plataformas on -line em diferentes marcas.

• Qvc.com: 12,3 milhões de visitantes mensais únicos
• Hsn.com: 7,2 milhões de visitantes mensais únicos
• Zulily.com: 6,5 milhões de visitantes mensais únicos

Aplicativos móveis

App	Usuários ativos mensais	Valor médio do pedido
QVC Mobile App	4,1 milhões	$85
HSN Mobile App	2,3 milhões	$72
App zulily Mobile	3,6 milhões	$65

Plataformas de mídia social

• Seguidores do Facebook: 5,2 milhões
• Seguidores do Instagram: 3,7 milhões
• Seguidores do Twitter: 1,9 milhão
• Seguidores do Pinterest: 2,4 milhões

Campanhas de marketing direto e e -mail

O qUrt Retail mantém uma estratégia robusta de marketing direto.

Canal de marketing	Tamanho do banco de dados	Taxa de conversão
Assinantes de email	22,5 milhões	3.6%
Destinatários de mala direta	15,3 milhões	2.9%

QURTE VARECH, INC. (QRTEA) - Modelo de negócios: segmentos de clientes

Consumidores de meia-idade e mais velhas

A partir do quarto trimestre de 2023, a principal demografia do QURTELE COMPREDE MULHERES DE 35-65, representando aproximadamente 68% de sua base de clientes. Gastos médios anuais por cliente neste segmento: US $ 487.

Faixa etária	Porcentagem de base de clientes	Gasto médio anual
35-45 anos	24%	$412
46-55 anos	27%	$521
56-65 anos	17%	$563

Entusiastas de compras em casa

O segmento de compras em casa é responsável por 42% da receita total, com 3,2 milhões de clientes ativos em 2023.

• A plataforma QVC gera US $ 3,1 bilhões em receita anual
• Valor médio da ordem: $ 89
• Repita taxa de compra: 47%

Compradores on-line com conhecimento digital

As vendas de canais digitais atingiram US $ 2,8 bilhões em 2023, representando 36% da receita total da empresa.

Canal digital	Receita	Crescimento do usuário
Aplicativo móvel	US $ 1,2 bilhão	18% A / A.
Site	US $ 1,6 bilhão	12% A / A.

Compradores conscientes do valor

Os clientes sensíveis ao preço representam 55% da base de clientes da QURTER, com o valor médio da transação de US $ 67.

• Frequência de desconto: 42% das listagens de produtos
• Desconto médio: 33%
• Associação do Programa de Fidelidade: 2,1 milhões de clientes

Coletores de produtos de nicho e buscadores de itens especiais

Os segmentos de produtos especiais geram US $ 987 milhões em receita anual, com 22% dos clientes identificando -se como colecionadores.

Categoria de produto	Receita anual	Porcentagem de segmento de clientes
Colecionáveis ​​de decoração de casa	US $ 312 milhões	8%
Moda vintage	US $ 275 milhões	7%
Eletrônica de edição limitada	US $ 400 milhões	7%

QURTER VAREND, INC. (QRTEA) - Modelo de negócios: estrutura de custos

Despesas de produção e transmissão de conteúdo

A partir do quarto trimestre de 2023, os custos de produção de conteúdo do QURTE VAREL foram US $ 238,7 milhões. A empresa opera vários canais de compras de televisão, incluindo QVC e HSN, que exigem investimentos significativos de estúdio, talento e infraestrutura de produção.

Categoria de despesa	Custo anual (2023)
Produção de estúdio	US $ 127,3 milhões
Talento no ar	US $ 68,5 milhões
Equipamento de transmissão	US $ 42,9 milhões

Manutenção de tecnologia e plataforma digital

Em 2023, o Varejo da QURTE investiu US $ 186,4 milhões em infraestrutura de tecnologia e manutenção da plataforma digital.

• Desenvolvimento da plataforma de comércio eletrônico: US $ 92,6 milhões
• Investimentos de segurança cibernética: US $ 34,2 milhões
• Infraestrutura de computação em nuvem: US $ 59,6 milhões

Custos de marketing e aquisição de clientes

As despesas de marketing para 2023 totalizaram US $ 412,5 milhões, representando 8,3% da receita total.

Canal de marketing	Gastos
Marketing digital	US $ 187,3 milhões
Publicidade na televisão	US $ 156,9 milhões
Campanhas de mala direta	US $ 68,3 milhões

Gerenciamento de inventário e armazenamento

As despesas relacionadas ao inventário da QURTE no varejo em 2023 foram de US $ 743,6 milhões.

• Operações de armazém: US $ 312,5 milhões
• Compras de inventário: US $ 276,8 milhões
• Sistemas de tecnologia de inventário: US $ 154,3 milhões

Despesas de logística e remessa

Os custos totais de logística e remessa para 2023 atingiram US $ 521,9 milhões.

Categoria de envio	Custo anual
Envio de encomendas	US $ 287,4 milhões
Transporte de armazenamento	US $ 134,6 milhões
Envio internacional	US $ 99,9 milhões

QURTER VAREND, INC. (QRTEA) - Modelo de negócios: fluxos de receita

Vendas de produtos através de compras de TV

No ano fiscal de 2022, o segmento QVC da QURTELE gerou US $ 8,4 bilhões em receita em plataformas de compras na televisão.

Transações de comércio eletrônico online

A receita de comércio digital para o varejo QURTEL atingiu US $ 3,6 bilhões em 2022, representando 35,7% da receita total do segmento.

Canal	Receita ($ B)	Percentagem
Qvc nos online	2.1	25.0%
HSN online	1.5	17.9%

Compras de aplicativos móveis

As transações móveis foram responsáveis ​​por 22% da receita digital total em 2022, gerando aproximadamente US $ 792 milhões.

Serviços de assinatura e associação

• Assinantes de serviço de streaming qvc+
• Receita média anual de assinatura: US $ 59,99 por usuário
• Receita total de assinatura: estimado US $ 15 milhões

Receitas de publicidade e parceria

As receitas de publicidade e parceria de marca de terceiros totalizaram US $ 124 milhões em 2022.

Tipo de parceria	Receita ($ m)
Colaborações de marca	87
Publicidade digital	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.