QVC’s Business Strategy Takes a New Turn: All the Latest News You Need to Know
QVC, the American cable, satellite and broadcast television network and eCommerce company known for its home shopping programming, is making some strategic changes in its business. The company, founded in 1986, was acquired by Qurate Retail Group in 2018 and has been evolving ever since. Here are the latest updates you need to know about QVC’s business strategy.
Expanding Global Reach
QVC is expanding its global reach by acquiring new companies and increasing its presence in existing markets. In 2020, QVC acquired HSN, another home shopping network, to create a combined company with a diverse product portfolio and extended reach. Additionally, QVC has been expanding its international footprint with a presence in countries such as Japan, Italy, and Germany. Recently, QVC partnered with Flipkart, India’s leading eCommerce platform, to make its products available to Indian customers.
Adapting to the Pandemic
The COVID-19 pandemic has changed the way people shop and interact with retailers, and QVC has adapted its business strategy to accommodate these changes. The company has accelerated its digital transformation efforts, with a focus on improving its eCommerce platform and mobile app. QVC has also increased its investment in livestreaming, with hosts broadcasting live shows from their homes.
Furthermore, QVC has strengthened its supply chain and distribution network to manage the surge in online orders. The company is also offering new services such as curbside pickup, buy online and pick up in-store, and same-day delivery to provide customers with a convenient and seamless shopping experience.
Embracing Sustainability
QVC has made a commitment to sustainability and is working towards reducing its environmental footprint. The company has launched a sustainability initiative called “Better Together for a Better Planet,” which includes goals such as reducing carbon emissions, increasing sustainable product offerings, and improving social responsibility. QVC has also introduced eco-friendly packaging materials and is promoting more responsible product consumption.
Conclusion
QVC’s business strategy is evolving to address changing consumer behaviors and global market trends. With the acquisition of HSN, expansion into new markets, emphasis on digital transformation, and commitment to sustainability, QVC is positioning itself for long-term success. As QVC continues to adapt and change, it remains a leader in the home shopping industry.
