Dive Brief:
- QVC Group entered an agreement to host shoppable livestreams on TikTok Shop, the two companies announced Wednesday.
- The new iteration will feature original QVC and HSN content created specifically for TikTok. QVC Group’s brands, talent and products will be part of the 24/7 live content.
- QVC first launched on TikTok Shop last August. The expanded agreement introduces a wider assortment of brands and products to the social media e-commerce platform alongside the opportunity to collaborate with TikTok content creators.
Dive Insight:
Expanding upon its brand of shoppable content, the partnership with TikTok ushers in a new era of QVC aimed at younger generations and social shopping. Since launching its products on TikTok Shop, QVC reports that over 74,000 creators have featured its items on shoppable videos and livestreams. The opportunity to expand on social media is part of QVC Group’s larger turnaround strategy.
“We are uniquely suited to bring our large-scale, high-volume, live social shopping experience to TikTok, an extremely popular platform with over 170 million users," David Rawlinson, president and CEO of QVC Group, said in a statement. “We are excited to share our powerhouse lineup of celebrities, hosts, brands and products in this interactive format.”
QVC Group late last year laid out a plan that includes creating streaming content across YouTube TV, Hulu, Netflix and Facebook.
QVC’s pivot to focusing on social shopping content signals the need for a branding refresh as the company struggles financially. During Q4, QVC Group's revenue fell 6% year over year to $2.9 billion and its operating loss ballooned to $1.3 billion, compared to $103 million in the same quarter last year. Additionally, QVC laid off 900 employees last week as part of a reorganization across its HSN, QVC U.S. and Global Shared Services teams.
QVC brought in an executive to aid in the turnaround effort last month. President and Chief Growth Officer Alex Wellen will manage growth strategies across U.S. social selling, streaming and digital.
In February, QVC Group announced plans to build a social content engine at its Studio Park operational building in West Chester, Pennsylvania. QVC shuttered its Florida headquarters, consolidating its QVC U.S. and HSN operations as part of larger turnaround efforts.
