Home Shopping Network: More than half of new customers come via mobile
More than half of all new Home Shopping Network customers come to the cable channel through their mobile phones, CEO Mindy Grossman told The Wall Street Journal.
While many critics forecasted innovations in digital commerce would spell doom for HSN, Grossman has repositioned the company for the mobile era, rolling out a redesigned website and interactive applications designed to enable consumers to shop on their phones and tablets while on their way to work or during their child's soccer practice. Purchases on mobile devices now account for 10 percent of total HSN sales, Grossman said, adding that mobile customers tend to be younger (48 years old, compared with 52 for traditional online shoppers and 58 for customers who place phone orders). In addition, 30 percent of mobile shoppers earn more than $100,000 a year, compared with 27 percent of Web shoppers and 23 percent of phone customers.
HSN Inc. reported profits of $130 million in 2012. Its stock price, less than $11 when Grossman took over in 2008, is above $54 today, translating to a market value of $2.9 billion. Article