In the next 17 months, it expects 10% of its B2B customers will be transacting on the web, an executive says.
E-commerce sales rose 30% in Q1 and accounted for 45% of revenue.
ValueVision Media Inc. sees the time when e-commerce will account for 50% of the TV and web retailer’s total sales—and that day isn’t far off.
For the first quarter of 2011 ended April 30, ValueVision, which owns and operates ShopNBC and is No. 84 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 30.1% to $64.4 million from $49.5 million in the first quarter of 2010.
- Total sales increased 14.8% to $143.5 million from $125.0 million.
- Net loss was $28.9 million compared with a net loss of $11.0 million.
- The average ticket in the first quarter was $117, up 8.3% from $108 in the prior year.
Internet Retailer calculates the web accounted for 44.9% of total sales in the first quarter compared with 39.6% in the prior year.
“Plans for the remainder of this year are centered around an impressive line-up of new product, top brands, and compelling promotions to drive new and active customer growth,” says CEO Keith Stewart. “We will also be focused on further increasing our Internet sales penetration toward 50% as well as refinancing our long-term debt with lower interest rates."