Photo Credit: Michael Becker/Prime Video
October 3, 2024
Has Amazon Reinvented ‘Shark Tank’ for Home Shopping?
Amazon released a trailer for “Buy It Now,” its upcoming streaming television series for Prime Video that the Wall Street Journal describes as “‘Shark Tank’ meets Home Shopping Network.”
Hosted by comedian JB Smoove, the show — similar to “Shark Tank” — enables entrepreneurs to pitch their products to a rotating group of celebrity panelists for a chance to win some money and sell their product on Amazon.com. One twist is that they’ll first be judged by “The 100,” an audience of 100 “potential customers” in a 90-second window.
If the studio audience votes for them, the entrepreneurs then expand their pitch to panelists such as Academy Award-winner Gwyneth Paltrow, actor Anthony Anderson, actress and social media star Tabitha Brown, and skating legend Tony Hawk — all of whom have launched their own consumer businesses. Hosts also include designer Christian Siriano and four Amazon executives, including Jenny Freshwater, VP of Amazon Fashion & Fitness.
Jamie Siminoff, founder of Ring and current CEO of door.com (formerly Latch), serves as “resident entrepreneur judge” and will be featured on a weekly behind-the-scenes companion podcast, “This is Small Business: Behind the Buy.” Siminoff is known for being rejected for a deal for Ring, initially called Doorbot, on “Shark Tank” in 2013 and subsequently selling it in 2018 to Amazon for over $1 billion.
A second difference compared to “Shark Tank” is all winning product pitches selected by panelists will be featured on a “Buy It Now” storefront on Amazon.com. Also available on the show’s online storefront are wares from the show’s judges. Viewers can reach the online product page via a QR code that shows up during episodes.
One presenter in each episode also receives a $20,000 prize. The show’s first three episodes premiere on Amazon Prime on Oct. 30, with 10 more set to run through early January.
Since Prime Video was introduced in 2006, speculation has ensued about how Amazon would marry content and commerce, with scannable QR codes often cited as the link from TV viewing to online purchases.
Scanning shoppable ads with QR codes is increasingly common in television ads, and Walmart, Roku, Peacock, and Amazon have all been exploring ways to link ads back to content.
Amazon has introduced ads with QR codes in about 100 shows and movies, including “The Summer I Turned Pretty,” and “The Boys.” In most cases, the ads appear before the shows or movies start to not disrupt the storyline. However, in launching Amazon’s partnership with the NFL, QR codes for Amazon deals began appearing at the bottom of the screen during games.
It’s still debatable to what degree consumers will want to scan QR codes with their smartphones from their couches. Even though they’re increasingly being used for dining, 47% of consumers (including 65% of those over 60) are not comfortable viewing menus, ordering, and paying through QR codes at restaurants, according to a survey from William Blair.
Bernstein analyst Mark Shmulik, speaking to the Wall Street Journal, said that in creating a show like “Buy It Now” that highlights sellers and their products, TV viewers may be more incentivized to shop, especially younger ones already shopping similarly on apps like TikTok. He said about Amazon’s new show, “This feels more elegant than QR codes.”
Discussion Questions
What do you think of “Buy It Now” as entertainment, a way to test and bring products to market, and a commerce tool?
With the link to an Amazon storefront and QR code scans during episodes, has Amazon figured out a way to marry content and commerce?
Poll
Loading …BrainTrust
Brian Delp
CEO, New Sega Home
Georganne Bender
Principal, KIZER & BENDER Speaking
Jeff Sward
Founding Partner, Merchandising Metrics
Recent Discussions
More Discussions
How Can Retailers Crack the Gen Z ‘Riddle’?
Gen Z is becoming an increasingly important consumer demographic, but an elusive one to map. How…Does Bath & Body Works’ Scented Holiday Campaign Pass the Sniff Test?
Bath & Body Works is kicking off a new campaign with scent being at the fore…Which Tech Will Solve In-Store Inventory Woes?
Three major tech lineups are looking to solve retail inventory problems. Which is most suited?
Shark Tank is very entertaining, so I am sure Amazon is onto something with its take on the popular series. However, there is also a serious aspect to this – namely that it underlines the significance of Amazon as a selling tool and channel for independent businesses. People falsely accuse Amazon of being a monopoly. Such a view is laughable because Amazon is the exact opposite of a monopoly: it has democratized the retail and consumer industries and allowed small companies and entrepreneurs to compete on a more level playing field with big retailers and CPG firms. Some 60% of Amazon’s sales now come from independent sellers.
gimmick: a trick or device intended to attract attention, publicity, or business; I believe that describes things quite well. I’m not a big fan of pairing entertainment with retail – or with anything really – since I feel it reduces (most) everything to a carnivalesque level, but of the World’s many concerns right now, this isn’t Top 10 (nor even Top 100). What it tells us about Amazon is that they will pursue any- and every way to sell things…and get us to talk about it.
Home shopping hasn’t taken hold in the US quite like in other markets. This gamified concept may be a way to accelerate that momentum. It’s a unique spin on retail where consumers are looking for novelty and entertainment. This sounds like a nice recipe.
“Buy It Now” sounds like a fun show, and a cool way to find small and indie businesses. JB Smoove is hysterical, and $20,000 for the winner is nothing to sneeze at. The thing that sets it apart from Shark Tank is being able to instantly order the whatever is on the screen.
It’s also one of those things that could be hit or miss: if consumers watch it once will they some back for more? Either way, you have to give Amazon credit for continually trying new things to engage shoppers.
I did not have online commerce moving into entertainment as a brand extension on my bingo card. Sounds interesting I guess. Another way to soak up time.
I’m still lamenting the demise of the department store and the mall, and up pops “Buy It Now”. I’m torn. In a way, it’s a very understandable, evolutionary development in retail. It’s going to be great exposure for emerging brands and ideas. And I cringe at what the return rate is going to be for products purchased in a moment of fun without sufficient discovery. Oh well, in the long run evolution is efficient.
And my vote for the TV comparison would have been “America’s Got Talent”. I have seen some amazing clips, clips that I never would have seen otherwise, that were an absolute delight to watch. Now we have “Retail’s Got Talent”. And for that, I applaud this whole idea.
In order for Amazon’s “Buy it Now” to be successful, the contestants, products, and celebrities must appeal to a large number of people.
The Shark Tank selection process is extremely diligent, and the program generally chooses the right products and presenters. In addition to being very appealing to viewers, each of the show’s stars has a unique personality, and they interact with each other in an entertaining, yet serious manner. There is a high standard that Amazon needs to meet.
As long as it’s done correctly, this will be a great addition to Amazon’s brand identity. The project humanizes Amazon in a big way.
Interesting idea although I’m not sure if people will be interested in randomly watching. If there were themes in specific areas, that might capture my interest more. But capitalizing on the popularity of Shark Tank might provide an interesting angle to get people to watch (and buy)!
Buy It Now seems thrilling and informative with high-pressure, in-studio salesmanship and market research data on actual consumer demand. It’s an entertaining way to streamline the path from pitch to purchase.