Has Amazon Reinvented ‘Shark Tank’ for Home Shopping? – RetailWire

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.”