Overstock.com,
Inc. (NASDAQ: OSTK) has moved well beyond its original model as a premier
online discount seller of excess inventory. Overstock, founded in 1999, now has
over a million on-site products, ranging from furniture and home décor to
automobiles, all controlled by 1,500 employees. The shift in strategy is seen
in the company’s 2011 acquisition of a new URL (www.O.co), which is especially
suited to Overstock’s growing mobile presence. The company, based in Salt Lake
City, Utah, has succeeded by offering a balanced mix of superior customer
service and associated innovation.
Recognizing
the developing demand for consumer-friendly mobile access, Overstock developed
a mobile shopping experience for customers that was recently named the Web
Marketing Association’s Best Shopping Mobile Application at the 2015 Mobile Web
Awards, the fourth consecutive year in which the company’s mobile app has been
honored. Today, 76 percent of Overstock’s mobile users become repeat customers,
with the company’s app being downloaded over five million times.
Overstock’s
growing operational success shows in its financials, with last year’s revenues
coming in at $1.7 billion, an 11 percent increase over the previous year, and
feeding a net income of $2.4 million. The company has seen profitable results
for the past four years and reports cash and cash equivalents of $170.3
million.
The
company is now moving into the use of blockchain technology, the key that
enables bitcoin transactions, and has announced plans, through majority-owned
subsidiary t0.com, to complete the world’s first public offering using this
technology. Earlier, the company was the first to issue a private blockchain
crypto-bond.
For
more information, visit http://dtn.fm/6IroP
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