Overstock, also known as O.co, is proof that whenever there’s an economic bust, someone, somewhere, actually benefits. In their case, they took over a company at the height of the dot com boom to sell ‘overstock’ – leftover merchandise from other retailers – and when everybody else in the world of e-commerce went suddenly and spectacularly bankrupt, they suddenly found that they had loads of overstock to sell. It was incredible foresight or incredible luck but either way it made Overstock’s founders a fortune.
Obviously a business model that relied on selling leftover merchandise from failed dot com companies wouldn’t last forever, so Overstock began producing its own stock, too, alongside continuing to sell overstock at ultra-low prices. Essentially, it’s an online outlet mall, making it far more accessible than traditional outlet malls while also ensuring that it has a far wider range of available stock: It now ships to locations all over the world and has over one million products available right now, all at the low prices you’d expect from an outlet mall.
Unsurprisingly for a business that recognised the power of the web early on, Overstock have continued to push the limits of online technology. Early in 2014, they became the first major business to accept a cryptocurrency – Bitcoin – as a form of payment. This means that they can now appeal to people who like to do their shopping online while keeping a low profile – Bitcoin is famously virtually untraceable. It’s a sensible way for them to expand their business strategy to people who consider themselves digital natives while doing nothing to discourage their core target market of bargain hunters who’ve moved online in search of high quality at low prices: After all, an Overstock coupon code can help you save money whatever kind of currency you use.
Overstock definitely target those in search of a bargain: Walking away with one is virtually guaranteed once you’re on their website. As well as offering lower-than-wholesale prices anyway, as a seller of overstock, they encourage returning shoppers with a rolling programme of daily and weekly deals, so checking back to the website frequently pays dividends. Those rolling sales currently include offers of up to 70% off on rugs and patio furniture, just for starters. On top of that, those deals come with the possibility of an extra 10-15% off if certain conditions are met. So you’re looking at 85% off altogether. Even if that exact deal isn’t available by the time you read this, it should give you a good idea of the kind of deals on offer. You don’t get much better than that anywhere on the web! In addition an Overstock coupon code could net you even bigger bargains.
In addition to their sales of leftover stock, Overstock also have a Business-to-Business site which allows businesses to save on office equipment and other necessities by buying in bulk. They’re also pioneering software that aims to allow people to trade stock outside of the big stock exchanges. The consistent pattern here is that they recognise the power the web has to unlock potential for consumers.