Net income reaches $2.5 billion, new customers nearly double, Overstock achieves record growth in the US

Recently, Overstock, an American e-commerce retailer, released its 2020 performance report. Data showed that in 2020, Overstock 's total retail sales reached a record high of US$3.2 billion, while its net income reached US$2.5 billion.

Online revenue increased by 84% and new customers doubled

Overstock is an American online retailer founded in 1999. It started out by selling various furniture products. Now it sells a wide range of categories , mainly furniture and home furnishings, bedding, jewelry and watches, clothing, shoes and hats, health and beauty, and 3C digital products. It is worth noting that the platform mainly targets middle and high-income earners, and most of them are women ( 76%).

In fact, Overstock grew 2.3 times faster than the online furniture market in 2020. The latest quarterly report shows that as of the fourth quarter of 2020, Overstock's online net revenue increased by 84% to US$684 million , an increase of 84% from US$370.9 million last year .

Overstock's CEO said that 2020 was an incredible year, and the number of new customers nearly doubled in the fourth quarter alone, which was unexpected. Data shows that as of June 30, 2020, Overstock's monthly visits have reached 49 million. Obviously, Overstock's customer base is growing rapidly.

As of the end of December 2020, 35% of furniture purchases in the United States were made online , which could be a permanent shift. In addition, orders made on mobile devices account for 50% of total merchandise sales , which is enough to show that sales made on mobile devices are worthy of attention.

Overstock entry knowledge points

It is reported that it is not possible to enter the Overstock platform as an individual seller , and one must have a certain sales record on large platforms (Amazon, eBay, etc.). There is already an application channel for sellers to enter the Overstock platform at the bottom of the Overstock official website, and sellers can pay special attention to it.

Unlike other platforms, Overstock's advertising sales model is quite special, mostly situational advertising. Therefore, the product photos taken by sellers can have backgrounds such as home furnishings. In addition, Overstock has a self-built logistics system similar to Amazon FBA , and is good at transporting various furniture products.

In addition, if sellers of home furnishing products want to join, they must also meet the following requirements: own a US company, a tax number, an insurance certificate, a US phone number, priority for overseas warehouse shipments, a monthly GMV of more than US$50,000, etc.

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