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Overstock’s stock saw dramatic gains in 2017, ending the year at more than
Other key milestones in 2017 for the online home goods leader include the introduction of new technologies in the blockchain space, advances in the mobile shopping experience including the introduction of augmented reality (AR), the opening of new offices, and continued community outreach through partnerships with a number of non-profit organizations and individuals in need.
“The retail arm of the business is continuing to lead the increasingly saturated online home goods and furniture market by finding efficient ways to stay ahead of competitors who have no qualms losing hundreds of millions of dollars a year,” said
2017 was a landmark year for both cryptocurrency and its underlying technology, blockchain. Overstock continued to be a leader in the blockchain industry, investing in companies that are at the cutting edge of development in the space. The online retailer, which in 2014 was the first major retailer to accept bitcoin payments for purchases, expanded its payment options to include dozens of major cryptocurrencies through integration with ShapeShift, a leading digital asset exchange.
Overstock’s blockchain-focused subsidiary,
- tZERO, the world’s first
SECapproved, blockchain-based alternative trading system, launched its initial coin offering (ICO), which attracted over 10,000 subscribers and raised $100Min commitments in the first 12 hours of its pre-sale. A significant portion of the tZERO security tokens issued will be available to accredited investors in the public sale beginning in January, 2018. Overstock.com Blockchain Subsidiary tZERO Security Token Sale Launches DeSoto Inc., a joint venture between Overstock.comfounder and CEO Patrick Byrneand world-renowned economist Hernando de Soto, was created to develop a global property registry system to surface the property rights of billions of people in the developing world. Hernando de Sotoand Patrick Byrne Unite to Challenge Global Poverty & Inequality
- Bitt, a
Barbados-based financial technology company using blockchain to create central banking tools and mobile money applications, named Rawdon Adams, son of former Barbadian Prime Minister Tom Adams, as its CEO. Bitt also fully launched its new mMoney digital payment product, bringing to market a blockchain-based mobile wallet that allows users to participate in digital transactions on their smartphones without the need for a traditional bank account, helping to foster financial inclusion in the region.
- South-American based Ripio (formally known as BitPagos), participated in an ICO that raised
$37Mto fund its Ethereum-based peer-to-peer lending platform, Ripio Credit Network. Belgium-based SettleMint launched a token sale for its DataBroker DAO, a peer-to-peer marketplace created to provide Internet of Things(IoT) sensor-owners with a clear path to data monetization, and data consumers with a decentralized marketplace in order to buy IoT sensor data. SettleMint also signed an agreement with The Islamic Research and Training Institute, the research arm of the Islamic Development Bank Group, to work with local partner Ateon on developing blockchain-based financial products that can be used to support development and inclusion in IsDB member countries. Medici Ventures Portfolio Company SettleMint Announces Token Sale for DataBroker DAO Beginning; IRTI Partners With SettleMint to Develop Blockchain Products for Financial Inclusion
Overstock continued to improve its industry-leading mobile shopping platforms in 2017, leading to the retailer’s sixth consecutive year winning the Web Marketing Association’s Mobile Web Award with the Best Retail Mobile Application, and to its first year receiving the Best in 2017
Much of the success in this field was due to the introduction of AR to the iOS version of the mobile shopping app, which allows customers to view true-to-life size 3D models in their room, creating an added convenience for shopping for furniture and home goods online. Additionally, the majority of Overstock.com’s high traffic landing pages have scaled to AMP (Accelerated Mobile Pages) landing pages, an achievement that was highly showcased at the Google Chrome Dev Summit.
Those technologies and more helped Overstock surpass the 5 million download mark on mobile shopping apps in 2017 while growing its active monthly user base more than 80 percent from the beginning of the year.
New Business Developments
As Artificial Intelligence (AI) and Machine Learning (ML) technologies continue to advance rapidly, Overstock has begun implementing the technology throughout all areas of the organization. To further foster advances and innovations in these areas, Overstock created a dedicated AI data science group applying the technology to improve or replace existing systems in all divisions of the company, including
Overstock also introduced several consumer options to the website, including the newly-re-launched Cars by Overstock. Cars by Overstock is a full-service online automotive platform helping customers navigate every aspect of the car ownership process, including pre-purchase research and negotiation, and post-purchase protection and repair.
Overstock also expanded operations outside of
Finally, 2017 was the year Overstock launched three new private label brands; Porch and Den, which features contemporary furniture and décor,
Awards and Recognitions
Overstock received a variety of recognitions in 2017, spanning from awards in high-quality customer service to awards in environmental stewardship. Notable awards received in 2017 include:
- LEED Gold Certification for Overstock’s environmentally-conscious corporate headquarters,
- Inclusion in the list of the world’s top 50 e-retailers by the
National Retail Federation
- A sixth-consecutive win of the Web Marketing Association’s Mobile Web Award, with Overstock’s iOS app named the 2017 Best Retail Mobile Application
- A Best in 2017
Mobile StarAward for Best Mobile Shopping App
- A Platinum Loyalty360 Customer Award in Operational Excellence
- Induction into the
Utah Technology Council Hall of Famefor Overstock CEO and founder Patrick Byrne
- Utah’s Best in State Award for General Merchandising
Corporate Giving and Philanthropic Support
In 2017, Overstock’s fair-trade store, Worldstock, which was founded in 2001 to provide traditional artisans across the world a global platform to sell their handmade goods, expanded to include products made by artisans in UN Refugee camps.
Overstock also partnered with a number of non-profit organizations to provide support or donations, including
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended