Title: Overstock revenue up 17% - big boost from bitcoin Post by: mikewirth on October 29, 2014, 12:53:20 AM While the 17% is not from bitcoin sales, bitcoin did contribute to this increase. Further, new users from the bitcoin community have now become more familiar with the excellent service Overstock has to offer and they enjoy using Overstock even with fiat.
Overstock gained many new customers and great press via its relationship with bitcoin. Keep up the good work and keep supporting businesses which support bitcoin. Go buy some nice stuff from those guys today. They just bought 90 million dollars worth of nice jewelry. If you need a new watch, you'll get a seriously killer deal. http://www.internetretailer.com/2014/10/23/overstockcoms-q3-revenue-increases-17 (http://www.internetretailer.com/2014/10/23/overstockcoms-q3-revenue-increases-17) Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: BittBurger on October 29, 2014, 12:54:09 AM Quote While the 17% is not from bitcoin sales *facepalm* -B- PS: I believe Bitcoin has represented less than 1% of their increased sales thus far. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: ebliever on October 29, 2014, 01:21:30 AM They got a lot of free advertising from their bitcoin announcement, so that factors in as well.
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: H.W.Z on October 29, 2014, 01:34:13 AM Merchants accepting bitcoin payment will get exposed to the cryptocurrency related media outlet. No matter how many percents of the bitcoin sales contribute to the total revenues, many customers are attracted to their website to do their shopping with fiat or bitcoin. More merchants will follow it. Hopefully it will boost the number of merchants who are accepting bitcoin payment.
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: grumpyoldtroll on October 29, 2014, 06:01:28 AM Still, bitcoin price is very unstable.
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Eisenhower34 on October 29, 2014, 06:48:51 AM Quote While the 17% is not from bitcoin sales *facepalm* -B- PS: I believe Bitcoin has represented less than 1% of their increased sales thus far. I would also say that the margins on the bitcoin sales were higher then the margin on cc sales, helping their bottom line which is more important then the revenue numbers Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: mikewirth on October 29, 2014, 07:15:17 PM PS: I believe Bitcoin has represented less than 1% of their increased sales thus far. When pro bitcoin companies do well, it is good for the community - even if you can't directly pin it on direct sales. Now go buy something from Overstock as punishment for being a dumbass. Use fiat if your bitcoin mine is too feeble to generate real money, but use bitcoin if you can. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Ron~Popeil on October 29, 2014, 07:30:15 PM I shop there more often after the announcement. I use both fiat and bitcoin with them and suspect many others do the same. My fiat purchases don't increase bitcoin sales obviously but the announcement was definitely a factor in where I choose to spend my currency.
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: mikewirth on October 29, 2014, 07:50:25 PM ... a factor in where I choose to spend... That, and they have really good stuff at insane low prices. Take a look now: www.overstock.com (http://www.overstock.com) Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Mickeyb on October 29, 2014, 07:54:12 PM ... a factor in where I choose to spend... That, and they have really good stuff at insane low prices. Take a look now: www.overstock.com (http://www.overstock.com) Advertising is a key of the 17% increase!! I read somewhere that there are not actually that many buys via BTC. Than again we are just in the beginning. Overstock will help Bitcoin a lot!! Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: beetcoin on October 29, 2014, 09:47:07 PM That is quite funny.. bitcoin evangelists would read up "overstock up 17%" and equate it to "bitcoin has catapulted bitcoin out of the atmosphere"
If it were really true , then you see stock prices rise for dell and every other guy who adopted bitcoin. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Ron~Popeil on October 29, 2014, 10:02:35 PM ... a factor in where I choose to spend... That, and they have really good stuff at insane low prices. Take a look now: www.overstock.com (http://www.overstock.com) Advertising is a key of the 17% increase!! I read somewhere that there are not actually that many buys via BTC. Than again we are just in the beginning. Overstock will help Bitcoin a lot!! The CEO is a firm believer in bitcoin as well. Bezos could take a lesson from the way he does things. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: pawel7777 on October 29, 2014, 10:48:51 PM Quote While the 17% is not from bitcoin sales *facepalm* -B- PS: I believe Bitcoin has represented less than 1% of their increased sales thus far. ... Lets not forget about all the media coverage (free advertisement) they got when decided to accept bitcoins. I'm not US based and wasn't really familiar with OS before they started to accept BTC. Good to see they ship to UK now. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Mickeyb on October 29, 2014, 11:03:33 PM Quote While the 17% is not from bitcoin sales *facepalm* -B- PS: I believe Bitcoin has represented less than 1% of their increased sales thus far. ... Lets not forget about all the media coverage (free advertisement) they got when decided to accept bitcoins. I'm not US based and wasn't really familiar with OS before they started to accept BTC. Good to see they ship to UK now. Well the advertisement was really mutual, good for Bitcoin and Overstock in my opinion!! Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: CoinsForTech on October 29, 2014, 11:17:14 PM Good for them. Patrick Byrne truly seems to grasp why bitcoin is important and I wish his company all the best. I need to get busy marketing before they get their international act together!
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: scarsbergholden on October 30, 2014, 12:14:57 AM ... a factor in where I choose to spend... That, and they have really good stuff at insane low prices. Take a look now: www.overstock.com (http://www.overstock.com) Advertising is a key of the 17% increase!! I read somewhere that there are not actually that many buys via BTC. Than again we are just in the beginning. Overstock will help Bitcoin a lot!! Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Eotnak on October 30, 2014, 01:43:29 PM Last time I checked, there was no discount for using bitcoin. For me personally, there was no incentive to use bitcoin. As a bitcoin enthusiast, however, I always check Overstock and Newegg first when making a purchase...and I use $US. Why should I spend BTC which I value when I have USD to dump on them? Why should I spend the exchange fees to purchase BTC and send it to them?
So the 1% direct sales is just another small part of a bigger picture that can only be estimated, much like all things decentralized, open source, and bitcoin. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Elwar on October 30, 2014, 02:01:40 PM The fact that they were willing to accept Bitcoin shows that they are on the cutting edge. They did a few other things technologically to advance their sales as well.
Their revenue is up because they are willing to move their business forward. Bitcoin is part of that movement forward. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: PenAndPaper on October 30, 2014, 02:21:57 PM They have added some bitcoiners to their userbase, gained tons of free publicity because of bitcoin and they also look like innovators now.
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Fat Ronaldo on October 30, 2014, 02:34:46 PM Last time I checked, there was no discount for using bitcoin. For me personally, there was no incentive to use bitcoin. As a bitcoin enthusiast, however, I always check Overstock and Newegg first when making a purchase...and I use $US. Why should I spend BTC which I value when I have USD to dump on them? Why should I spend the exchange fees to purchase BTC and send it to them? The incentive shouldn't be to get a discount but to support both bitcoin and merchants. Why spend fiat? Don't buy from exchanges if you don't want to pay any fees. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: YouAreABetaProvider on October 30, 2014, 02:35:41 PM They should pay their employees with Bitcoin. Sure, its great that they accept BTC and promote it, but unless they pay people in Bitcoin, they should rename their brand to LaughinStock.
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: TinEye on October 30, 2014, 02:38:47 PM Was a smart move by Overstock. A lot of holders got a chance to cash out and buy something actually useful.
They should pay their employees with Bitcoin. Sure, its great that they accept BTC and promote it, but unless they pay people in Bitcoin, they should rename their brand to LaughinStock. They just saw Bitcoin as an opportunity to make more sales, like any good business. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: Eotnak on October 30, 2014, 03:11:33 PM Last time I checked, there was no discount for using bitcoin. For me personally, there was no incentive to use bitcoin. As a bitcoin enthusiast, however, I always check Overstock and Newegg first when making a purchase...and I use $US. Why should I spend BTC which I value when I have USD to dump on them? Why should I spend the exchange fees to purchase BTC and send it to them? The incentive shouldn't be to get a discount but to support both bitcoin and merchants. Why spend fiat? Don't buy from exchanges if you don't want to pay any fees. please do some research, reread my post, then edit or delete yours. Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: lucasjkr on October 30, 2014, 03:16:49 PM Bitcoin isn't even mentioned in their release.
Title: Re: Overstock revenue up 17% - big boost from bitcoin Post by: ANTIcentralized on October 31, 2014, 06:04:04 AM Last time I checked, there was no discount for using bitcoin. For me personally, there was no incentive to use bitcoin. As a bitcoin enthusiast, however, I always check Overstock and Newegg first when making a purchase...and I use $US. Why should I spend BTC which I value when I have USD to dump on them? Why should I spend the exchange fees to purchase BTC and send it to them? I will argue that, over time this will likely change. Overstock is going to realize lower costs from accepting bitcoin then by accepting credit cards, and to encourage the use of bitcoin (and for them to have lower costs) they should give people an incentive to use bitcoin via a small (1-3%) discountSo the 1% direct sales is just another small part of a bigger picture that can only be estimated, much like all things decentralized, open source, and bitcoin. |