Overstock revenue up 17% - big boost from bitcoin

[mikewirth]

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

[BittBurger]

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.

[ebliever]

They got a lot of free advertising from their bitcoin announcement, so that factors in as well.

[H.W.Z]

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.

[grumpyoldtroll]

Still, bitcoin price is very unstable.

[Eisenhower34]

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.

bitcoin sales directly probably were a very small factor in the sales increase, although it is likely that some bitcoin customers also purchased from overstock using fiat.

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

[mikewirth]

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. 

[Ron~Popeil]

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.

[mikewirth]

... 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

[Mickeyb]

... 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

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!!

[beetcoin]

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.

[Ron~Popeil]

... 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

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.

[pawel7777]

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.

bitcoin sales directly probably were a very small factor in the sales increase, although it is likely that some bitcoin customers also purchased from overstock using fiat.
...

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.

[Mickeyb]

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.

bitcoin sales directly probably were a very small factor in the sales increase, although it is likely that some bitcoin customers also purchased from overstock using fiat.
...

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!!

[CoinsForTech]

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!

[scarsbergholden]

... 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

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!!

They received well over $100,000 in bitcoin sales within the first 24 hours of starting to accept bitcoin. It was said that the level of sales were somewhat inflation at first because many people wanted to 'take the plunge' right away and use their bitcoin on overstock right away.

[Eotnak]

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.

[Elwar]

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.

[PenAndPaper]

They have added some bitcoiners to their userbase, gained tons of free publicity because of bitcoin and they also look like innovators now.

[Fat Ronaldo]

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.