35 percent of furniture is purchased online, Overstock CEO says as revenue nearly doubles
February 24, 2021 | 5:21 pm UTC
SALT LAKE CITY - American internet retailer Overstock reported revenue of $684 million for the fourth quarter of 2020 - an 84 percent increase over last year's $371 million.
“Overstock had an incredible year in 2020,” said Jonathan Johnson, CEO. “The operational improvements we began making at the end of 2019 enabled us to benefit from this unprecedented environment in which we all find ourselves increasingly working, learning and living in our homes.”
Yearly revenue hit $2.5 billion, a 75 percent increase over last year. The company also doubled the amount of new customers.
“Despite what many predicted to be a challenging holiday season given carrier capacity constraints, Overstock performed incredibly well due to rigorous planning and diligent communication with our partners and our customers,” Johnson continued.
Johnson also noted that orders placed through a mobile device represented 50 percent of all sales for the quarter.
“As of December, 35 percent of home furnishings are being purchased online, and I believe this will be a permanent shift," Johnson said. "In fact, Overstock grew 2.3 times the pace of the online furniture market for the year, and our goal is to continue to outperform the market.”
The company has offered free shipping on all items since October.
Overstock.com, Inc. is an internet retailer headquartered near Salt Lake City founded in 1999. It offers home furniture, decor, flooring, rugs, appliances, and more.
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