Don’t underestimate Overstock
Forget crowed malls, limited product selections and hard to find bargain basements. Online e-commerce is sweeping traditional retail stores under the desk and driving consumers online where closeout prices are at their fingertips.
Launched as a premier online company that liquidates excess inventory through the Internet, Overstock is a virtual store that brings the outlet mall to the consumer by providing the same brand-name products sold in land-owned retail stores at discounted prices.
Upon it’s founding in 1999, the Web-based company’s highly-fragmented, liquidation-style business would have struggled to compete offline, but Overstock’s must sought after retail space online has made it a market leader, creating interactivity, providing quality e-service and building a considerable amount of brand equity.
Overstock offers points of parity in convenience, discounted prices and a variety of products. While traditional shoppers walk along retail doors, a large number of consumers who like good quality merchandise, but dislike the crowded mall experiences, find comfort in Overstock. Today, Overstock’s sales have reached $856 million and they offer more than 783,000 products in furniture, at home, bedding, clothing and shoes, jewelry, watches, electronics, books, music, movies, and interactive games. Furthermore, Overstock has saved consumers millions of dollars off manufacturer’s retail prices, and established partnerships with many leading brand-name companies.
One of Overstock’s biggest assets is its URL. Not only does Overstock.com suggest to consumers the company’s purpose- selling excess retail products- but its URL is linked throughout an integrated marketing campaign that has created significant brand awareness and recallability. The company really knows how to create demand off-line through various public relations tactics, like television, print, and radio, and drive consumers online.
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Tags: brand, brand equity, e-commerce, Overstock.com, public relations, URL, Website