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Topic: Overstock revenue up 17% - big boost from bitcoin (Read 1891 times)

full member
Activity: 210
Merit: 100
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.
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%) discount
hero member
Activity: 644
Merit: 500
Bitcoin isn't even mentioned in their release.
member
Activity: 117
Merit: 10
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.
hero member
Activity: 639
Merit: 500
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.
newbie
Activity: 44
Merit: 0
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.
member
Activity: 64
Merit: 10
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.
sr. member
Activity: 252
Merit: 250
They have added some bitcoiners to their userbase, gained tons of free publicity because of bitcoin and they also look like innovators now.
legendary
Activity: 3598
Merit: 2386
Viva Ut Vivas
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.
member
Activity: 117
Merit: 10
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.
hero member
Activity: 686
Merit: 500
... 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.
hero member
Activity: 698
Merit: 500
5% Bitcoin Discount - All Orders
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!
hero member
Activity: 798
Merit: 1000
Move On !!!!!!
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.
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!!
legendary
Activity: 2436
Merit: 1561
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.
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.
sr. member
Activity: 406
Merit: 250
... 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.
sr. member
Activity: 434
Merit: 250
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.
hero member
Activity: 798
Merit: 1000
Move On !!!!!!
... 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!!
sr. member
Activity: 532
Merit: 250
... 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
sr. member
Activity: 406
Merit: 250
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.
sr. member
Activity: 532
Merit: 250
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. 
legendary
Activity: 906
Merit: 1002
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.
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
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