Overstock has slipped in the ranks of the most-liked eCommerce platforms in recent months, but while the company may want to improve its standing in B2C, reports say the firm is turning its attention to the world of B2B eCommerce.
More than a decade ago, Overstock.com launched a B2B discount site when the company was just two years old. Today, reports from Internet Retailer revealed that the platform is exploring its roots once again and revamping its bulk product sales to businesses.
In an interview with the publication, Overstock senior vice president of merchandising, sourcing and strategic initiatives Seth Marks said that the e-retailer is gearing up for a wave of wholesale deals in addition to its most recent offering to sell 1.13 million pieces of jewelry for $1.13 million. According to Marks, Overstock will roll out about 50 more wholesale deals in the near future.
The strategy mirrors the early days of Overstock.com, which launched in 1999. Reports said CEO Patrick Byrne would initially access inventory for businesses by acquiring product lots at company liquidations, though the products in those lots would be sold by the platform to both consumers and businesses.
Once again, Overstock will focus efforts on acquiring lots of goods for wholesale purchases. The 1.13 million pieces of jewelry, for example, were acquired in the liquidation sale of Bidz.com. The company has recently made a slew of hires for merchandise buying and lot acquisition.
The products will be sold through three of Overstock’s branches, reports said: wholesale site O.biz, Overstock.com’s liquidations section, and in special sections of the main website.
More than just selling in bulk, Marks said, is the ability for Overstock to offer flash sales to turn over large volumes of inventory. “We want to spin inventory, not get emotional about keeping it,” the executive said.
To encourage business buyers to procure products through the site, Overstock offers a 5 percent loyalty rebate on all purchases regardless of size, including on wholesale buys, reports said.