Overstock’s Net Revenue Soars With Rise In Average Order Value

Overstock.com, Inc. reported as part of its financial results for the first quarter of 2021 that total net revenue surged 94 percent year over year to $660 million, according to a Thursday (April 29) announcement.

“On the heels of a record 2020, Overstock continues to execute consistently and delivered strong results for the first quarter of 2021,” Overstock CEO Jonathan Johnson said in the announcement. “Our strong momentum reflects our purposeful and strategic focus on our home business and the operational changes we’ve made and continue to put in place.”

The eCommerce retailer and technology company reported 3.6 million orders delivered in the first quarter of 2021, marking a 66 percent year-over-year rise. It also noted a $183 average order value for the first quarter of 2021, marking a 17 percent year-over-year rise.

Overstock reported that orders placed on mobile devices comprised approximately half of gross merchandise sales in the first quarter of 2021, marking a year-over-year rise of 380 basis points. The company also said it had 9.9 million active customers as of March 31, marking a 92 percent year-over-year rise.

“Our focus on improving the customer experience and making our brand vision of ‘Dream Homes for All’ a reality is paying off,” Johnson said in the announcement. “We have had another great quarter of profitable market share growth. We believe Overstock is well-positioned to sustain this profitable path through 2021 and beyond.”

Overstock’s online shopping website offers a wide array of new home products for sale in the areas of home improvement, bedding and bath, area rugs, décor and furniture. The Salt Lake City, Utah-based company said it was the first “major retailer” to take digital currency as a payment method.

In terms of blockchain, Overstock management said in the announcement, “On April 23, 2021, ahead of schedule, Overstock closed its blockchain fund transaction with Pelion Venture Partners, a third-party venture capital firm with a proven track record of successfully investing in early-stage companies, to oversee Medici Ventures‘ blockchain assets.”