Media Buying Client Overstock.com’s Online Community is a Big Deal for Bargain Shoppers
SALT LAKE CITY, May 13 /PRNewswire-FirstCall/ — Overstock.com, Inc. (Nasdaq: OSTK) – Overstock.com, Inc., known for offering brand-name merchandise at discount prices, is making an even bigger deal out of its private online community, The District O Private Lounge. Featuring 300+ active members, the Private Lounge enables Overstock.com customers to play significant roles in keeping the online retailer fresh and its customers loyal. In its first year, the community has helped revitalize Overstock.com’s loyalty program, Club O, refine its popular television advertising, reinstate some of its customers’ most-missed web features and reinvigorate Overstock.com’s holiday shopping sales.
The District O Private Lounge, which kicked-off with an ambitious goal to enhance Overstock.com’s loyalty program, has since blossomed into a customer insight machine for the company that extends well beyond Club O. Communispace, which creates online customer insight communities for many of the world’s leading brands, recruited members for the community and now engages them in activities ranging from open discussions around the best and worst loyalty programs to generating feedback on the retailer’s television commercials. Energized by the community experience, members also initiate their own activities in the community, generating unexpected insights that keep Overstock.com in step with its customers’ changing needs.
“Although we’ve long relied on quantitative research to understand our customers, we’ve never had a way to engage in active dialogue with them, something that’s incredibly valuable for an online business,” said Patrick Byrne, Overstock.com Chairman and CEO. “We’ve already established a meaningful connection to our customers through The District O Private Lounge, and we’re looking forward to learning more from these members. Their distinctive voices will clearly resonate in our strategy and communications in the future, specifically within our enhanced Club O program.”
“Businesses are facing new challenges as consumers adjust spending and change habits to cope with the recession,” said Diane Hessan, CEO of Communispace. “Overstock.com is committed to understanding its customers’ challenges by listening and engaging with them directly. The best way to build and sustain customer loyalty, especially now, is by making your customers active stakeholders in achieving mutual success.”
About Overstock.com, Inc. – Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com. Overstock.com regularly posts information about the company and other related matters on its website under the heading “Investor Relations.”
About Communispace – Communispace Corporation is the leader in helping major brands listen to, and engage with, their customers. They do this by building and managing private branded communities that enable businesses to generate continuous insights, drive faster innovation, and build loyalty. Founded in 1999, the company has created more than 300 customer communities for industry leaders such as Kraft, Hewlett-Packard, Charles Schwab, Hallmark, Unilever, GlaxoSmithKline and Hilton Hotels. Headquartered in Watertown, Massachusetts, the company has offices in New York, San Francisco, London, Chicago, Austin, Atlanta, Sydney and San Remo, Italy.
Overstock.com(R) is a registered trademark of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the projected benefits of the District O Private Lounge, and other Communispace products, and the relative value of these products in Overstock.com’s business model. Our Form 10-K/A for the year ended December 31, 2007, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.