Celebrating 20 years as a leader in the e-commerce space,
Overstock.com, Inc. (NASDAQ:OSTK) looks forward to an exciting
2020, with a renewed customer focus, application of technological
innovations and changes in leadership. As a technology-focused
company, Overstock continues to be an industry-leading online
retailer and a pioneer in the blockchain space. Through its
Overstock.com retail and Medici Ventures blockchain divisions, the
Company continues to execute on its mission of improving customers’
lives through the application of emerging technologies to
traditional markets. Overstock is focused on improving the customer
experience and enabling secure and trusted peer-to-peer
commerce.
“Two decades ago, Overstock was founded with a vision to always
improve the way people transact through the innovative application
of technology,” said Jonathan Johnson, CEO of Overstock.com, Inc.
and president of Medici Ventures. “Two decades later that same
forward-thinking attitude continues to prevail. Our teams of
talented technologists with innovative minds continue to improve
our customers’ experience. And they are advancing global
peer-to-peer commerce through the application of blockchain
technology. Over the past 20 years, we accomplished a lot. I’m
filled with pride by our teams’ work in sourcing, developing, and
accelerating technology and efficiencies in our retail and
blockchain businesses. We’re focused on making 2020 another great
year for Overstock.”
Overstock welcomed changes in leadership during 2019, which
reflect its focus on the customer and innovation. These changes
included the promotions of Jonathan Johnson to CEO of
Overstock.com, Inc. (in addition to his role as President of Medici
Ventures), Dave Nielsen to President of Overstock Retail, and
Kamelia Aryafar to Executive Vice President and the newest member
of the Company’s board of directors (in addition to her role as
Chief Algorithms Officer). Medici Ventures also strengthened its
leadership, with the promotions of Joel Weight to Chief Operations
Officer and Jeremy Smith to Chief Technology Officer. Likewise,
tZERO strengthened its team with the addition of a Head of
Issuance, Head of Investor Relations, and Head of
Communications.
In addition to its offices in Utah, the Company expanded its
presence in Europe with the opening of a new state-of-the-art
campus in Sligo, Ireland, which has served as a technical hub and
EU base.
Club O, the Company’s retail loyalty and rewards program,
expanded its member offerings to include two new benefits: free
returns and a price match guarantee. These new features
significantly enhance the loyalty program’s existing perks, which
include free shipping on all items, five percent (or more) rewards
on all purchases, access to an exclusive rewards store, and
additional rewards in exchange for product reviews. Club O is free
to active and veteran military members, students and teachers, and
first responders.
Other key milestones over the past year include the addition of
new applications in the blockchain space; advances in the customer
experience utilizing technologies like machine learning,
personalization, and augmented reality; and continued community
outreach through partnerships with non-profit organizations.
Medici Ventures, Overstock.com, Inc. Subsidiary and
Blockchain Accelerator
2019 was a significant year for Medici Ventures and its keiretsu
of blockchain-based companies, as it began to pivot from a building
phase to a growth phase in which real products are coming into
production. The Medici family continued to utilize blockchain
technology to revolutionize traditional industries including
identity, land governance, money and banking, capital markets,
supply chain, and voting. Key milestones include the
following:
- tZERO, the global leader in blockchain innovation for capital
markets, built the technology and leadership team necessary to
support its long-term efforts relating to tokenization services and
secondary trading technology. In addition to securing a number of
cutting-edge patents related to the intersection of blockchain and
capital markets, the company tokenized its preferred equity and
launched the trading of these securities on the tZERO ATS, signed
agreements with a number of issuers to tokenize their securities,
subscribed additional broker-dealers to the tZERO ATS, launched the
tZERO Crypto App, filed for one of its wholly-owned subsidiaries to
become a retail broker-dealer and advanced its Boston Security
Token Exchange (BSTX) joint venture.
- Medici Land Governance (MLG) continued to expand its reach and
provide low cost, user friendly land titling and administration
systems to government partners across the globe. In 2019, MLG
expanded its land governance efforts to St. Kitts and Nevis,
Liberia, Zambia, Mexico, and the United States. By utilizing
blockchain and other technologies to secure a public record of land
ownership, MLG continues to promote economic development and
financial inclusion to both individuals and governments worldwide.
MLG looks forward to strengthening and creating new partnerships in
2020 and beyond.
- Bitt, the Barbados-based fintech company, signed a contract
with the Eastern Caribbean Central Bank to conduct a
blockchain-issued Central Bank Digital Currency (CBDC) pilot within
the Eastern Caribbean Currency Union (ECCU) The issuance of a CBDC
would facilitate the speed, cost and efficiency of payments, both
domestically and cross-border, as well as promote financial
inclusion amongst Caribbean citizens. Having successfully completed
the project’s inception and elaboration phases, upcoming milestones
include preliminary testing and training with pilot project
stakeholders, including financial institutions, merchants and
consumers, in preparation for the start of the pilot at the end of
Q1 2020.
- Voatz made voting safer and more accessible by successfully
conducting a number of secure mobile voting pilots backed by
blockchain technology for overseas and disabled voters in United
States counties such as Utah County, UT; the City & County of
Denver, CO; Jackson and Umatilla County, OR; and Pierce County, WA.
- GrainChain executed agreements with stakeholders across the
Honduran coffee industry to deliver its blockchain-enabled commerce
platform. Immediate benefits with regard to the minimization of
risk and improvement of harvesting conditions have already been
realized, both of which will encourage further reinvestment.
Through coordination with stakeholders throughout the coffee
growing lifecycle, GrainChain is for the first time connecting the
entire supply chain on a single platform. That agreement came in
the same year as the company’s partnership with the Mexican state
of Tamaulipas, bringing efficiency, security, and transparency to
farmers, storage operators, and buyers of bulk
commodities. GrainChain went live with three
products: Cmodity, HarvX, and SiloSys, which
processed over 1 billion pounds in commodities in Texas in 2019, a
strong indicator of what is to come in 2020.
Overstock.com Retail
Under the leadership of the Company’s EVP and Chief Algorithms
Officer, Kamelia Aryafar, Overstock continues to implement
artificial intelligence (AI) and machine learning (ML) technologies
throughout the organization. These technologies are being applied
to improve or replace existing systems in all areas of the company,
including Website Development, Pricing, Customer Care, Supply
Chain, Marketing and Sourcing.
The application of ML and AI has also allowed Overstock to
significantly improve the personalization of the customer
experience, advancing Overstock’s mission of customer focus. During
2019, Overstock leveraged its proprietary technology LiveRex and
Overstock Asset Data Platform (OADP) to introduce personalization
technology to its retail site, which enabled a fully dynamic email
experience. These initiatives aim to deliver a more engaging and
relevant experience throughout every touchpoint of a customer’s
journey.
Building on Overstock’s investment over the past three years in
augmented reality (AR) and 3D experience, the Company launched the
biggest omni-channel AR and 3D customer experience in e-commerce.
This launch allowed shoppers to seamlessly view true-to-life size
3D renderings of thousands of products from top-selling categories
like furniture, home goods, and décor, and enabled them to see what
these products might look like in their own homes with the aid of
AR.
Overstock celebrated its 20 year anniversary with its second
annual Customer Day on October 6. The 36-hour sale was one of the
Company’s strongest events in 2019.
Awards and Recognitions
Overstock was the recipient of a number of awards in 2019, being
recognized for achievements spanning from its high-quality customer
service to its technological innovation. Notable mentions
include:
- Torchie Award recognition as an industry leader and
innovator
- eTail’s Best in Class Award for Best Mobile App
- Media Post’s Appy Award for Best Retail App
- Mobile Star Awards “Superstar” Best Retail Shopping App
- Loyalty 360’s Top 10 Award for Customer Loyalty Team
- Two Loyalty360 Awards for Employee Engagement and for Customer
Loyalty Strategy
- Stevie Award in Customer Service and Sales
- Utah’s Best in State Award for General Merchandising
- Shatter List recognition for creating and implementing
impactful programs and company culture to foster inclusivity from
the Women Tech Council
Corporate Giving and Philanthropic Support
Overstock Cares, the Company’s philanthropic program, supported
numerous non-profit organizations dedicated to a variety of
charitable causes throughout 2019. The program supported the
donation of hundreds of products, primarily home goods, to
non-profit organizations across the country, in addition to
monetary donations to causes including Big Brothers Big Sisters,
Operation Underground Railroad, Set for Life LA, and Habitat for
Humanity.
Overstock Cares also continues to support its corporate
charitable partners Best Friends Animal Society, Special Operations
Warrior Foundation, and the American Red Cross by promoting
customer donations on its site and check-out page.
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital
Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO
platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an
online retailer and technology company based in Salt Lake City,
Utah. Its leading e-commerce website sells a broad range of new
home products at low prices, including furniture, décor, rugs,
bedding, home improvement, and more. The online shopping site,
which is visited by nearly 40 million customers a month, also
features a marketplace providing customers access to millions of
products from third-party sellers. Overstock was the first major
retailer to accept cryptocurrency in 2014, and in the same year
founded Medici Ventures, its wholly-owned subsidiary dedicated to
the development and acceleration of blockchain technologies to
democratize capital, eliminate middlemen, and re-humanize commerce.
Overstock regularly posts information about the Company and other
related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. Other service marks, trademarks and trade names
which may be referred to herein are the property of their
respective owners.
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 all statements other than
statements of historical fact. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended September 30, 2019, which
was filed with the SEC on November 12, 2019, and any subsequent
filings with the SEC.
SOURCE: Overstock.com, Inc.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
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