Q&A with Damon Peters of Overstock.com 7/13/2016
ECRM had the opportunity to sit down with Damon Peters, the Vice President of Business Development at Overstock.com to learn more about the organization's unique business along with key tips for suppliers to keep in mind when doing business with Overstock.com.
What is Overstock.com’s business model?
In the 17 years since our founding, Overstock.com has become one of the e-commerce greats. We’ve done that by continually developing and enhancing technologies in every channel to provide suppliers access to our 35 million unique monthly visitors. We work with these suppliers to expose their products to new customers through our marketing channels.Why do suppliers want to sell on Overstock.com?
We make it easy and inexpensive to sell merchandise on Overstock.com by taking away all the friction and barriers to selling online to a large group of loyal customers.
Our Partner Care Associates are designated account managers to each supplier on site, and help the supplier in their marketing and merchandising setup. We also have analytics and big data resources to help provide insights into ways that suppliers can sell more goods, all of which is unique to Overstock.com.
What key information do suppliers need to know to sell on site?
We’ve found that the most important information a supplier needs to know comes from their end. Is there demand for their product, can they ship within our time frames, do they have a basic understanding of dropshipping, and are they able to accept returns?
As I mentioned before, we are an avenue for the supplier to sell their product. We expose their product to millions of people each month through our site’s technology and marketing channels. So to be successful on our site, or any site, the supplier really needs to be honed in on their own industry.
What trends do you see?
Customers are demanding from the industry more technology and better information to make a purchasing decision. As a retailer, this means we have to continually reinvest in technology and customer experience.
Rather than saying “we see industrial furniture is trending,” we use our technology to package that specific trend in a way that is appealing and gives a positive customer experience. We have done this now with several home trends.
Examples:
http://www.overstock.com/guides/industrial-furniture-and-decor-ideas#
http://www.overstock.com/guides/coastal-furniture-and-decor-ideas
http://www.overstock.com/guides/boho-chic-furniture-and-decor-ideas
http://www.overstock.com/guides/industrial-furniture-and-decor-ideas#
http://www.overstock.com/guides/coastal-furniture-and-decor-ideas
http://www.overstock.com/guides/boho-chic-furniture-and-decor-ideas
What are some company houseware initiatives?
We are focused on building technology to make it easier for our partners to surface products to our customer. The tools encourage a sense of discovery and surety for the customer. They will be provided with information and visuals about what products will look best in their homes and work with their existing décor or future redecorating needs.
In addition, we are expanding our assortment to include even more first-run goods. This includes licensing deals, such as our Andrew Charles by Andy Hilfiger partnership. Andy and wife Kim personally design all unique pieces for the home.
Upcoming EPPS Attendance:
Overstock.com will be attending the following ECRM Efficient Program Planning Sessions (EPPS) where they will have the chance to meet with suppliers that fit their EPPS focus:
- Housewares, Household & General Merchandise: July 17-20, 2017 at the Hyatt Regency Miami
- School & Office Supplies: September 11-15, 2016 at the Hyatt Regency Jacksonville Riverfront
- Home Health Care: February 12-15, 2017 at the Hilton Baltimore
- Home & Gift: April 2-4, 2017 at the Westin Chicago Northwest
Quick Facts about Overstock.com:
Headquarters: Salt Lake City, UT
Year Started: 1999
Number of Products on Site:1,000,000+
Number of Employees: 1,500
Mission: At Overstock.com, we strive to provide our customers with quality products at the best prices possible. All the while, we make all efforts to give them a level of service that they will never forget, making them want to come back for more.
