Company: Overstock.com, Salt Lake City, UT
Company Description: Overstock.com, Inc. (short cut: O.CO) is a Savings Engine 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.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Retail
Nomination Title: Overstock.com
Tell the story about what this nominated organization achieved since January 1 2011 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
O.co, also known as Overstock.com, is a Savings Engine 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. O.co’s annual revenue has grown from $1.8 million in 1999 to over a billion dollars in 2010. O.co has received many awards including the top place to work in retail in the nation and one of the top ten places to work in business in general as ranked by glassdoor.com and Forbes, ranked in the top five for the last five years in customer service as ranked by the National Retail Federation and American Express, and sales department of the year.
Since January 2011 the company also recently rebranded itself as O.CO Overstock.com’s new name. With the launch of the O.CO, Overstock.com rebranded itself as the “Savings Engine” of the internet. "Over the eleven years we've been in business we've evolved into a savings engine for shoppers. We have become O.CO," said Overstock.com Chairman and CEO Patrick Byrne. "As a lifestyle destination, consumers can find absolutely anything on O.CO whether they are shopping for furniture, bedding, clothing, and jewelry, buying a car or home, and, soon, looking for their next vacation spot."
Since January 2010 O.co has helped small businesses across the U.S. with the Launch of The Main Street Revolution Store. CEO Patrick Byrne said. "The Main Street Store creates a national marketing and distribution channel for small businesses by providing them a way to sell their products easily and inexpensively. It is also a place where consumers can contribute to the national recovery by buying products made by entrepreneurs throughout the U.S. It's the new way to shop local." To date the Main Street Revolution Store has helped over 130 vendors across the U.S. and currently carries over 3500 products.
In September 2011 O.co celebrated the 10-year anniversary of its Worldstock Fair Trade department, a department that Mr. Byrne founded. This is a department within O.co devoted to fair trade with artisans in over 60 countries. Worldstock Fair Trade's mission has been to create sustainable livelihoods for artisans around the world by leveraging the internet to introduce their goods to the U.S. market. O.co prices the Worldstock Fair Trade goods on its website as inexpensively as possible to drive demand and create jobs for as many people as possible. Worldstock Fair Trade distinguishes itself from competitors by returning 60 to 70 percent of the sales price to its suppliers. We have established contacts in over 60 countries creating employment opportunities for approximately 10,000 artisans around the world. In August 2011, Worldstock passed the $70 million mark in payments made to artisans and the groups that represent them.
Upload a collection of supporting files and web addresses to our server to provide more background information to the judges. You may upload any number of attachments and URLs through the "Add Attachments, Videos, or Links to This Entry" link above. (Do NOT list your URLs below.)
Provide a brief (up to 100 words) biography about the leader of this nominated organization:
Patrick Michael Byrne is chairman and CEO of O.co, a Utah-based internet retailer. He received a bachelor’s degree in philosophy and Asian studies from Dartmouth College, a master’s in philosophy from Cambridge University as a Marshall Scholar, and a doctorate in philosophy from Stanford University. After surviving cancer, he cycled across the country four times to raise awareness and record-breaking funds for cancer research at the Dana Farber Cancer. Patrick also founded over 20 schools internationally that educate more than 6,000 combined students.