Overstock.com Inc. has recently completed its rebranding initiative with the launch of the redesigned website for Bed Bath & Beyond, bedbathandbeyond.com. This move marks their transition from a traditional brick-and-mortar retailer to an ecommerce powerhouse in the home furnishings and furniture industry.
According to Jonathan Johnson, the CEO of Overstock, this rebranding effort aims to position Bed Bath & Beyond as an asset-light ecommerce retailer with an expanded product assortment. Johnson emphasizes that customers should think of the new Bed Bath & Beyond as a much bigger and better version.
Despite the positive news, Overstock's stock (OSTK) experienced a slight dip of 0.1% in premarket trading. However, it's worth noting that the stock has been performing exceptionally well since June 28 when Overstock acquired Bed Bath & Beyond's website, loyalty-program data, and trademarks and patents for a total of $21.5 million. This acquisition has significantly contributed to Overstock's growth, with the stock soaring by an impressive 51.5% since then.
CEO Jonathan Johnson further stated that Overstock already had a successful business model but believed the company's name did not adequately reflect their focus on home products. On the other hand, Bed Bath & Beyond is a beloved and well-known brand that was in need of modernization due to its outdated business model. Hence, the decision to merge these two brands was seen as a perfect fit.
The newly launched website will continue to offer the same range of kitchen, bed, and bath products that were available on the previous Bed Bath & Beyond site. However, customers can also expect an expanded selection of furniture and other home products, such as area rugs, lighting fixtures, and home improvement essentials.
The rebranding of Bed Bath & Beyond represents a significant step for Overstock.com Inc. as they solidify their position in the online retail space and broaden their offerings to cater to a wider audience.
Overstock Launches New Website and Loyalty Program
Introduction
Overstock has recently launched a new online shopping destination, following its acquisition of the Bed Bath & Beyond brand in June. The company aims to provide customers with a superior shopping experience and a broader selection of products.
Exciting Offers and Benefits
To celebrate the launch, the new site is offering a generous 25% welcome coupon to all visitors. In addition, loyalty points, coupons, and free membership are being reinstated as part of the new "Welcome Rewards" program. This program is specifically designed for members of the former Bed Bath & Beyond loyalty program.
Members of Overstock's previous loyalty program, "Club O," will also receive benefits. They will be given a 20% off coupon and their membership will be transferred seamlessly.
Enhanced Customer Experience
According to Johnson, the CEO of Overstock, customers can expect even better pricing, special promotions, and a wider range of products compared to the previous Bed Bath & Beyond coupons. The new website and mobile app have been improved to provide an enhanced customer experience.
Rebranding Plans
The decision to rebrand Overstock was made following the acquisition of Bed Bath & Beyond. Over time, the company plans to transition to a single online shopping destination. In the future, the Overstock name will gradually be phased out.
Impressive Growth
Overstock has experienced remarkable success in recent months. Its shares have skyrocketed by an impressive 86.0% over the past three months. This significant growth far exceeds the 10.1% gain of the S&P 500 index during the same period.
As Overstock continues to evolve, customers can look forward to exciting new developments and an improved online shopping experience.
