Overstock.com`s Holiday Customers Help Thousands of Impoverished Artisans
SALT LAKE CITY--Dec. 26, 2001--Overstock.com, the Internet leader for name brands at clearance prices, today announced that between Thanksgiving and Christmas shoppers purchased more than $278,000 worth of goods from Worldstock, its news Socially Responsible Goods department.
Overstock.com estimates that this sales level supports 1,500 artisans in developing countries and the United States, ranging from Cambodian landmine amputees who have been trained as silk weavers, to Palestinian widows embroidering shawls by hand, to a women`s shelter in Chicago that makes hand-crafted soaps as part of a program to teach the women self-sufficiency and independence. Based on a standard estimate of 5-6 dependents per artisan, Overstock.com calculates that nearly 10,000 impoverished people around the world have been helped by Worldstock shoppers this holiday season.
Worldstock: A Bridge for Consumers to Spend with a Purpose This Holiday
Based on Overstock.com`s maximum 5% net profit from Worldstock, artisans earn more than 50% above the poverty line in their countries. As an example of how Worldstock sales this holiday have impacted artisans, jewelry makers in Lima, Peru wrote to Worldstock saying they had literally wept tears of joy and danced in the streets when they learned that Overstock.com customers were buying so many pieces of their hand-crafted jewelry. Through the earnings that Worldstock provides, they wrote, they would be able to feed their families and provide medicine and vaccinations for their children. The Peruvian lapis earrings and pendants were among the top selling items this holiday at Worldstock, along with Mexican martini glasses, red bamboo bowls from Vietnam and hand-painted kites from Bali.
"In just three months, this department has taken off, which tells me that Americans spend money in ways that alleviate social problems such as poverty," said Patrick Byrne, CEO of Overstock.com, who has an academic background in issues related to poverty. "Our rapid sales ramp-up from a standing start this holiday shows the huge concern among American consumers regarding these issues. What Worldstock provides is a connection between those who need help and those who want to give it."
About Worldstock
With Worldstock, Overstock.com has created a global marketplace for artisans in the United States and in nearly every corner of the world to sell their crafts to consumers through the Internet. Just as with its primary business of liquidation, the company eliminates multiple layers of middlemen: thus it can afford to price Worldstock items lower than similar items can be found at local specialty stores, while ensuring the artisans earn more than they ever have before.
Overstock.com`s claims concerning the minimal mark-ups on Worldstock products are verified by an independent auditor whose letter is posted within the department.
About Overstock.com
A privately held company located in Salt Lake City, Utah, Overstock.com acquires excess inventory through massive closeout purchases and bankruptcies and sells it through the Internet, passing tremendous savings along to its customers. Capitalized and managed by a team with a successful track record in value investing and managing offline and online companies, Overstock.com can be found online at www.overstock.com.
Overstock.com and Worldstock are trademarks of Overstock.com, Inc. All other trademarks are the property of their respective companies.
Back...
