2/23/12

OverstockArt.com Reports 32% Top-Line Growth for the Full Year

With online shoppers’ expectations rising, overstockArt.com made significant enhancements in 2011 allowing the company to maintain its competitive edge and meet customers’ needs.

Wichita, Kan., Feb. 22, 2012 – overstockArt.com, one of the web’s leading producers of reproduction oil paintings, today announced financial results for the fourth quarter and year ended Dec. 31, 2011.

 

Contributing to its fourth quarter financial success was overstockArt.com’s  record-breaking Thanksgiving holiday weekend sales. Revenue increased 74 percent, with order placements up by 38 percent, and the company’s single day sales record was broken on Black Friday.

According to data published by the Internet tracking firm ComScore, Inc., U.S. retail ecommerce spending for Q4 2011 was up 14 percent versus a year ago and 13 percent for the entire 2011 year. overstockArt.com’s Q4 increase of 43 percent and annual top-line growth rate of 32 percent are even more notable when comparing them to these industry statistics. These numbers show that not only did overstockArt.com do well above average, but actually more than doubled the industry standard.

“In 2011 we started seeing some of the growth potential we set in place back in 2010 with the move to a new facility and a series of investments in technology and personnel. Coming into 2011 we felt as if we were set up for growth, but we definitely feel privileged to achieve such a phenomenal burst in sales,” said David Sasson, CEO of overstockArt.com. “Our main accomplishment is that despite the growth, we have not relinquished our commitment to our customer’s wall art happiness and we have maintained a company culture keeping our customer satisfaction as our number one goal."

In addition to the accomplishments mentioned above, overstockArt.com also achieved the following in 2011:

 

The company received numerous awards and recognitions across the industry in 2011, including:

 

With online shoppers’ expectations rising, overstockArt.com made significant enhancements in 2011 allowing the company to maintain its competitive edge and meet customers’ needs. “We aimed to capture shoppers’ attention through personalization with our iPhone and Android apps, increased ease and access with our mobile website and the expansion of  our robust home décor offerings with the launch of new products and a new online art community,” said Sasson.

“We continue to strive to revolutionize the way people buy art online with this dedication to innovation,” Sasson continued. “Our customer’s confidence in the quality of our art and satisfaction in shopping with us is apparent with our incredible 45 percent returning customer rate.”

In its tenth year of business, overstockArt.com plans to continue its commitment to innovation by building on the current mobile applications and investing in more technological innovation to improve the customer experience. The company plans to do a major redesign in the coming months and is in the process of developing a brand new state-of-the-art custom made website.

Co-founded by David Sasson and Amit Yaari in 2002, overstockArt.com began as a small home-based business with only a handful of unframed oil paintings to choose from. Today, overstockArt.com is one of the web’s most successful online art galleries. Headquartered in Wichita, Kan., the company has more than 20 employees in 3 continents. overstockArt.com offers the most comprehensive selection of oil paintings and frames to choose from in the online oil painting industry — currently more than 100,000 decorating combinations — including works by Van Gogh, Monet, Picasso, Renoir, Klimt, O’Keeffe, Munch, Dali and much more.

About overstockArt.com:

Founded in 2002, overstockArt.com is one the web’s most successful distributors of wall décor items. With more than 100,000 wall décor combinations to choose from in stock at all times, overstockArt.com has become a premier shopping destination for fine art reproductions online. The Wichita, Kan. based online art gallery was named to Inc. Magazine’s 2010 and 2011 Inc. 5000 lists, Internet Retailer magazine’s 2012 Hot 100 list and inaugural Second 500 Guide, and was recognized with the STELLAService Seal for excellent customer service. The retailer also owns and operates Artist Become (ArtistBe.com), the online community for contemporary artists around the world. For more information, visit www.overstockArt.com.

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