CEO Roland Smith will retire and Troy Rice will oversee e-commerce as Office Depot’s new chief operating officer.
The mass merchant will offer one sale per day.
Overstock.com Inc. has added some flash to its e-commerce site. The mass merchant, No. 31 in the Internet Retailer Top 500 Guide, says it has launched 24-hour flash sales beginning at 10 a.m. Mountain time, seven days a week.
A link to the sales, labeled “Daily Deals,” appear on the home page about a third of the way down. Overstock today was selling plush throws for $17.99, a R&M Richards dress for$39.99 and other products. Clocks count down the remaining time for each item’s sale. The Daily Deals page also previews upcoming sales.
Overstock says it will select which products to put up for the daily sales by “searching its web site for the most popular products in such categories as furniture, area rugs, bedding, and electronics and discounting them for a limited time up to 50%,” according to a statement.
Overstock’s entry into these daily deals comes at a time when online retailing is becoming at least a bit less flashy. Fab.com, for instance, continues to move away from its flash-sale retail model, an effort that has include the recent resignation of a co-founder, layoffs and site and app redesigns. Web-only Fab, which focuses on design-inspired products, is No. 150 in the Internet Retailer Top 500.
But the model is hardly dead. Zulily Inc., a flash-sale retailer of apparel, toys and other products for women and children, raised $253 million in its initial public offering last week. Zulily is No. 77 in the Internet Retailer Top 500, and in its financial documents stated it sales hit $300 million last year.