E-commerce retailer Overstock.com (NASDAQ:OSTK) reported an 18.3-percent increase in fourth-quarter revenue. The total of $470.4 million in revenue included an increase in average order size to $159.
Coming off of a great holiday, the company reported a 23 percent rise in sales between Thanksgiving and Cyber Monday alone, compared to the same period in 2013. The average individual order size also increased in these few days by 8 percent. Simultaneously, Overstock's Club O loyalty program also grew substantially, with a 125 percent increase in new memberships for the five-day period.
The company said that the gross margin increase was due to improved warehouse efficiency, lower inbound freight costs and reduced fees for credit cards, reported Furniture Today.
Total revenue for the year was up 14.8 percent to $1.5 billion. And net income for the year was $8.85 million.
Eager to make online shopping as simple as possible for its customers, the retailer recently announced it would accept Bitcoin payment from international shoppers. Previous to launching internationally, the company had reported initial success with Bitcoin payments being used by domestic customers.
Overstock will also try to grow membership in its Club O rewards program by creating original streaming content for members, similar to that offered to Amazon Prime subscribers.
An earlier version of this story incorrectly stated that Overstock's profits rose 18 percent, when in fact revenue increased by that amount. The story has been corrected to reflect this.
-See this Furniture Today article
-See this Overstock press release
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