Beyond Inc. relaunched Overstock.com and announced a new partnership with X, formerly Twitter. The news comes after a busy year for Beyond, including its acquisition of Zulily, new CEOs, and more.
The retailer said in a March 27 announcement that it will begin a strategic partnership with X to share custom content, develop customer acquisition strategies, and promote important events and holiday deals.
Beyond is the parent company of Bed Bath & Beyond and Overstock. Overstock bought Bed Bath & Beyond’s intellectual property for $21.5 million in June 2023 after the retailer filed for bankruptcy. In August, Overstock relaunched the Bed Bath & Beyond ecommerce website and later changed its name to operate under Beyond, Inc.
“We are thrilled to be an integrated partner with X as they help us engage more effectively across their 100 million plus U.S. users with both creative content and brand-specific promotional messaging,” said Marcus Lemonis, executive chairman of the board of directors. “We recognize the power of the X platform and level of engagement users have with it.”
Beyond Inc. is No. 63 in the Top 1000. The database is Digital Commerce 360’s ranking of the largest North American online retailers. Bed Bath & Beyond ranked No. 47 prior to its bankruptcy.
Overstock bought Bed Bath & Beyond’s intellectual property for $21.5 million in June 2023 after the retailer filed for bankruptcy. In August, Overstock relaunched the Bed Bath & Beyond ecommerce website and later changed its name to operate under Beyond, Inc.
Overstock.com website relaunch
Lemonis noted in a March 25 press release that the retailer had relaunched Overstock.com, which was shut down after the acquisition.
That’s an accelerated timeline from the original plan of relaunching in September 2024, and it will be a “silver bullet,” Lemonis said in a February earnings call with investors about the retailer’s Q4. Bed Bath & Beyond and Overstock will have different purposes, he said. Overstock customers make bigger, less-frequent purchases and tend to have high incomes, he said. Average order value (AOV) at Overstock is more than $50 higher than at Bed Bath & Beyond, where customers make more regular, less-expensive purchases.
Overstock has been through other changes, too. In November 2023, CEO Jonathan Johnson stepped down and the retailer announced it was searching for his replacement. Then, in February, Dave Nielsen was also appointed Overstock CEO after serving as interim CEO of Beyond.
Personnel changes at Beyond
Beyond also announced on March 25 that it appointed Carlisha Robinson as its chief customer officer. She had served as chief product officer at Overstock since 2022. Her new role will encompass product management, user experience, the loyalty program, and launching Beyond+ offerings, the retailer said.
“Carlisha’s commitment to customer-centricity and innovation combined with her leadership qualities make her the ideal candidate to guide us into the future and help us improve the end-to-end customer experience,” said Chandra Holt, chief executive officer of Bed Bath & Beyond and related brands. “With her strategic vision and understanding of customer wants and needs, I am confident in Carlisha’s ability to elevate the user experience and deliver unmatched value to our customers.”
Holt became CEO of Bed Bath & Beyond in February after serving as CEO and president of Conn’s HomePlus (No. 566 in the Top 1000).
Plans for Zulily relaunch
Beyond acquired the intellectual property of ecommerce apparel retailer Zulily in March, months after the website shuttered.
Zulily shut down operations in December 2023 following layoffs and “financial instability,” it said. In February 2024, advisory firm Hilco Streambank said it was looking for potential buyers to purchase Zulily’s intellectual property. This deal came ahead of the March 13 deadline for offers. Beyond spent $4.5 million to acquire Zulily’s website and domain names, trademarks, customer database, social media accounts, and software, it said.
Zulily was previously owned by Qurate Retail, which ranks No. 18 in the Top 1000.
Beyond plans to relaunch the Zulily website before the end of Q2 in 2024, it said.
“This acquisition marks a strategic step forward in the transformation and long-term growth of Beyond,” Lemonis said. “We’re excited about the global vendor pool this acquisition opens the door to, driving incremental revenue by re-engaging Zulily’s 18 million customers as well as the existing Beyond customer database with significant synergies across product categories.”
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The post Beyond relaunches Overstock.com, partners with X appeared first on Digital Commerce 360.
