Overstock CEO Jonathan Johnson is taking the best from his company and Bed Bath & Beyond and combing them to create a powerhouse eCommerce brand in North America.
Johnson said Overstock has looked into the company for the past three years and became enamored with its customer base. Not only is the brand "really well-loved" but it is a top five brand in the home space, "much higher than we are," Johnson said. The problem is that it had an outdated business model that Johnson said needed modernizing.Meanwhile, as Overstock thrived as an asset-light business, it was getting weighed down by its name.
In Canada, where Bed Bath & Beyond.com launched at the end of June, Johnson said the company has already seen a higher return on ad spend and higher conversion rate on its newly revised site. The site will remain relatively the same but will be more kitchen, bed and bath oriented initially "as we try and make it feel familiar to the legacy Bed Bath customer."
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