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, 2012.
- Top-line growth rate for the month of October totaled 81 percent, making it the company’s best sales month.
- Total revenue growth for the entire fourth quarter was 20 percent year over year.
- In 2012, overstockArt.com achieved a total revenue growth of 50 percent, making 2012 the company’s most profitable year in history.
Contributing to its fourth quarter financial success was overstockArt.com’s record-breaking December sales with year over year growth of 23 percent. Cyber Monday sales increased 43 percent and order placement increased 30 percent making it the ecommerce site’s largest retail day in history.
According to data published by the Internet tracking firm ComScore, Inc., U.S. retail e-commerce spending for the full year 2012 increased 15 percent from 2011 – the strongest annual growth rate since before the recession. Q4 2012 sales grew 14 percent year-over-year. overstockArt.com’s Q4 increase of 20 percent and annual top-line growth rate of 50 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 for the year end total revenue increase.
“In 2012 we started seeing some of the growth potential we set in place back in 2011 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 2012:
• Launched a freshly designed e-commerce website at www.overstockArt.com
• Enhanced and released updated version of its innovative overstockArt.com Oil Paintings application
• Optimized the overstockArt.com Oil Paintings application for iPad and Kindle Fire
• overstockArt.com was chosen as the first art vendor to be featured on Google Catalogs
• Signed 500 new artists to Artist Become. Substantially increased the selection of original pieces on display on the online art community with 6,500 new works uploaded in 2012
• Increased its home grown list of customers by 30 percent
• Expanded its social media reach, garnering more than 10,000 Facebook fans and more than 7,500 followers on Twitter
The company received numerous awards and recognitions across the industry in 2012, including:
• Ranked 828 on the 2012 Inc. 500|5000 list of fastest growing companies
• Ranked 820 in Internet Retailer’s 2012 Second 500 Guide and 234 in the merchandising category for housewares and home furnishings
Due to the increasing popularity of smartphones and tablet computers among consumers, overstockArt.com developed an innovative mobile strategy in 2012, allowing the company to maintain its competitive edge and meet customers’ needs. “We aimed to capture the growing tablet shopping audience by optimizing our app for use on iPad and Kindle and enhanced and updated our app for iPhone and Android users,” said Sasson. “In addition to maintaining our mobile app’s relevancy by optimizing it for different mobile platforms, we kept it updated with new products, enhancements and the addition of works of art by our online art community Artist Become.”
“We also sought out new ways to reach our customers on mobile with push notifications and unique promotions,” Sasson continued. “Our customer’s confidence in the quality of our art and satisfaction in shopping with us online and mobile is apparent with our incredible 45 percent returning customer rate.”
In 2013, 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.