How Overstock’s New IP Purchase Takes It “Beyond” Its Old Business Model
Overstock just announced that it will be renaming itself, Bed, Bath & Beyond. Keep reading to find out why that matters to ecommerce sellers!
On Wednesday, Overstock announced that it will be renaming itself as Bed, Bath & Beyond following last week’s $21.5 million acquisition of the company’s intellectual property and digital assets.
Why does this matter to ecommerce sellers?
It’s a significant reminder that even when talking about millions of dollars worth of brand building and valuation, it’s important to keep evolving and upgrading your messaging.
Creative Services and Branding are two of the important components of Canopy Management’s Full-Service Marketing process.
As the fastest growing Amazon agency in the United States, Canopy has helped many of the top Amazon and Walmart sellers scale – and continue to evolve – on what’s become increasingly volatile marketplaces.
Overstock has been in business for over 20 years and has built itself into a billion-dollar online retailer. Now, it’s taking the massive step of rebranding itself with the name of the recently acquired company.
Here’s what just happened:
- Overstock announced it will be using the Bed Bath & Beyond domain for its website.
- The goal appears to be to combine the operational model of Overstock with the established Bed Bath & Beyond brand.
- The Overstock name will change in Canada first, followed by the United States.
“Combining the strengths of the Overstock operational model and the Bed Bath & Beyond brand will create a powerful synergy,” Overstock CEO Jonathan Johnson said in a statement. “I’m excited for consumers to experience the new Bed Bath and an even bigger and better Beyond.”
Johnson went on to say that within the next week, Overstock will begin the domain change in Canada. In the coming weeks, the U.S. will follow, and begin redirecting visitors of overstock.com to bedbathandbeyond.com.
For some time now, Overstock.com has been trying to upgrade its image beyond that of a “liquidator.” Overstock has steadily moved away from selling bargain-basement priced furniture, but with this latest decision, it was clear that a rebrand was a top priority.
Is It Time to Reposition Your Own Brand?
The world has been moving pretty fast over the last few years. It’s important to realize that if you haven’t made the appropriate adjustments, your top competitors probably have!
If you’re ready to begin that conversation, reach out to the marketing experts at Canopy Management.
