Overstock and TigerDirect passing cost savings on, Overstock themselves made almost $1mil from bitcoins in sales in first month
It sort of reminds me of the coinbase bitpay difference too, with one being a flat rate and the other as 1%
Tigerdirect will be giving $20 vouchers while Overstock will give 1% points
TigerDirect Offers $20 Discount for Bitcoin Shoppers
The ‘PC Parts Week’ discount applies to bitcoin orders over $100. Users fitting the requirements will get $20 off their order.
The offer went live yesterday, February 19th, and it will remain valid through to February 26th. It is limited to one offer per customer and the discount will be applied at checkout.
Scan executive James Gorbold said the company is also looking into other alternative currencies, such as litecoin. Scan is offers custom frames for GPU miners, so it only makes sense that it would consider scrypt-based altcoins for payments.
Like TigerDirect, Scan uses BitPay to handle payments.
Also hoping to rake in some virtual currency, Aria PC Technology, another UK component supplier and e-tailer, started accepting bitcoin just last week.
Overstock to Launch New Rewards Scheme for Bitcoin Buyers
Online outlet store Overstock.com is to launch a special rewards program that will give bitcoin buyers 1% back in the form of Club O dollars, the company’s in-house rewards points.
Speaking to CoinDesk, Overstock CEO Patrick Byrne said the scheme is expected to debut in approximately four weeks, although he did not commit to a definitive timeline.
The program will not provide an instant discount on orders, but will instead give 1% of the total purchase value back to buyers to be applied to future purchases. Byrne did not provide further details of how the program would work, or whether it will be able to be used in conjunction with other company rewards schemes.
Byrne said he continues to be surprised by number of purchases bitcoin users are making on the site. He indicated that bitcoin buyers are 80-85% male, whereas the average customer base generally is 60% female. The figures suggest bitcoin has opened up a new audience for the company.
Addressing the findings, Byrne said:
“We expected a move to computers, electronics and the kinds of things that the geeks who know about bitcoin would be likely to come and buy. Turns out there’s been very little shift like that.”
Instead, the top purchases via bitcoin to date have been furniture, desks and clothing – items that are not as accessible to bitcoin users through other merchants.
Overstock does nearly $1 million in Bitcoin sales in first month
By Shawn Knight
On February 21, 2014, 12:30 PM
Overstock CEO Patrick Byrne is no stranger to being an early adopter of technology. He was among the first to purchase to one of Tesla’s Model S electric cards five years ago and apparently, some things never change. As you may recall, Byrne’s company recently became the first major online retailer to accept Bitcoins.
So, how’s that working out for them thus far? Pretty good, actually.
According to Byrne, the site processed $870,000 in sales from almost 4,000 orders paid with Bitcoin. Strangely enough, the most popular item among virtual currency aficionados is bed sheets followed by computer hardware and mobile phone accessories.
But Byrne’s interest in Bitcoin extends well past an extra payment method for Overstock. The CEO liquidated several million dollars worth of his holdings in gold and converted it to Bitcoin. He said he ultimately wants to be able to pay vendors and employees in Bitcoin too if they choose. But why is he doing all of this?
Because he wants to further the cause of Bitcoin, plain and simple.