Wichita, KS, February 24, 2012 --(PR.com
)-- 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, 2011.
Top-line growth rate for the month of November totaled 30 percent, making it the company’s best sales month.
Total revenue growth for the entire fourth quarter was 43 percent year over year.
In 2011, overstockArt.com achieved a total revenue growth of 32%.
Contributing to its fourth quarter financial success was overstockArt.com’s record-breaking Thanksgiving holiday weekend sales. Revenue increased 74 percent, with order placements up by 38 percent, and the company’s single day sales record was broken on Black Friday.
According to data published by the Internet tracking firm ComScore, Inc., U.S. retail ecommerce spending for Q4 2011 was up 14 percent versus a year ago and 13 percent for the entire 2011 year. overstockArt.com’s Q4 increase of 43 percent and annual top-line growth rate of 32 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.
“In 2011 we started seeing some of the growth potential we set in place back in 2010 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 2011:
- Expanded its product offerings with the debut of a new line of hand painted and hand carved decorative ceramic tiles
- Collaborated with Bravo, Magical Elves and Pretty Matches Productions to launch a new line of artwork from the cable network’s series "Work of Art: The Next Great Artist”
- Developed and released the overstockArt.com Oil Paintings iPhone application
- Developed and released the overstockArt.com Oil Paintings Android application
- Developed and launched a dedicated mobile shopping site, m.overstockArt.com
- Launched Artist Become (ArtistBe.com), new online community for contemporary artists around the world
- Signed more than 500 artists to its Independent Artist Program: Artist Become
- Developed a new custom framing system for Artist Become
- Commenced its new Commitment to Wall Art Happiness customer service program
- Increased traffic to its website by 25 percent
- Increased its home grown list of customers by 30 percent
- Expanded its social media reach, garnering more than 4,000 Facebook fans and more than 7,500 followers on Twitter
The company received numerous awards and recognitions across the industry in 2011, including:
- Ranked 804th on the 2011 Inc. 500|5000 list of fastest growing companies
- Selected for Internet Retailer's Hot 100 E-Retailers of 2012 list
- Selected for Internet Retailer's Second 500 list
- Awarded the STELLAService Seal for excellent customer service
With online shoppers’ expectations rising, overstockArt.com made significant enhancements in 2011 allowing the company to maintain its competitive edge and meet customers’ needs. “We aimed to capture shoppers’ attention through personalization with our iPhone and Android apps, increased ease and access with our mobile website and the expansion of our robust home décor offerings with the launch of new products and a new online art community,” said Sasson.
“We continue to strive to revolutionize the way people buy art online with this dedication to innovation,” Sasson continued. “Our customer’s confidence in the quality of our art and satisfaction in shopping with us is apparent with our incredible 45 percent returning customer rate.”
In its tenth year of business, 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.
Co-founded by David Sasson and Amit Yaari in 2002, overstockArt.com began as a small home-based business with only a handful of unframed oil paintings to choose from. Today, overstockArt.com is one of the web’s most successful online art galleries. Headquartered in Wichita, Kan., the company has more than 20 employees in 3 continents. overstockArt.com offers the most comprehensive selection of oil paintings and frames to choose from in the online oil painting industry - currently more than 100,000 decorating combinations - including works by Van Gogh, Monet, Picasso, Renoir, Klimt, O’Keeffe, Munch, Dali and much more.