For more than 19 years, Overstock has been a leading online retailer of home goods and furnishings. The company has grown from a start-up selling surplus goods into nearly a $2 billion brand that sells the latest styles for less, with digital innovation at its core. Hitwise spoke to Tyler England, Vice President of Customer Analytics and Insights, to learn how Hitwise became an invaluable tool for the business.
Overstock needed a consumer and competitive intelligence platform to support a spectrum of business activity. “Something unique to Overstock, is that we are a pure play online retailer. The Hitwise platform is relevant to our entire business.” says Tyler. “When we were assessing Hitwise and its competitors, Hitwise had more of a reputable methodology.”
One of the things that is unique to Overstock, is that we are a pure play online retailer. The Hitwise platform is relevant to our entire business.Tyler England, Vice President of Customer Analytics and Insights
Overstock was able to use the Hitwise platform to quickly and confidently gauge competitors, customers, and campaigns. Overstock utilized a wide range of analytics – including online benchmarking, audience profiling, and search intelligence – to drive growth.
Benchmarking is a critical insight that is shared with Overstock’s senior leaders. “Visit share is a good surrogate for revenue growth. This allows us to get a head start into how competitors are doing each quarter. We track this on a daily basis, so we can better diagnose how we have performed comparatively, and the drivers behind that.”
With Hitwise, we can identify the most productive audiences to target, then conduct market tests to validate and scale.Tyler England, Vice President of Customer Analytics and Insights
Hitwise’s unique ability to differentiate Overstock’s purchasers and non-purchasers also allows the business to identify gaps and opportunities. “Another area we use is understanding our purchaser vs. visitor vs. non-purchaser, and identifying their unique characteristics. This allows us to assess if we have any barriers to purchase, or if we have any assortment gaps for merchandising teams to capitalize on.”
Tactically, Hitwise also provides a vital function in search and clickstream analysis. “We also use Hitwise to understand our search rankings down to a keyword level; identifying the terms we are winning or not winning, and their paid vs. organic split. Upstream and downstream reports also aid our decisions around natural partnerships and affiliate networks.”
The Hitwise platform has enabled Overstock to unlock meaningful and actionable insights across multiple business units. These insights support new thinking in functions like search gap analysis, strategic decision-making, and brand partnerships.
“Part of my onboarding process was vetting all of our capabilities, deciding what to keep, and what to jettison. Hitwise was clearly a platform we wanted to keep and simply couldn’t walk away from,” concludes Tyler.
Hitwise insights enable Overstock to:
Get ahead of the competition through online benchmarking
Identify experience gaps and market opportunities
Make tactical optimizations, through clickstream and search analytics