Overstock.com Hits $1M in Sales Via Bitcoin, Average Order is $226

Overstock.com Hits $1M in Sales Via Bitcoin, Average Order is $226Overstock.com has surpassed $1,000,000 of sales in bitcoin transactions, less than two months after making headlines by accepting the cryptocurrency, the largest e-tailer to do so.
Overstock’s partner in bitcoin transactions, Coinbase, is offering some striking statistics, particularly this one: The average order size for a bitcoin customer ($226) was 34 percent greater, compared to customers paying in U.S. dollars ($168).
More than half of all customers paying in bitcoin were new to Overstock.com (58 percent), having never purchased goods from the site before.
That’s a fairly good indication that Overstock made the right move by accepting bitcoins early before other big online retailers. TigerDirect, the online and store retailer of computers and consumer electronics, started accepting bitcoins as payments shortly after Overstock.com.
“There’s clearly a huge community of  people who support this. Our customer service lines are going nuts with people who appreciate this,” Patrick Byrne, Overstock.com Chairman and CEO, told Forbes.
Another advantage for Overstock: Net profitability has improved, with processing fee for bitcoin transactions averaging “less than 1% vs. ~ 2.2% plus $0.20 for credit card card transactions,” Coinbase said.

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