Photo by Rubaitul Azad on Unsplash
Is the Beyond Inc. Team-Up With X a Good Move?
Beyond Inc., the parent company of Bed Bath & Beyond, Overstock, and Zulily, has announced a significant partnership with X, the social media platform formerly known as Twitter. This partnership marks a new chapter for Beyond Inc.’s brands and their online presence.
The collaboration will involve creating custom short- and long-form content, implementing customer acquisition and retention strategies, and promoting the company’s brands during key events and holidays. It also includes future shopping integration, according to Beyond’s press release.
Marcus Lemonis, executive chairman of Beyond Inc., highlighted the platform’s extensive reach and engagement with over 100 million users in the United States.
“We are thrilled to be an integrated partner with X as they help us engage more effectively across their 100 million plus U.S. users with both creative content and brand-specific promotional messaging. We recognize the power of the X platform and level of engagement users have with it.”
Marcus Lemonis, Executive Chairman of the Beyond, Inc. Board of Directors, via BusinessWire
As part of the announcement, Overstock.com, which “went dark after the company’s acquisition of Bed Bath & Beyond,” is being relaunched with a focus on offering huge deals with discounts ranging from 30% to 70%. The CEO of Overstock, Dave Nielsen, emphasized the importance of returning to the brand’s roots.
“Over the next several months we will be rolling out additional categories and vendors in addition to the core focus of furniture, patio, rugs and jewelry.”
Dave Nielsen, CEO of Overstock, via CSA
The revamped Overstock platform boasts several improvements aimed at enhancing the user experience and driving sales conversion. Beyond Inc. is committed to expanding its product offerings and investing in technology to prioritize customer satisfaction.
Lemonis stated during a February earnings call with investors that the relaunch, originally scheduled for September 2024, is now on an accelerated timeline, deemed a “silver bullet.” He outlined that Bed Bath & Beyond and Overstock will serve distinct purposes. Overstock’s clientele typically make larger, less frequent purchases and boast higher incomes, with an average order value surpassing Bed Bath & Beyond’s by over $50, where customers tend to make more regular, lower-cost purchases.
Furthermore, Overstock experienced leadership changes. Jonathan Johnson stepped down as CEO in November 2023, prompting the retailer to commence a search for his successor. Then, in February, Dave Nielsen was appointed Overstock CEO after serving as interim CEO of Beyond.
On March 25, Beyond appointed Carlisha Robinson, former chief product officer at Overstock, as its new chief customer officer. In her expanded role, Robinson will oversee product management, user experience, loyalty programs, and the launch of Beyond+ offerings. Chandra Holt, CEO of Bed Bath & Beyond, expressed confidence in Robinson’s ability to enhance the customer experience through her strategic vision and understanding of customer needs. Holt, who assumed the CEO role in February, previously served as CEO and president of Conn’s HomePlus.
Beyond Inc. has a diverse portfolio of online-only brands, including Bed Bath & Beyond and Overstock.com. The recent acquisition of Zulily’s intellectual property and brand assets further strengthens Beyond Inc.’s position in the market. The company plans to relaunch the Zulily platform later this year, aiming to build on its success as a flash sale pioneer.
Discussion Questions
How might this collaboration redefine the dynamics of customer engagement and acquisition strategies in the digital marketplace?
What implications might this have for the broader retail landscape in terms of brand differentiation and market positioning?
As Beyond Inc. consolidates its leadership team across its diverse portfolio of online brands, what lessons can CEOs and business professors draw from the company’s approach to succession planning and talent acquisition?
Poll
Loading …BrainTrust
Keith Anderson
Founder, Decarbonizing Commerce
Ashish Chaturvedi
Practice Leader, HFS Research
This past year has been a terrible one for Beyond. Sales plunged by 19% and the company made a $308 million loss. The merger of Overstock and Bed Bath & Beyond was completely botched and resulted in a very confused proposition. Customers have abandoned both brands. While Beyond did see some customer growth in the last quarter of the year, active customer numbers are still 39% below 2020 – and this is even worse than it seems since Bed Bath & Beyond has now been added into the mix.
The partnership with X is a recognition that Beyond needs to quickly get back onto the radar of consumers. It will certainly increase exposure, but conversion is another matter. The separation of the brands and the focus on deals may help, but in the present soft and competitive market for home furnishings Beyond is still going to be running up a down escalator. I am also interested to see how this lands on X which is too often awash with spam and trash-posts.
Much as with today’s other QOD, I’m of mixed opinion: the possiblity of real results versus a potentially considerable negative PR feedback (you partnered with who ?!?) I’m personally enough in the latter camp that I’d thumbs-down this – “when in doubt, don’t” – but I’d also recommend getting an opinion beyond my own. (And by the end of the reponse page, you’ll have them!)
The partnership could thrive by leveraging X’s vast user base for targeted marketing and content distribution, provided the content resonates with the audience and drives meaningful interaction. However, challenges may arise if the platform’s user demographics do not align with Beyond Inc.’s target customers or if the promotional content fails to engage users meaningfully, potentially leading to underwhelming results. The key will be crafting compelling, relevant content that captivates X’s diverse audience.
Building a strategy with a toxic company like X tells me a lot about the values of the organization.
Hey, advertising on X is the right place if you’re trying to sell bedsheets! It’s a white sale every day!
I stand corrected.
According to the financial news yesterday, apparently, it’s not a great place for electric vehicles.
This is an odd one. I doubt we will see many successful brands following the trajectory of Beyond, which is a case study on how to screw up the meaning of your brands. Then, the second case study will determine how much of your future should rely on X.
There is no question that Beyond is in trouble and looking for a quick fix. A very quick fix. X isn’t the way. I am not sure they have a way at this point.
Heavily discounted merch served up in an emotional and impulsive environment, yours with just one click (and a linked payment method)…sounds like a recipe for regrettable success.
To say that X is erratic is an understatement and its brand proposition is distinctly unsavory. I can’t imagine that it will be a suitable partner for a retailer with its own confusing brand issues.
I think X is becoming more and more interesting as a platform. Elon Musk is not afraid to take risks, and this one (I believe) will be a winner. Stay tuned!
I’m always willing to be patient and open to being surprised, but this feels like a move born more of desperation than strategy. Instagram, TikTok, and even Pinterest are platforms that strike me as better fits.
Failing brand + falling brand = desperation
How quickly can my thumbs scroll past anything remotely resembling an ad on “X”…??? Not fast enough. These guys had a great conduit to the customer, and they mothballed it. Overstock.com. Simple. And offering huge deals and discounts is not exactly new news. They are just dusting off the original brand promise. I am a fan of Overstock.com. They furnished my home office. Their umbrella and brand promise was big enough to cover several product categories. The rebranding to BBB was bone-headed. An acquisition that could have been a win/win was turned into a LOSE/LOSE. OK, lesson learned. Can these guys now become a TJX of the ecomm world?
X never marks the spot. Toxic partners never saved a brand yet. I doubt many folks will follow Beyond into … well … the Probably Not So Great Beyond. As to what lessons CEOs and business professors might learn, who says they are looking at the same things the same way? Not sure they constitute a united community of interest or opinion.
Is X a viable social channel and promotional outlet for Bed Bath & Beyond? (Is it a viable social channel for any brand?) If X can bring in enough retailers (and others) to use and help with social reputation, marketing, and sales, X can re-establish itself as a power-house social channel. Let’s see what happens.
If the strategic move is to play the “underpriced” attention game, compounded by the fact that people tend NOT to show up grumpy on X with regard to discount retail shopping then there maybe some “simple brilliance” taking place here. One of the main issues with X originating from it Twitter days has been the blatant attacks on intelligence and credibility of information. Retails sales is so transactional that is skates under all the radars from being “polarizing.” This just might work.
All of these companies were stars at one time. Now they’ve all fallen far from their brand promise. I have a low level of confidence that this partnership will be beneficial.