Echopass Corporation, the 2011 market share leader in cloud-based contact centers, and Overstock.com jointly announced today their five-year anniversary of delivering Overstock.com customer service capabilities through the cloud. During this five-year timeframe, Overstock has increased its Net Promoter Score through its focus on customer service, while saving over $26 million through the use of Echopass solutions and services.
Overstock.com as Industry Leader and Innovative Early Adopter of Cloud Technology
Over five years ago, Overstock.com aimed to increase customer satisfaction levels and keep contact center costs low. As part of that effort, the company turned to Echopass for a new cloud-based solution that offered the following benefits:
• A flexible contact center model able to match seasonal call volume fluctuations without the costly need to have idle infrastructure during less busy times.
• Internal customer service enhancement metrics, leading to increased agent efficiencies.
• Redeployment of IT resources and staff personnel managing contact center infrastructure to other critical business initiatives.
• Service Levels that ensure high availability necessary to drive customer service and revenue goals.
Net Promoter Score has Improved
During the five years working with Echopass, Overstock.com’s post-incident Net Promoter Score has improved to over 60% and the company achieved its fifth consecutive year ranked in the top 4 for customer service by the NRF Foundation and American Express. Enhanced agent training, monitoring, and compliance—capabilities now provided by a fully capable quality management and call recording solution—helped the contact center contribute to the company’s Net Promoter score improvement. A much more streamlined incoming call flow and reduced queue holding times also helped Overstock.com achieve the higher scores.
“When we first embarked on this, we were looking for a company with strong expertise and a proven cloud-based solution to help us manage our growth without having to dedicate critical and expensive IT resources,” says Carter Lee, Vice President of Information Systems and Technology at Overstock.com. “Echopass participated as a key partner to help us manage our business and achieve our corporate objectives. In addition, in the five years we have saved over $26 million dollars. With Echopass, we’ve built a much more agile organization that can focus on creating competitive differentiation in our markets rather than infrastructure management.”
5 Year Economic Analysis: $26 Million Savings
As part of the cloud-based contact center solution, Echopass provides Overstock.com ongoing consultative services to help ensure top level contact center performance and a deep level of financial modeling and activity analysis. Looking back over the first five years of deployment, Overstock.com has saved a combined $26 million dollars with Echopass. These savings include over $13.9 million in Total Cost of Ownership infrastructure savings comparing the cost of the Echopass cloud-based solution with a premises-based hardware solution, plus another $13.0 million in operational cost savings through use of the Echopass solution to increase both agent and managerial productivity of the virtualized contact center. Added Lee,"The Echopass solution allows us to focus a lot more on our customers and not worry about the technology or have it get in the way."
The complete five-year study on Overstock.com’s savings is available from Echopass upon request by email at info[.]echopass.com or by calling 1-888-622-5345.
About Echopass Corporation
Echopass is the #1 Software as a Service (SaaS) provider of cloud-based contact center solutions to large Enterprises. Since 2000, Echopass customized solutions have served Enterprises with up to 20,000 agents across multiple sites and complex application and infrastructure environments, while satisfying the most stringent industry compliance and security requirements. Echopass solutions (echopass.com) are fully integrated, flexible and scalable, and require no capital investment or ongoing maintenance. Privately-held Echopass, backed by venture capital firms Canaan Partners and New Enterprise Associates, is a recipient of numerous industry awards for innovation and customer service, including the Red Herring Top 100 Companies Award and multiple Best Practices awards from Frost & Sullivan including the North American Market Share Leadership Awards in both Hosted ACD and Hosted Agent Performance Optimization for 2011. The company is headquartered in Pleasanton, CA.
Overstock.com is a technology-based retail company offering customers a wide variety of high-quality products, at great value, with superior customer service. The company provides its customers with the opportunity to shop for bargains by offering suppliers an alternative inventory distribution channel. Headquartered in Salt Lake City, Overstock.com is a publicly traded company listed on the NASDAQ Global Market System and can be found online at overstock.com and o.co. Overstock.com regularly posts information about the company and other related matters on its website under the heading "Investor Relations."
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding any future performance projections or other benefits, stated or implied, for any software products or platforms discussed herein. Our Form 10-K for the year ended December 31, 2011, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
Echopass and Echopass products are registered trademarks of Echopass Corporation. Overstock.com® and O.co® and Club O Rewards® are registered trademarks of Overstock.com, Inc. Club O™, and Club O Rewards Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc. All other trademarks and service marks are the property of their respective owners.
Kirstie Burden, Media Relations Overstock.com
P: (801) 947-3116 - E: kirstie[.]overstock.com.