Overstock (OSTK) is getting ready to compete against Alibaba (BABA) as it sets its sights on China and other international markets for growth. Overstock this quarter expanded into China and company CEO Patrick Byrne said he will be announcing Overstock’s entry into another major region of the world soon. Byrne is excited about the opportunity in China. ‘I’m a big fan of China. Love China,’ he declared. But can Overstock fight off the competition? ‘Alibaba is as good as the game, and so they’ll be competition. Amazon (AMZN) is competition, Google’s (GOOG) competition,’ said Byrne. ‘It’s a big world, and you know, the truth is last I checked about 7% of retail had moved online.’ Byrne indicated there is opportunity as the online retail market continues to grow overall, and that Overstock’s international business accounts for only 2% of Overstock’s total revenue. Byrne said it’s too early to make specific projections about international sales, but that it’s now cost effective for the company to expand abroad.
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