Report: Overstock.com to accept Bitcoin
New York — Online discount retailer Overstock.com plans to let shoppers pay with the digital currency Bitcoin starting in June, according to The New York Times.
The report said the retailer is reviewing several third-party firms that facilitate Bitcoin transactions, and that it hopes to have one place by mid-January.
If the plan is carried out, Overstock will be the most prominent retailer to accept Bitcoin as a form of payment.
In related news, Coinsetter Inc. a Bitcoin trading platform, filed to raise $1.5 million. The plans were disclosed in a filing on Friday with the U.S. Securities and Exchange Commission.
Study: Zappos is fastest holiday shipper
New York — Zappos took the top spot in a ranking of fastest holiday shippers according to a study by Kurt Salmon and StellaService. The study analyzed shipping times for orders placed on Cyber Monday from more than 50 retailers across a broad range of retail sectors, from big boxes to online-only players. It found that retailers in the top-five delivered multi-unit orders in an average of 2.9 days.
The top five companies for holiday shipping are the following:
- Zappos: 1 day
- Barneys: 3 days
- Net-A-Porter: 3 days
- Costco: 3.3 days
- Neiman Marcus: 4.4 days
The study found that the top-five retailers delivered multi-unit Cyber Monday orders in an average of 2.9 days, which was less than half the average fulfillment time of 6.2 days achieved by retailers in the analysis.
Newegg files opposition to Soverain Software’s Supreme Court petition
Los Angeles – Newegg has filed an opposition to Soverain Software’s petition for the Supreme Court to review a January 2013 ruling by the Federal Court of Appeals in the Eastern District of Texas that found Newegg and other e-commerce retailers did not violate a patent on e-commerce shopping cart technology held by Soverain. In district court actions in the Eastern District of Texas, Soverain had obtained settlements and won jury verdicts estimated at more than $70 million.
On appeal, the Federal Circuit found all of Soverain’s shopping cart patent claims invalid as being obvious, citing the fact that the concepts articulated in Soverain’s patents were all present in the popular CompuServe Mall used in the dial-up internet era. Soverain has requested the Supreme Court hear the case, citing alleged infringement on the Seventh Amendment and longstanding Supreme Court precedent.
"We believe that the Federal Circuit correctly invalidated all of Soverain’s patents and that there is absolutely nothing that should serve as the basis for
Supreme Court review of this case,” said Lee Cheng, Newegg’s chief legal officer. “Soverain’s Supreme Court petition is a desperate attempt to continue its lawsuit factory and extract even more money than it already has from every person who shops online. Should the Supreme Court wish to send its own message to the abusive patent assertion community, we are confident that justice will prevail. Justice must prevail, if the American economy is to be free from the uniquely American burden of unjust patent litigation."