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| UPDATED: 2006-04-17 |
 Ice.com Freezes Online Fraud 
By: David Utter 2006-04-17 No matter if a retailer sells jewelry or anything else online, someone somewhere has tried to beat the retailer out of legitimate business through fraud.  An AP report on the depths people will sink to in order to defraud merchants showed the deceitful mind knows no limits.
The jewelry seller Ice.com, with pieces on display on TV shows and in magazine spreads, had to withstand the efforts of a hapless fiancé who called off his wedding at the last minute, and then tried to call off the $4,500 charge for the engagement ring he bought from the website. When the man's credit card company charged back the amount, Ice.com disputed the action. Since the ring had been purchased and owned for longer than the 30-day return guarantee period, Ice.com said he didn't merit the refund. Ice.com ultimately won that dispute, and over the past few years has whittled the chargebacks for sales from 15 percent to less than one, and even combats those. Tales of crime and the law have cropped up in a couple of places in the online retail sector. But for most, the next real push begins during the summer, when back-to-school sales for books, apparel, and electronics begin to see increased demand. Crime literature fans did receive some encouraging news. Best known for its bookstores, Barnes & Noble (BKS) recently hooked up with Court TV on a deal that has Barnes & Noble promoting the America’s Crime Writers: Murder They Wrote primetime series that will air on the cable channel later in 2006. Several bestselling true crime writers like Jonathan Kellerman and Lisa Scottoline will have their stories aired as part of the series, and Court TV will implement programming, online, on-air graphics and off-channel marketing elements to promote Barnes & Noble in association with the series. In turn, Court TV receives a presence in Barnes & Noble's over 575 bookstores, as well as featuring promos about the series on its website and in other marketing efforts like email during the partnership. For Amazon.com (AMZN) partnerships still occupy the minds of management, even after the acrimonious breakup with Toys 'R Us after bitter litigation. Amazon's latest partner deal links it with watchmaker Timex. As part of the agreement, Amazon will develop and host a Timex website. At press time, Timex.com was offline, possibly undergoing changes made by Amazon's Services subsidiary. Red Envelope (REDE) wants to capitalize on a "Hallmark holiday," Administrative Professional's Day, part of Employee Appreciation Week. Once upon a time, the day was recognized as Secretary's Day. The upscale gift retailer has decided to make an effort to bump its revenue a bit leading into a much more important gift holiday, Mother's Day. Textbook retailer Varsity Group (VSTY) leafed through impressive fiscal year 2005 numbers. Revenue of $50.1 million exceeded 2004's $37.7 million by a third. Net income was approximately $12.1 million, or $0.64 per diluted share, compared to net income of $6.9 million, or $0.39 per diluted share, for the prior year. Included in net income for fiscal 2005 and 2004 were income tax benefits of $9.5 million and $3.8 million, respectively. The sometimes-strange story of Overstock.com (OSTK) took another twist, as a lawsuit it has filed against the Rocker Partners hedge fund may have motivated fund founder David Rocker to announce his retirement. Overstock accused Rocker Partners in a lawsuit of conspiring to short-sell its funds. But a report in the Salt Lake Tribune noted how unfavorable court rulings and an SEC investigation into co-defendant Gradient Analytics have given more credence to Overstock's accusations. Rocker, 63, denied the lawsuit had any effect on his decision in the article: "There are people out there who are trying to construe this as something connected to Overstock, and it's not," he insisted.
Rather, he said that with his retirement announcement, "I will be free [to pursue] philanthropic and civic [interests], including the rising threat to free expression, and I'm very serious about that." --- Tags: Ice.com, Barnes & Noble, Amazon.com, Red Envelope, Varsity Group, Overstock Add to | DiggThis | Yahoo! My Web | PreFound.com Keep up with IFN and bookmark us today - 
View All Articles by David Utter About the Author: David Utter is a staff writer for InternetFinancialNews and WebProNews covering technology and business. |
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