Ocado represents the changes wrought on retail by the advent of new technology and the rise of online shopping.
Founded by chief executive Tim Steiner, Jason Gissing and Jonathan Faiman in 2000, the business was built as an online grocer and benefited by being able to sell Waitrose products to its customers.
Ocado floated in 2010, the year in which it delivered 100,000 orders in a week for the first time and by 2015, a year after it brought Morrisons on board as a partner, sales broke the £1bn mark.
In 2019, Ocado struck a landmark £750m deal with Marks & Spencer to turn its retail business into a joint venture. This will enable M&S to sell its food online for the first time.
Ocado has increasingly positioned itself as a technology company and sought to sell its services to international partners. Deals have been stacking up, including with US giant Kroger and Japanese powerhouse Aeon.
Ocado chief executive Tim Steiner has dismissed the threat of Amazon and emerging on-demand grocery start-ups, comparing them to pureplay convenience stores.
Online grocer Ocado has reported a surge in quarterly sales, helped by demand for food from joint venture partner Marks & Spencer.
Pureplay grocer Ocado has launched a refresh of its own-label range, targeting a reduction in plastic use, introducing new lines and updating its logo and packaging.
As part of the Budget last week, chancellor Rishi Sunak unveiled a ’super-deduction’ allowance to provide relief for certain businesses – but what does it mean for retail?
Grocery sales registered the strongest increase last month since June 2020 as Ocado and Iceland both delivered substantial growth.
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