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’s chief financial officer has defended the retailer’s response to growing demand for its service, despite saying it was “barely scratching the surface” with regards to its backlog of new customers.
Shoppers spent £155m less in supermarkets last month as they returned to restaurants, pubs and cafes during the Eat Out to Help Out scheme.
Ocado has posted an increase in quarterly sales and hailed a “positive” start to its joint venture with Marks & Spencer.
Traffic to Ocado’s website surged to its highest level since April in the first week of its joint venture with Marks & Spencer.
Pureplay grocer Ocado has paused all deliveries to staff members as it seeks to clear a backlog of customer orders after its switchover to Marks & Spencer products.
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