We have developed unique and proprietary technology to offer retailers an end-to-end operating solution for grocery retail that enables them to meet the changing needs of consumers. In the past six months we have partnered with some of the world's, biggest, best and most innovative retailers to help them redefine the shopping experience for their own customers. As a result, we are beginning to fulfil our ambition to change the way the world shops.
The online grocery business was founded in by three former Goldman Sachs bankers, including chief executive Tim Steiner, who said: It has been a journey. There have been some sticky moments. But finally a profit has appeared. Ocado says it delivers more than 1.
Since its inception, Ocado has had a delivery relationship with Waitrose. The successful launch and smooth ramp up of Morrisons.
Technology is going to get better, the relative merits of shopping online versus going in store are going to grow and stores are going to come under more competitive pressure. Overall, we are well equipped to continue to lead the online grocery revolution, in the UK and overseas, as increasing numbers of customers shift away from traditional forms of retailing.
We are confident that we have significant opportunities for growth in sales and shareholder value. What is interesting here is that when Ocado talks about such partnerships it is talking about others using its technology, not directly delivering a service for third parties.
The company defines itself as a technology firm, not a grocer. It currently predicts that it will employ IT staff by the end of this year, up from at present, to work on its Ocado Smart Platform. The development of Ocado Smart Platform, enabled by our IT re-platforming and fulfilment solutions projects, positions us well to take advantage of future opportunities as the demand for online grocery shopping increases internationally.
Our capabilities are being significantly enhanced and broadened with the ongoing development of our new modular, scalable physical fulfilment solution. This system has benefited from our extensive design and engineering experience, which has enabled us to develop a proprietary solution with many beneficial attributes when compared to existing infrastructure assets or any commercially available alternatives.
Successful development of this infrastructure solution will vertically integrate our platform of software, electronic and mechanical systems required to operate online retail operations efficiently, enabling a compelling proposition to the consumer and our partners.
Our solution combines extremely dense storage, rapid retrieval and fast picking of single items.
The constituent elements of this infrastructure solution are currently undergoing significant testing and we are confident in their key performance capabilities. We have filed for patents across our innovations, driven by the desire to protect the IP intrinsic to our infrastructure solution.
As more patents are filed we are building a web of protection for our valuable IP in the future. Although the vast majority of customers last week received their deliveries on time, despite the snow in large parts of the country, a minor technical fault at our Hatfield Customer Fulfilment Centre on Friday caused issues for a small number of our customers.
The fault was fixed within a day and affected customers have been contacted to rearrange delivery. We are very sorry for the inconvenience caused and we have offered a money-off voucher as compensation to those affected. Not all market watchers were impressed by the profit news.
Yes, following a decade and a half of trying, Ocado has worked out how to deliver baked beans, ice cream, Jaffa Cakes and chipotle chillies without booking a bottom line loss.
Last year, it launched two, specialist non-food retail sites, online pet store Fetch and kitchen and dining shop Sizzle, and is about to set up a beauty and wellbeing retail website with magazine brand Marie Claire UK, via one of its subsidiary companies, Specialty Stores Ltd.
But the profit news is a worthy reward for what has been 15 years of pretty pioneering investment and innovation from Ocado.Find & apply online for the latest Business jobs in Welwyn Garden City with ashio-midori.com, Business Planning Analyst.
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Tim Steiner, Chief Executive Officer of Ocado, said: 'This is a transformational period for Ocado. We have developed unique and proprietary technology to offer retailers an end-to-end operating solution for grocery retail that enables them to meet the changing needs of consumers.
Fiona Cincotta, a senior market analyst at Cityindex, said the driver shortage was caused by surging demand for Ocado’s services as online shopping was experiencing a boom.
The British-based firm Ocado has been chosen for this study because it illustrates a number of interesting aspects of business strategy and governance.
Internationally, it is the largest on-line supermarket by turnover, providing groceries and. Expert guides and analysis for UK and global business.
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