Connect with us

Hi, what are you looking for?

Jewish Business News

Business

CEO Tim Steiner’s Hard Work At Ocado Finally Pays Off

Ocado is finally profitable after 15 years in business.

tim-steiner

 

Beating the odds in a fiercely competitive supermarket sector in Great Britain, Ocado, the online grocery delivery service, made its first profit in its 15 year history. Ocado reported a 7.2 million pound profit ($11 million) which CEO Tim Steiner said would have been higher,  if the company did not need to cut prices to compete. Nevertheless, the holiday season was strong for Ocado, its partnership with Waitrose was thriving, and its new deal with Morrisons probably brought Ocado into profitability territory.

Ocado’s focus, according to Marketing, is on high-quality rather than cutting corners to keep up with the lowest priced peers in the space. It has its own software, is focused on customer service with a user friendly website and people friendly delivery staff. This might be a factor in the huge increase of Ocado shoppers from 68, 000 to 453, 000 in just one year.

Ocado has also included special offerings, such as a pet products segment, and an online beauty store. With its ability to turn a profit, Ocado is expanding, and building a new delivery center in Warwickshire. According to CityAm.com, Tim Steiner said, “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.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

empty

The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...

Business

Now Platika joins and elite club of $10 billion plus Israeli firms.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Advertisement