Online-only grocery retailer Ocado reported a 35% year-on-year revenue growth in 2020 in a financial statement, a result that it claimed reflects ‘strong demand for online grocery in the UK’ amid the coronavirus crisis. Total revenue reached £2.19 billion across the year.
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Ocado attributes its success to a number of different aspects of its business operation. An additional 500 staff members were recruited in 2020 at the height of demand. Forty percent of these recent hires have been designated roles in advanced technology, such as the operation of robotic picking systems.
Furthermore, despite the disruptive effects of the pandemic and resulting uncertainty for customers, the company also stated that it had received ‘leading customer service metrics’ in its joint venture with M&S foods. Q3 2020 analysis from Sobeys, as cited in the results, revealed on-time delivery rates of 98.6%, a 99.6% basket accuracy upon delivery and an overall Net Promoter Score of 87%.
BrandZ named grocery chain Ocado as the UK’s fastest growing brand in 2020 in its annual Top 75 Most Valuable Brands report.
The company jumped 16 places in the Top 75 list for 2020, following a 63.3% growth in brand value change since 2019, settling at number 18. Its online-only formula, unlike other brands in the sector which also have brick-and-mortar stores, places it in an excellent position for growth through digital innovation. According to the report, demand for its services during the peak of the pandemic was at 10 times it usual level for the time of year.