Ocado is set to expand its own-brand range significantly, adding hundreds of new products.
- In 2024, over 100 new items have already enriched Ocado’s selection, bringing the total to over 740.
- The company’s “own range” products now account for more than 10% of customer baskets.
- A survey highlights a growing consumer preference for own-brand goods, with a focus on quality and value.
- Ocado has revised its sales forecast upwards, driven by a 15.5% revenue increase.
Ocado, the prominent online grocer, plans to significantly enhance its own-brand product range. By the end of 2024, the selection will include over 740 items, with recent additions such as microfibre cloths and baked beans. This expansion reflects Ocado’s commitment to providing a diverse array of budget-friendly options for its customers.
The push for more own-brand products comes after these items saw a 12% increase in sales, now comprising more than one in ten of all products in customers’ baskets. According to Ocado Retail Product Director, Simon Hinks, “At Ocado we are proud to offer a wide range of products for everybody’s budgets. Take baked beans for example – we have almost 50 different varieties available.” This variety underscores the company’s dedication to quality and value.
Research conducted with over 2,000 shoppers in collaboration with market research firm Savanta, revealed a strong public demand for own-brand products. It showed that 89% of consumers consider it essential for supermarkets to offer a wide range of value items. Notably, dairy, meat, fish, and tinned goods are among the most popular own-brand purchases.
The survey further revealed that half of the respondents believe quality is paramount when selecting own-brand products, with 31% noting an improvement in quality. Additionally, 72% of those surveyed expressed their intention to continue purchasing own-brand goods irrespective of economic changes, highlighting a significant trend towards these options.
In correlation with the expanding product range, Ocado has adjusted its sales forecast upwards, citing an impressive revenue surge. In the first three quarters of the year, revenue rose by 15.5% to £658 million. This growth is attributed to Ocado’s ability to deliver unprecedented choice and reliability in service.
Ocado’s strategic expansion of its own-brand range reflects the company’s response to consumer demand for quality and affordable products.
