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Such doubts haven¡¯t stopped Ocado from raising capital. It issued a $187 million share offering in 2018. In February 2019, it sold 50% of its British e-commerce operation to U.K. retailer Marks & Spencer. The sale simplified Ocado¡¯s proposition to investors, positioning it as more of a pure-play tech platform, while raising $982 million. (Marks & Spencer will also become Ocado¡¯s new wholesale food partner; Ocado¡¯s long-term supply contract with Waitrose comes to an end in late 2020.) Ocado also sold $655 million of convertible bonds in December.
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It¡¯s a common refrain among Ocado¡¯s customers: They lack the resources to replicate Ocado¡¯s technology. ¡°We are a big company, but we are not a technology company,¡± says Anders Svensson, the CEO of ICA Sweden. Ocado, in contrast, employs more than 1,800 software engineers and 600 hardware specialists. That¡¯s far less than Amazon or Google, but it¡¯s a lot for a grocer.
Still, like its peers, Ocado has sometimes stumbled as it races to keep up. To try to slow the overwhelming order volume, Ocado shut down its mobile app and implemented a queuing system on its website. But demand was simply too great, and with all its delivery slots booked for a week out, Ocado was forced to temporarily shut down its website in mid-March. When it came back online, almost a week later, the company restricted orders to existing customers; even so, delivery slots remain difficult to find. And, like many grocers, Ocado temporarily limited customers to two or three of any individual item to deter hoarding.
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