The online sales of Otto, one of the world’s largest online sellers, witnessed an increase during the previous financial year of up to

Most of Otto Group’s revenue is still generated from its active brands in Germany. The last annual report shows that the group’s online revenue in its home market has risen to 5.3 billion euros. This is an increase of 5.2%.

Hot summer

The company is expecting yet another increase in online revenue for the upcoming year, even though the growth of this year has not reached its expectancy. According to Otto: “The unusually long and hot summer in Europe, which affected business in general, impacted the Otto Group’s textile and furniture revenues, and consequently the financial performance as a whole.” The withdrawal of certain brands that Otto owns has also negatively influenced revenue growth.

Expansion

Just like the past twelve months, the online retailer is planning on investing a lot into the expansion of its platform. In early days, Otto started as a mail order company. These days, it has grown into an online retailer that allows external vendors to sell on its platform, too. Customers can expect to access products from almost 3,000 new partners by the year 2020.

The platform is currently present in more than 30 countries, throughout North and South America, Europe and Asia. The company has approximately 52,000 employees and owns multiple service providers and retailers.

The post Otto’s online revenue up to €7.7 billion appeared first on Cross-Border Magazine.

A large number of sellers decided to join the online marketplace platform Otto this year. It now has approximately 7 million merchants selling their products via the website.

Today, Otto announced that during the last financial year (2018), they have achieved a higher growth rate than usual. According to Otto, the strong investment into the development of their platform has increased its revenue to 3.2 billion euros ($3.57)  in 2018, which is an 8.2% increase.

Alexander Birken, CEO of Otto says: “The new financial year has started in line with our expectations. We are planning on higher revenue growth than last year and a slight improvement in our operating results. Within this, we will be continuing our future-orientated investment programme and continuing to drive the digitalisation of our business models on all levels. We are confident that thanks to our strong value orientation, the Otto Group represents a genuine European alternative in global online commerce – and that our customers, employees and business partners will continue to reward this.”

Ecosystem

This year, the company is laying its focus on creating an ‘ecosystem to external retailers and brands’ of their platform. They will achieve this by proving to be a fair, attractive and personal alternative to other platforms. Home and living products will be the focal point.

The post Otto now counts 7 million retailers appeared first on Cross-Border Magazine.