🏆 Otto's financial overview 📉
Germany's Otto, despite an 8% sales decrease to €4.2B in the 2023/24 financial year, outperforms the broader German e-commerce sector. The industry saw an 11.8% drop, marking Otto's loss as relatively better. "Despite the challenging environment, our results stand strong," said Marc Opelt, divisional director.
📈 Expansion in new ventures 🚀
Last year, Otto expanded its product listings by 26% to over 18 million and increased its marketplace partners by 33% to over 6,500. A third of its sales now stem from this growing marketplace segment, illustrating a strategic shift towards more diversified revenue streams.
🤖 Embracing artificial intelligence 🧠
"At Otto, we leverage AI to streamline operations and enhance customer experiences," Opelt elaborated. The company uses over 65 AI tools, with ten based on generative AI. These tools have drastically improved efficiency, enabling the creation of thousands of product descriptions rapidly.
🌟 Forward-looking statements 🌟
Despite some financial setbacks, Otto's aggressive push into AI and expansion into new business areas offer a beacon of hope. "All in all, I see us on track," Opelt confidently stated, highlighting the strategic moves positioning Otto for future success.
What's your take on Otto's AI strategy?
