Ocado’s share price drops 3.5% as it plummets down supermarket rankings

Ecommerce

Ocado’s share price has dropped more than 3.5 per cent in morning trading after it plummeted down the rankings for consumer satisfaction.

This morning consumer watchdog Which? published the results of its annual survey into the consumer experience of the UK’s largest supermarkets.

After topping the rankings last year, Ocado dropped to fifth place seeing Aldi take the top spot and Sainsbury’s steal the title of best online offering.

According to the survey, which asked 3000 shoppers about their in-store and online experiences, Ocado’s “reputation took a hit after the scale of demand meant it stopped accepting new customers”.

Ocado said that it has increased capacity 30 per cent since the start of the pandemic is and set to open a further three new warehouses this year.

READ MORE: Ocado voted one of the UK’s worst digital experiences

The news caused yet more turbulence for Ocado’s share price which dipped throughout last week after the grocer released mixed full-year results.

Its drop in share price, driven by investors’ concerns over the slower-than-expected rollout of its third-party technology arm, saw two of its non-executive directors take advantage and buy up around £100,000 in cheap shares.

It comes just a week after a separate independent survey commissioned by MullenLowe Profero revealed that Ocado was voted second-worst online experience of all UK supermarkets.

The survey, which looked at supermarkets’ websites, apps, social media, and email communication, found just 45 per cent of customers said they thought Ocado’s overall experience was “good” or “exceptional”, nearly half the table leader Tesco’s 85 per cent.

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