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Agricultural Development Bank of China
dpa

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Otto sees technological innovation as decisive driver of success

February 13, 2020


Abstract : German retail and services giant, the Otto Group, regards advanced and innovative technology as the main driver of its success in online ret

CAPTION: The Otto Group is expected to have achieved a turnover of around 8.1 billion euros in electronic trading. (picture alliance / dpa)

German retail and services giant, the Otto Group, regards advanced and innovative technology as the main driver of its success in online retail. The transformation of the Otto Group into a technology-driven company is currently one of the largest and most exciting IT projects in Europe, said Sebastian Klauke, the member of the executive board responsible for e-commerce, on Monday in Hamburg.

In the current financial year, which ends on February 29, the Otto Group is expected to have achieved a turnover of around 8.1 billion euros in electronic trading, compared with 7.7 billion euros in the previous financial year. This represents a growth of 5.5 percent. Germany accounts for around 5.5 billion euros of this, compared with 5.3 billion euros in the previous year. The fact that Otto is strategically concentrating its investments on a few focus companies, which it believes have particularly good growth and opportunities in e-commerce, has paid off, Klauke said.

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