The German economy faced a tough year in 2023, and so the question remains how did companies fair? The Otto Group, with headquarters in Hamburg, is an internationally operating trade and service group, with around 100 companies established in over 30 countries. Despite being one of the most successful German e-commerce companies it also faced difficulties,
since 2006/07 at 413 million euros. This could be attributed to the fact that many consumers have had to tighten their purse strings and therefore cut back on online shopping. The company’s overall revenue, however, did increase slightly compared with the fiscal year 2021/22.
Key figures from the Otto Group
The activities of the Otto Group are concentrated on such corporate sectors as multichannel retail, services and financial services. The business core of the enterprise is the
multichannel retail sector, which for the purposes of their annual report has been divided into platforms, brand concepts, and retailers. The most profitable segment, perhaps unsurprisingly since this is what Otto is known for, was the platform, making almost six billion euros in 2022/23. Furthermore, although the Otto Group operates worldwide and is among the world’s largest e-commerce companies, the
majority of revenue is made in Germany, probably because the family-owned business is a household name.
Online shopping
The fashion retailer Bonprix is the best-known Otto subsidiary company.
Bonprix generated a revenue of 1.76 billion euros in 2022/2023, also suffering a decrease compared to the previous year. When it comes to
buying clothing online around a third of people in Germany make purchases once a month. There are however some
challenges that customers face when shopping online, these can include a long payment process, having to create an account on the website, or not trusting that the payment process is secure. With online shopping becoming more and more popular and an increasing number of players entering the market it is important for companies to attract new customers and retain the ones they already have. With
wages increasing in Europe and the end of 2022, consumers are perhaps more likely to return to their usual spending patterns and so e-commerce companies must make sure their online infrastructure is sound in order to benefit.
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