Ocado Retail, the joint venture between its namesake parent company Ocado Group PLC (LSE:OCDO) and Marks and Spencer Group PLC (LSE:MKS), has announced a new wave of price cuts across 500 of its products, marking the fourth set of reductions for the grocer since June.
As part of its ‘Big Price Drop’ initiative, Ocado has reduced the price by an average of 8% on branded products as well as ingredients like onions, parsnips and rice.
Bringing the total number of reduced products this year to over 1,000, Ocado Retail is focused on slashing prices on fresh, ambient and household products, and is aiming to ease the costs of winter and autumn cupboard essentials in particular.
Some examples of the reductions include prominent branded products like Kellogg’s Special K, down from £4.25 to £4, Dolmio Tomato and Basil Sauce, cut from £2.20 to £1.75, and Ambrosia Devon Custard, slashed from £1.95 to £1.60.
M&S, which owns 50% of the retailer, has included over 400 of its own products in this latest wave of cuts, dropping the prices of its fresh produce and cooking essentials.
Last month, Ocado slashed the prices of 330 items as part of the same scheme, which ran in addition to the Ocado Price Promise, a price match scheme introduced earlier this year comparing prices against 10,000 similar products at Tesco.
Ocado Retail's chief executive officer Hannah Gibson said: “Ocado is known for its superb service and unbeatable choice, and now more than ever, we’re committed to delivering great value too.
“So this autumn, if you want an amazing range of great value products delivered straight to your door, Ocado is the place for you.”