Inflation and Consumer Spending: Rising inflation, particularly for gas prices, could curb consumer discretionary spending, impacting Ocado's retail arm through lower basket sizes and order frequency, and potentially slowing technology adoption by retail partners facing their own cost pressures.

Supply Chain Stability and Energy Costs: While global conflicts ease, sustained or renewed volatility in energy costs directly influences Ocado's logistics and delivery expenses. Stable energy prices would reduce operational costs for its fleet and automated warehouses, whereas spikes could further squeeze already thin margins.

Labor Market Conditions: Global labor market trends, including availability and wage inflation for skilled tech and logistics personnel, are significant cost drivers for Ocado's operations. A tight labor market could lead to increased operational expenses across both its retail and solutions segments.