The news: Instacart unveiled Instacart Platform, a collection of omnichannel solutions that grocers can implement on their own properties, per a company release.
The platform includes:
Competitors catch up: While Instacart usage soared during the pandemic, the company no longer controls the third-party delivery market like it used to: We forecast its share of the market will drop to 69.4% this year.
Diversifying revenues: Instacart has expanded the types of retailers it serves as well as the services it offers as it tries to stay ahead.
Recent tactics include:
Capturing ad dollars: Instacart is also looking to advertising to drive profits. The company hopes to generate $1 billion from its ad business this year, per The Wall Street Journal.
However: Instacart’s new initiatives have yet to restore investor confidence: Last week, Instacart cut its valuation by more than a third, to $24 billion.
The big takeaway: With its new technology suite, Instacart is hoping to reduce its reliance on delivery while establishing itself as the partner retailers can rely on to support their businesses.
11 Times SquareNew York, NY 100361-800-405-0844