Maplebear (CART) Goldman Sachs Communacopia + Technology Conference 2024 summary

Business model and growth strategy

• Aims to power every grocery transaction through technology partnerships with 1,500 retail banners, leading the online grocery marketplace with over 70% share among digital-first players.

• Achieved two quarters of double-digit growth and net income profitability, enabling reinvestment in future initiatives.

• Focused on accelerating online grocery adoption (currently 13% penetration) and driving digital transformation in-store to capture the trillion-dollar TAM.

• Pursues an omnichannel approach, supporting retailers both online and in-store.

Competitive positioning and integration

• Majority of gross transaction value (GTV) is already non-exclusive, with non-exclusive partners growing faster than exclusive ones.

• Growth is driven by deep integration with retailers, such as SNAP, virtual convenience, and loyalty systems, not exclusivity.

• Competitors are limited to small basket use cases due to shallow integrations, while large basket orders are a key differentiator.

• Scale, data, and integration enable high quality, accuracy, and affordability for large basket orders, with $4.75 average savings per order.

Industry landscape and partnerships

• Selection is a major advantage, with customers shopping from multiple retailers; Instacart+ members shop at twice as many retailers.

• Scale and R&D investment provide fulfillment efficiency and technology advantages that individual grocers cannot match.

• Recent partnership with Uber Eats integrates restaurant delivery, increasing order frequency and membership value.