- Mark Zanders
A Full Shopping Cart
The views portrayed in the A Full Shopping Cart blog are subject to change at any time based upon market or other conditions and are current as of June 17th, 2020. While all material is deemed to be reliable, accuracy and completeness cannot be guaranteed.
We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better. – Jeff Bezos
The COVID-19 lockdowns have limited people across the globe with how they live life. The virus has led to numerous behavioral changes among consumers. One of the most notable changes is limiting the number of trips outside the home. These changes have further catapulted the online market place.
Grocery delivery provider Instacart reportedly raised $225 million at a $13.7 billion-dollar valuation last week. This valuation was a jump from its $7.9 billion valuation in 2018. Furthermore, it has been reported that DST Global and General Catalyst led the funding round.
Instacart is a grocery delivery and pick-up service in the United States and Canada. The company offers grocery service via its website and a mobile app in 5,500 cities in all 50 U.S. states and Canadian provinces. It boasts an impressive list of over 350 retailers that have more than 25,000 grocery stores.
No question about it, Instacart has experienced an unprecedented surge in customer demand during the coronavirus outbreak. The company is proud to report that it has doubled the number of shoppers and has increased its term for freelance workers who fulfill customer orders to more than half a million in North America. Instacart’s rivals such as Amazon and Walmart have also seen dramatic increases in the use of their online delivery.
Interestingly enough, the growing number of consumers placing grocery orders for pick-up and/or delivery includes a large group of shoppers that are trying these options for the first time. Historical numbers around e-commerce skewed to the younger generations, but with COVID-19, we are starting to see a massive switch. The Baby Boomer generation is one of the fastest-growing segments of shoppers that are now shopping online.
Considering all the reported numbers, retailers have been very impressive in their response to quickly adapt. AFZA Capital is committed to further engaging within this sector and watching the positive trends.