Latest news with #Instacart
Yahoo
2 days ago
- Business
- Yahoo
Maplebear Inc. (CART): A Bull Case Theory
We came across a bullish thesis on Maplebear Inc. (CART) on Chit Chat Stocks' Substack. In this article, we will summarize the bulls' thesis on CART. Maplebear Inc. (CART)'s share was trading at $47.02 as of 28th May. CART's trailing and forward P/E were 30.95 and 19.12 respectively according to Yahoo Finance. A delivery truck filled with grocery items heading to a local school. Instacart (CART) has emerged as the dominant third-party grocery delivery platform in the U.S., controlling over 70% market share among independent providers. Founded by Apoorva Mehta in 2012, the company scaled quickly by leveraging a 'ninja shopping' model—using independent shoppers to buy items in-store without grocer partnerships—and building a unique centralized SKU database. Instacart now reaches 98% of U.S. households, with approximately 8 million customers and 600,000 shoppers. The company monetizes through service and delivery fees, tips, and increasingly, advertising. Since 2021, advertising has grown rapidly and now contributes nearly $1 billion of Instacart's $3.5 billion in revenue, complementing the 6.5–7.5% take rate it earns on $34 billion in annual gross transaction volume. Ads appear across browsing, search, and post-order experiences, targeting CPG brands. Instacart boasts 75% gross margins and 24% free cash flow margins, supported by asset-light operations. Competitive concerns over Uber and DoorDash appear overstated due to Instacart's superior shopper quality and customer loyalty, particularly for large, complex grocery orders. While grocers like Walmart may pursue in-house delivery, most rely on Instacart for not only delivery but also e-commerce tools, inventory management, and white-label storefronts. CEO Fidji Simo, a former Facebook executive instrumental in its ads business, has driven growth but is departing for OpenAI. Instacart has bought back $2.2 billion in stock over two years, reducing its share count by 6%. While it lacks an impenetrable moat, Instacart occupies a sticky and underestimated strategic position in the evolving grocery and retail media ecosystem. For a comprehensive analysis of another standout stock covered by the same author, we recommend reading our summary of his bullish thesis on Airbnb, Inc. (ABNB). Since our coverage, the stock is up 1.6% as of 28th May. Maplebear Inc. (CART) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 64 hedge fund portfolios held CART at the end of the first quarter which was 60 in the previous quarter. While we acknowledge the risk and potential of CART as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CART but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Melden Sie sich an, um Ihr Portfolio aufzurufen.
Yahoo
3 days ago
- Business
- Yahoo
Costco takes a page from rival Sam's Club to speed up checkout in its warehouses with ‘Scan & Pay'
Costco is testing a feature that would allow customers to scan items in its warehouses and pay for them on their phones, following the lead of Walmart-owned rival Sam's Club. CEO Ron Vachris offered few details on the technology, but a guide on Costco's website said customers will receive a QR code after paying that they scan at a kiosk before exiting. Costco is turning to technology to get its customers out the door faster, a feature first pioneered by rival Sam's Club. On the company's fiscal third-quarter earnings call, CEO Ron Vachris said the company has been quietly testing technology that would allow customers to use their phones to scan items and pay, bypassing checkout lines and improving the speed at which customers can complete their purchases. 'We've also engaged in some 'Scan & Go done by Costco' kind of tests that we're doing out there that have been extremely successful of moving people through the lines and expediting the transactions,' Vachris said on the earnings call. 'We've seen some very, very early results that have been very positive and great adoption from our members—seeing that as well.' The name 'Scan & Go' is trademarked by Walmart-owned rival Sam's Club, which has been developing this type of checkout technology for years. An early version of the tech, which launched in 2013, allowed customers to scan their items in the app but required them to pay in the self-checkout lane. Later, Sam's Club allowed customers to pay for scanned items in the app, and is now looking to replace self-checkout lanes across the U.S. with the tech. Costco CEO Vachris offered few details about its version of the technology, but a guide on the Costco website explains its 'Scan & Pay' technology, offered in partnership with Instacart, is similar to that of Sam's Club. By scanning items' barcodes, customers build up a digital shopping cart which they can then pay for directly in the app and receive a QR code to scan at a 'Scan & Pay' kiosk before exiting. Costco did not immediately respond to Fortune's request for comment. Customers have long complained about the warehouse club's lackluster digital services and the fact it doesn't offer the scanning technology Sam's Club has developed for more than a decade. Now, Costco is apparently embracing the idea with 'several new technology pilots,' Vachris said. More than half of Costco members have downloaded the company's app, and chief financial officer Gary Millerchip sees the company's foray into 'Scan & Pay' tech as a growth area for the company. 'We still think there's plenty of opportunity to keep driving higher penetration of digital engagement with our members and we think it's got a runway to continue to grow in the future,' Millerchip said on the earnings call. This story was originally featured on Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
Photos of the first supermarkets show how much grocery shopping has changed in a century
Grocery shopping has changed dramatically over the last century. Supermarkets first started emerging in the 1920s, forever altering how people shop for food. Photos show the shift from small stores to supermarkets in the US. For most Americans who don't use Instacart, grocery shopping today probably doesn't look all that different from their childhoods — they may mourn the discontinued Dino Pebbles cereal or be grateful for the option to self-checkout, but the fundamentals aren't all that different. Go back over 100 years, though, and many familiar features wouldn't be found. Many US city-dwellers relied on markets, peddlers, and small shops to get most of their goods. If they did pop into a grocery store, a clerk would wait on them, selecting each item from a shelf or back room. Throughout the 1920s and '30s, food shopping started to change. Larger grocery stores started popping up around the country. At these new supermarkets, customers would pick out their own groceries, place them in their shopping cart, and haul them out to the parking lot. A decade earlier, all of that would have been unheard of. Photos show how the US transitioned from small grocery stores to massive supermarkets. Before grocery stores, US families went to a variety of shops to buy food. Purchased food, as opposed to home-grown or homemade, was an increasing part of Americans' diet, especially for those who lived in cities during the late 1800s and early 1900s. Stocking up on groceries "was — and was understood to be — difficult, time-consuming, and important work," historian Tracey Deutsch wrote in "Building a Housewife's Paradise: Gender, Politics, and American Grocery Stores in the Twentieth Century." Shoppers, often women, would have to haggle over price. Availability could be inconsistent, so a seller might run out of a necessary ingredient, making meal planning difficult. Traipsing from one store to another could take up a substantial part of the day. Differences in race, ethnicity, and language among shoppers and sellers could add difficulty or friction to these tasks as well. Early grocery stores relied on clerks to give shoppers personal attention. In the 1920s, grocery stores were tiny hubs of local activity. They were typically around 500 square feet, the size of some present-day apartments. Most products were behind counters or in storerooms, and clerks would fetch the items and tell the customer the price. Shoppers had to trust that they were getting quality goods and a fair deal. These stores usually operated on credit. Customers could put purchases on their tab and settle their accounts when their wages came in. Shoppers might still need to buy produce and meat from separate shops or peddlers because grocery stores didn't offer them. Chain stores started growing in the 1910s and '20s. Unlike small, independent stores, chains could buy lots of goods at lower prices, passing savings on to customers. This was especially attractive during the inflationary period that followed World War I, when potatoes cost 147% more in 1923 than they had a decade earlier. Since smaller grocery stores often didn't list their prices, chain stores seemed to offer more transparency. Some contemporary estimates found chains selling branded items for roughly 9% and 11.5% less than independent retailers. Chain stores that started to gain success and recognition throughout this period included A&P and Kroger. Opening economy stores helped A&P achieve explosive growth. One of the first grocery chains in the US began as Gilman & Company in the 1850s and later became the Great Atlantic and Pacific Tea Company, better known as A&P. After the Chicago Fire in 1871, the company expanded outside of New York. Five years later, it had 100 stores. By the 1930s, over 15,000 A&Ps were located throughout the country, making it the US' largest grocery store chain. One reason the company was able to expand so quickly was the introduction of its cash-and-carry economy stores in 1912. Instead of customers buying items on credit, they paid right away. Free delivery wasn't offered at these stores, and they all had the same products and layouts. Most of the products were canned or shelf-stable, like flour, but small iceboxes held perishables including butter and eggs. Economy A&Ps didn't have to keep track of customer accounts, track down late payments, or spend time traveling around the city dropping off groceries. They were more efficient to open and run, leading to substantial growth. "Although discounting was not a new idea, the economy store was an important building block on the way to the supermarket," historian Benjamin Davison wrote in a 2016 journal article. A large number of customers wanted low prices over perks like personal attention and free delivery. In the 1930s, some states started passing anti-chain bills over concerns they'd force mom-and-pop shops out of business. The more stores a company owned, the more they were taxed. A&P's growth model was suddenly a lot less attractive. Kroger helped usher in the era of one-stop shopping. In the 1920s, some independent retailers started embracing what was known as combination stores. They expanded into existing butcheries to sell meat to customers. Meanwhile, many chains relied on prepackaged food and couldn't sell fresh produce or meat. Kroger stores were an exception. Bernard H. Kroger started the Great Western Tea Company in 1883 in Cincinnati. As the chain expanded, so did its services. In 1901, some of its stores started baking their own bread. Three years later, the company purchased a meat packer to supply in-store meat departments. Cutting out suppliers helped Kroger have more control over pricing. He told the New York Times in 1901 that he could sell bread for 2 cents, half the price of everyone else in the city. "He buys coffee by the ship load and browns it himself," a man who had spoken with the grocery store founder told an Ohio newspaper the same year. By 1925, the Kroger Grocery & Baking Co., as it was then known, was making over $116 million (over $2 billion today) in sales, the Wall Street Journal reported in 1926. It operated 2,858 stores and several bakeries for bread, crackers, and cakes. Piggly Wiggly started a trend as the first self-service grocery store. Customers who entered a Piggly Wiggly went through a turnstile into an aisle lined with packaged foods. Unable to leave through the door they entered, they wound through the aisles, browsing goods with their prices prominently displayed. Employees might be restocking shelves, but they weren't there to sell shoppers on the latest detergent or entice them with a bargain on bacon. While that doesn't strike today's shopper as odd, to a reporter for the Boston Daily Globe in 1918, "the whole place is absolutely novel." Clarence Saunders had designed the first self-service Piggly Wiggly two years earlier in Memphis, Tennessee. Instead of having a clerk gather everyone's items, the shoppers could pick and choose the brand of soap or type of soup they wanted themselves. Flour, pickles, and other items were pre-weighed, so customers didn't have to guess the final price or wait for an employee to help measure the right amount. That also meant there was no meat counter with a butcher slicing ham or packing up pork chops. Piggly Wiggly was novel but not totally unique. California and Montana had self-service stores pre-dating Piggly Wiggly. However, Saunders gained attention for his opening-day stunts, like handing out roses to redheaded women, and for patenting some of his stores' designs, like the one-way layout that ended at the checkout station. The unique name, which one trade magazine described as having a "Mother Goosey sound," may have helped, too. Saunders seemed to purposefully shy away from explaining its origins. Franchising the name and design helped expand the store's reach quickly. By 1923, the US had over 1,200 Piggly Wigglys, most independently owned. That year, Saunders resigned after trying to raise the company's stock price by buying shares. Some historians have crowned King Kullen as the first true supermarket. In 1944, the Wall Street Journal reported that even industry experts couldn't settle on a definition for supermarkets. Most agreed the stores had several departments — including produce, meat, and dairy — and the grocery areas were self-service. The Super Market Institute put the minimum sales volume at $200,000 a year (about $3.6 million today). For some historians, all the pieces come together in Michael Cullen's King Kullen. In 1929, he was managing a Kroger in Illinois when he wrote to the company's president, William Albers, with an idea to create "monstrous" stores where goods would move quickly because they were priced with little markup. Thanks to the volume of items, they would still make a profit, he said. He predicted he'd sell $10,000 worth of groceries a week. By saving the public $1 to $3 on their food bills, he wrote, "I would be the 'miracle man' of the grocery business." Albers never saw the letter, and Cullen instead opened his own store in Queens, New York, in 1930. He took out ads calling King Kullen the "world's greatest price wrecker." The warehouse's 6,000 square feet held 1,000 items. Customers quickly started lining up. In 1936, Cullen died after complications from an appendectomy. His wife took over the company, which had opened more than a dozen stores, which together made more than $6 million a year (more than $139 million today). Three years after King Kullen announced itself as a price wrecker, Albers left Kroger to open his own eponymous stores, the first to use the term "super market" in its name. Ralphs is also a contender for the title. Like A&P and Kroger, Ralphs started in the 19th century. In 1873, brothers George and Walter Ralphs started selling local produce and grains in Los Angeles. The business grew, and in 1926, it had over 40 stores. Many catered to Los Angeles' commuters instead of relying on foot traffic. Car ownership in the US grew by over 4,000% between 1910 and 1930, especially in areas with little public transportation. When Ralphs opened its 10,000-square-foot self-service store in West Hollywood, it was the company's largest. It had a large parking lot for the shoppers' vehicles. Inside, the high-ceilinged, spacious store didn't seem like a typical grocery store. One columnist compared it to a "marketplace of Rome, where Phoenicians came to peddle their bright silks and bits of treasure from afar." "Some of these early Ralph buildings are almost as modern today as when they were built 25 and 30 years ago," supermarket analyst M. M. Zimmerman wrote in 1955. Taking advantage of its location, Ralphs prominently displayed its California produce. Its prices were higher than A&P's, but its business model proved popular enough that other LA-area grocers had created 30 similar stores by the time King Kullen opened in 1930. Big Bear was a bit like the Costco of its day. Many supermarket histories include New Jersey's Big Bear, which opened in 1932. Transforming a 50,000-square-foot auto plant into a cavernous, boisterous market, Robert Otis and Roy Dawson tipped their hats to King Kullen by calling their store a "price crusher." Only 15,000 square feet were devoted to grocery items, mostly in cans and packages. To get there, shoppers first had to pass by meat, produce, and bakery counters. A soda fountain, electronics, tools, cosmetics, drugs, and other departments made up the rest. Customers crowded around tables piled with merchandise. Some traveled 40 miles to take advantage of the store's low prices. It took Big Bear three days to rake in $31,000, one historian estimated. It might take a small chain store months to sell as much. People began referring to Big Bear and its many imitators as "barney stores." Some industry analysts dismissed the cheap fixtures and overwhelming layouts of these "wild animal" stores, which often had leopard, tiger, or other beasts in their names. Early supermarkets were large and operated by self-service. Other commonalities included free parking, a high volume of products, a certain amount of annual sales, and a variety of departments. By combining butcheries, bakeries, produce, and packaged goods under one roof, they offered one-stop food shopping. Sometimes these were independent contractors leasing space in a building with a big commercial footprint. These stores also differed from earlier grocers in other ways. Customers paid in cash, and the stores often didn't offer delivery services. The unofficial motto was "pile it high, and sell it cheap," one supermarket owner told Zimmerman in 1955. "What made supermarkets novel was not their low prices or self-service cash-and-carry approach, however, but the extraordinary array of goods and services they provided under one roof: fresh produce, dairy, meats, baked goods, and canned and packaged foods were to be had, but so were a stunning variety of other items and services," Shane Hamilton wrote in "Supermarket USA: Food and Power in the Cold War Farms Race." While some businesses, including Ralphs, incorporated attractive design into their layouts, others, like the barney stores, opted for affordability over aesthetics. Many early supermarkets were independent. It took large chains like A&P and Kroger longer to catch on to the new business model. Major grocery chains didn't open supermarkets right away. A few months after Big Bear opened in New Jersey, a grocery industry analyst told The New York Times it was a novelty that would wear off. "When that time comes, the verdict will be much the same as in Syracuse and Detroit, where 'warehouses' or supermarkets enjoyed a brief period of outstanding success and then experienced a decided drop in sales volume," he said. A&P's president, John Hartford, also said later that his company didn't take supermarkets seriously. Then it realized King Kullen was crushing its regional shops. By 1936, Safeway, A&P, and Kroger started opening bigger stores. Adapting to larger, high-volume stores proved successful for these chains. They closed smaller shops to focus on more lucrative supermarkets. The Depression, an increasing number of cars, and several other factors led to supermarkets' growth. Many customers were lured in by supermarkets' promise of low prices and a large selection. Shoppers with jobs also appreciated supermarkets' evening hours, as many chains closed at 6 p.m. Owners who had previously run smaller grocery stores saw their operating costs cut in half. Historians cite a variety of factors, from taxes on chain stores to improved refrigeration technology to regulations on food prices, to explain why the number of supermarkets exploded in the late 1930s and '40s. Mounds of products required new layouts and inventions. During this era, owners started figuring out how to better manage an influx of customers at busy times. They tried out new ways of displaying merchandise to attract buyers' attention. Placed at eye-level, the products would sell themselves. "Silent salesmanship prevailed in the subtlety of aisle displays that halted the progress of shoppers, at which point they might observe other shoppers and be influenced by their purchases," historian Lisa C. Tolbert wrote in "Beyond Piggly Wiggly: Inventing the American Self-Service Store." Navigating these spacious supermarkets packed with goods also prompted the spread of the shopping cart in the late 1930s. Owners wanted to attract wealthy customers. While some businesses had bargain prices that brought in a variety of shoppers, some chains that were closing stores in low-income neighborhoods opened their new supermarkets in wealthy areas, Deutsch wrote. They worried that cheap products weren't enough to bring in the middle-class women they wanted as customers. To distinguish themselves from barney stores, some supermarkets invested more in decor and offered perks like employees who carried groceries to shoppers' cars. "Upscale supermarkets were welcomed into postwar suburban housing developments in and around Chicago and quickly began emphasizing the quality and convenience of goods they sold, continuing to move away from an emphasis on price," Deutsch wrote in a 1999 journal article. Similarly, in Southern California, business owners strategically placed their supermarkets and mostly had all-white clientele. "In part, this was because a new supermarket had the potential to transform the demographics and economic life of an area, but it was also because operators carefully built stores adjacent to the most desirable clientele," Davison wrote. Supermarkets had a huge impact on how Americans ate. More types of prepackaged foods, the advent of frozen food, improved freezer technology, and other changes began impacting Americans' diets as supermarkets continued to grow. Farming methods were becoming more industrialized, and A&P and other sellers used new advances to their advantage to tap into a network of producers to find the most appealing potatoes, peaches, and peas from around the country. Customers in northern states got used to having certain fresh fruits and vegetables year-round instead of just seasonally. While they didn't have complete control of the supply chain, stores like A&P bought produce in large quantities, and "farmers who did not comply with the firm's demands for high-volume, standardized production were sure to be left outside the marketplace," Hamilton wrote. Supermarkets continued to expand in the 1950s. While some contemporary analysts had predicted that supermarkets would die out after the Depression ended, there were more stores than ever in the years following World War II. Many were stocking six times as many items as the earliest supermarkets. Most adopted the more sedate design of chains like A&P. "The older chaotic supermarkets were quickly replaced by the ordered, and overtly-feminized, space of the postwar super-market," Deutsch wrote. Many of these chains have since melded together or completely disappeared. Yet in just a few decades, they completely changed the way many Americans shopped for groceries, and we're still feeling those influences today. Sources: "Supermarket USA: Food and Power in the Cold War Farms Race" by Shane Hamilton; "Building a Housewife's Paradise: Gender, Politics, and American Grocery Stores in the Twentieth Century" by Tracey Deutsch; "Beyond Piggly Wiggly: Inventing the American Self-Service Store" by Lisa C. Tolbert; "Carried Away: The Invention of Modern Shopping" by Rachel Bowlby; "The American Grocery Store: The Business Evolution of an Architectural Space" by James M. Mayo; "The Super Market: A Revolution in Distribution" by M. M. Zimmerman; "From 'Wild Animal Stores' to Women's Sphere: Supermarkets and the Politics of Mass Consumption, 1930-1950" by Tracey Deutsch; "Super City: Los Angeles and the Birth of the Supermarket, 1914—1941" by Benjamin Davison; "The Rise of the Supermarket" by Tevere Macfadyen; International Directory of Company Histories; and Smithsonian Magazine. Read the original article on Business Insider
Yahoo
4 days ago
- Business
- Yahoo
Here's Why Maplebear (CART) is a Great Momentum Stock to Buy
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades. While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us. Below, we take a look at Maplebear (CART), a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score. It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Maplebear currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period. You can see the current list of Zacks #1 Rank Stocks here >>> In order to see if CART is a promising momentum pick, let's examine some Momentum Style elements to see if this operator of the Instacart grocery delivery service holds up. Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area. For CART, shares are up 2.91% over the past week while the Zacks Internet - Commerce industry is flat over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 17.87% compares favorably with the industry's 8.4% performance as well. While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics -- such as performance over the past three months or year -- can be useful as well. Shares of Maplebear have increased 21.84% over the past quarter, and have gained 52.07% in the last year. On the other hand, the S&P 500 has only moved -0.81% and 12.32%, respectively. Investors should also pay attention to CART's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. CART is currently averaging 4,581,467 shares for the last 20 days. The Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with CART. Over the past two months, 10 earnings estimates moved higher compared to 1 lower for the full year. These revisions helped boost CART's consensus estimate, increasing from $1.61 to $1.70 in the past 60 days. Looking at the next fiscal year, 8 estimates have moved upwards while there have been 3 downward revisions in the same time period. Taking into account all of these elements, it should come as no surprise that CART is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Maplebear on your short list. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Maplebear Inc. (CART) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
4 days ago
- Business
- Time of India
Instacart promotes business chief Rogers to CEO as Simo leaves for OpenAI
Instacart promoted chief business officer Chris Rogers to chief executive officer, replacing Fidji Simo who said earlier this month that she's leaving for a top leadership position at OpenAI . Rogers will step into the role August 5, at which point he'll also join Instacart's board of directors, the company said in a statement Wednesday. Simo will remain chair of the board. The online delivery company has moved quickly to lay out a succession plan after Simo announced that she's departing Instacart to become CEO of applications at OpenAI, a newly created role in which she'll report directly to co-founder Sam Altman. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Jesus' Tomb Is Opened And Scientists Find Something Unbelievable Novelodge Undo Rogers joined Instacart in 2019 and was elevated to chief business officer in 2022. Prior to Instacart, he spent 11 years at Apple Inc., where he held various positions, including managing director of Apple Canada. Instacart, best known for its grocery-delivery business, has continued to benefit from strong demand, even as US consumer sentiment has soured on concerns about the broader economy. The company posted its strongest order growth since 2022 when it reported quarterly earnings earlier this month. It also forecast better-than-expected gross transaction value and adjusted earnings before interest, taxes, depreciation and amortisation for the current period. Live Events Separately, earlier this month it launched a standalone ordering app aimed at Gen Z partygoers looking to have alcohol and snacks delivered to gatherings. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Aside from its core delivery unit, Instacart has also expanded into providing technology to supermarkets. Earlier this month, it announced it's buying Wynshop Inc., an e-commerce platform for US grocery chains. Terms of the transaction were not disclosed. Instacart's own ecommerce solution currently powers about 600 brands' white-label sites, including Costco Wholesale Corp., Publix Super Markets Inc., Sprouts Farmers Market Inc. and Woodman's Food Market Inc. 'Instacart sits at the centre of how people shop, eat and care for their families — and that's always been what inspires me most about our mission,' said Rogers in a prepared statement. 'Together with our partners, we're transforming the future of grocery shopping, but more importantly, we're helping people solve real, everyday needs.' 'Over the last four years, we've transformed Instacart into a growing, profitable, leading technology platform that's helping reshape the grocery industry,' Simo said in a statement about Rogers' appointment. 'We're building a generational company at the intersection of technology and food, and Chris is the right leader for our next chapter.'
