Two recent acquisitions and the addition of new food retail partners have Uber on a pathway to facilitating $1 billion in grocery sales annually.
The revelation of the inroads in grocery made by San Francisco-based Uber, a company best known for disrupting the world of transportation, came as it revealed a triple-digit growth rate for its overall product delivery business during the quarter ended Sept. 30. Based on increased demand for a grocery delivery service launched in early July and the impact of the two recent acquisitions, Uber said that it’s on track to facilitate $1 billion in grocery sales annually.
The company noted that its total delivery bookings, the value of merchandise delivered, increased 134% to nearly $8.6 billion in the third quarter. That’s up from delivery bookings that increased 106% to $6.9 billion in the second quarter, and 52% to $4.7 billion in the first quarter. Uber makes money based on fees earned — its “take rate” — on its gross bookings. In the third quarter, its revenues increased 125%, to $1.45 billion.Retail Leader