{"id":58757,"date":"2023-09-08T23:54:51","date_gmt":"2023-09-09T03:54:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/doordashs-ceo-warns-about-grocery-delivery-its-hard\/"},"modified":"2023-09-08T23:54:54","modified_gmt":"2023-09-09T03:54:54","slug":"doordashs-ceo-warns-about-grocery-delivery-its-hard","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=58757","title":{"rendered":"DoorDash\u2019s CEO Warns About Grocery Delivery: It\u2019s Hard"},"content":{"rendered":"
\n

While Maplebear, the parent of Instacart, inches toward an initial public offering, one of the company\u2019s primary rivals raised some broad questions this past week about the grocery-delivery experience for consumers. <\/p>\n

Speaking at the
\n Goldman Sachs
\n technology conference in San Francisco,
\n DoorDash
\n CEO Tony Xu argued that while there is a big \u201cunderpenetrated\u201d opportunity in groceries, consumers view the experience as \u201cworse than the physical experience of buying your own\u201d goods at the store.<\/p>\n

\n

While best known for delivering restaurant food, DoorDash, which is working with current grocery delivery services, offers several ways to get grocery via online ordering. <\/p>\n

\u201cAll of us have to find product-market fit to get the mass market of consumers to substitute or replace their offline shopping experience,\u201d Xu said, without referring to Instacart or other competitors directly. <\/p>\n

\u201cPeople have been working this since the 1970s, and there is still a long ways to go,\u201d he said. The solution starts with getting the basics right, like making sure buyers get exactly what they ordered. \u201cToday, you pay a premium and won\u2019t always get what you ordered,\u201d he said. \u201cThat\u2019s where the status quo is. We have a lot of work to do\u2026there has to be something better.\u201d Delivery services need to provide consumers with \u201cprices they expect to pay, in a manner and time more convenient than if they did it on their own.\u201d <\/p>\n

Simple, if challenging.<\/p>\n

Last Week<\/h4>\n

Markets<\/h2>\n

China\u2019s Country Garden made two debt payments to overseas investors to avoid default. Oil prices rose after Russia and Saudi Arabia extended output cuts. In the U.S., Goldman Sachs cut the probability of recession to 15%, while
\n Morgan Stanley
\n warned that traders were too optimistic. Stocks rose, then fell on inflation fears and concerns over China curbs on
\n Apple
\n iPhones. On the week, the Dow industrials fell 0.75%, the S&P 500 was off 1.29%, and the Nasdaq Composite slipped 1.93%.<\/p>\n

Companies<\/h2>\n

Blackstone and
\n Airbnb
\n will join the S&P 500, replacing Lincoln National and
\n Newell Brands.<\/span><\/p>\n

Novo Nordisk
\n edged out
\n LVMH Mo\u00ebt Hennessy Louis Vuitton
\n as Europe\u2019s most valuable company. The Wall Street Journal reported that the Federal Trade Commission plans to file a lawsuit against
\n Amazon.com
\n this month.<\/p>\n

Deals<\/h2>\n

SoftBank chip designer Arm Holdings filed for its IPO in the U.S., hoping to raise $4.9 billion for a $52 billion valuation. Arm also announced a deal with Apple beyond 2040…The Austrian owner of beauty products retailer
\n L\u2019Occitane International
\n dropped plans for a buyout\u2026Lithium producer
\n Albemarle
\n agreed to buy Australia\u2019s
\n Liontown Resources
\n for $4.3 billion…. Saudi Telecom amassed a 9.9% share in Spanish telecom Telef\u00f3nica\u2026
\n Dominion Energy
\n said it would sell several natural-gas distribution companies to
\n Enbridge
\n for $9.4 billion…Two global packaging companies, WestRock and
\n Smurfit Kappa,<\/span>
\n are in talks on a $20 billion merger.<\/p>\n

Next Week<\/h4>\n

Monday 9\/11<\/h2>\n

Two megacap software<\/strong> companies release quarterly results.
\n Oracle
\n reports after the closing bell on Monday, and
\n Adobe
\n follows suit on Thursday. <\/p>\n

Wednesday 9\/13<\/h2>\n

The Bureau of Labor <\/strong>Statistics releases the consumer price index for August. Economists forecast a 3.6% year-over-year increase, four-tenths of a percentage point more than in July. The core CPI, which excludes volatile food and energy prices, is expected to rise 4.4% following a 4.7% gain previously. The CPI is nearly six percentage points lower than its peak of 9.1% reached in June of 2022.<\/p>\n

Thursday 9\/14<\/h2>\n

The European Central Bank <\/strong>announces its monetary-policy decision. Traders are pricing in a one in three chance that the central bank will raise its key short-term interest rate by a quarter of a percentage point to 4%. The ECB has increased the target rate from negative 0.5% to 3.75% in a little more than a year.<\/p>\n

The current contract<\/strong> between the United Auto Workers and the Big Three auto makers expires at 11:59 p.m. The UAW has authorized a strike if no contract is agreed upon by the deadline. The current contract covers nearly 150,000 workers, and as of press time, the parties seem far apart. <\/p>\n

Write to <\/strong>Eric J. Savitz at eric.savitz@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While Maplebear, the parent of Instacart, inches toward an initial public offering, one of the company\u2019s primary rivals raised some broad questions this past week about the grocery-delivery experience for consumers. Speaking at the Goldman Sachs technology conference in San Francisco, DoorDash CEO Tony Xu argued that while there is a big \u201cunderpenetrated\u201d opportunity in […]<\/p>\n","protected":false},"author":1,"featured_media":58758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-58757","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nDoorDash\u2019s CEO Warns About Grocery Delivery: It\u2019s Hard | iFintechWorld<\/title>\n<meta name=\"description\" content=\"While Maplebear, the parent of Instacart, inches toward an initial public offering, one of the company\u2019s primary rivals raised some broad questions this\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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