The news: Instacart unveiled Instacart Platform, a collection of omnichannel solutions that grocers can implement on their own properties, per a company release.
The platform includes:
Competitors catch up: While Instacart usage soared during the pandemic, the company no longer controls the third-party delivery market like it used to: We forecast its share of the market will drop to 69.4% this year.
Diversifying revenues: Instacart has expanded the types of retailers it serves as well as the services it offers as it tries to stay ahead.
Recent tactics include:
Capturing ad dollars: Instacart is also looking to advertising to drive profits. The company hopes to generate $1 billion from its ad business this year, per The Wall Street Journal.
However: Instacart’s new initiatives have yet to restore investor confidence: Last week, Instacart cut its valuation by more than a third, to $24 billion.
The big takeaway: With its new technology suite, Instacart is hoping to reduce its reliance on delivery while establishing itself as the partner retailers can rely on to support their businesses.