The Thesis
DoorDash is not just a food delivery company; it is the Last-Mile Logistics Layer for every local business.
While Uber focused on moving people, DoorDash focused maniacally on moving things in the suburbs. They won the US restaurant war (60%+ market share) and are now expanding into Grocery, Retail, and Package Delivery. The thesis is that DASH becomes the "FedEx of Local Commerce."
Product Deep Dive: Beyond Restaurants
1. DashPass
- The Product: Subscription for free delivery.
- The Value: 15M+ members. It increases order frequency and retention.
- Bundling: Partnered with Chase (Sapphire cards) and Max (streaming) to bundle DashPass, creating lock-in.
2. Grocery & Retail
- The Product: Delivering from Sephora, Dick's Sporting Goods, and Albertsons.
- The Economics: Larger basket sizes than burritos. This improves unit economics per dash.
- Ads: CPG brands (Coke/Pepsi) pay to boost items in the grocery search results.
3. Wolt (International)
- The Acquisition: Bought Wolt to expand into Europe/Japan.
- Strategy: Wolt runs the same "Suburban Logistics" play in fragmented international markets.
The Business Model
- Market Share Leader: Dominates the US suburbs where order values are higher (families vs single city dwellers).