The Uber IPO (Initial Public Offering) filing has revealed more about Uber Eats.
The recent IPO filing from Uber has given us a better insight in to Uber Eats, which appears poised for continued growth.
Uber Eats has experienced massive growth since its inception. In the last quarter of 2018, the company reported $2.6 billion in total sales. That represented a near 500 percent increase from 2017.
Uber Eats estimates global consumer spending on off-premise orders via restaurants is currently at $795 billion, with diners spending around 20 percent of that figure on home delivery. The third-party service has only captured 1 percent of the total market so far, it said. Uber Eats gross bookings totaled $7.9 billion in 2018. “We expect that the home delivery market will continue to grow as a result of the convenience that it provides consumers,” the company said in its filing.
It is interesting to note that Uber Eats customers are also loyal and frequent Uber riders. According to the filing, Uber Eats users average 11.5 Uber trips per month, while the non-Uber Eats user only averages 4.9.
Although Uber Eats takes a significantly lower margin from big chains, much of it's fuutre growth is expected to come from partnerships with the likes of McDonald's.