02/06/21 – Retail / Uber Eats / Revenues / Food Delivery / Trading Platform
Uber Eats generates $4.8bn sales in 2020
Food delivery services experienced a significant uptick in 2020 due to Coronavirus pandemic restrictions forcing people indoors. According to data presented by TradingPlatforms.com, food delivery giant Uber Eats generated US$4.8bn in revenue for 2020 – a 152-per-cent year-on-year (YoY) rise from 2019 figures.
The lockdowns of 2020 in many developed markets gave rise to ‘couch commerce’ and an increase in engagement for food delivery services such as Uber Eats. As a result, the company more than doubled its gross bookings in 2020, which amounted to US$30.2bn (compared to US$14.5bn in 2019).
As of March 2021, Uber Eats holds the second-highest share of the online food delivery market in the US at 22 per cent.
Notably, Uber Eats’ share of the market rises yet further once the firm's recently completed purchase of Postmates is taken into account. It had an estimated five-per-cent share of the market as of March 2021.
Uber’s ever-expanding reach
Uber Eats has steadily increased its user base over the years, and in 2020 it is estimated that the food delivery service app had 66 million users compared to just five million users back in 2016.
Uber Eats also claims to have expanded its reach geographically speaking too, having increased the number of cities in which it operates – from 1,000 cities in 2020 to around 6,000 in 2021 – a staggering 500-per-cent increase.
Many restaurants turned to the food delivery app as dine-in options were forbidden in many parts of the world. As a result, in 2020 Uber Eats supported over 600,000 restaurants compared to just 220,000 in 2019.
“Uber Eats was integral to Uber’s business during the pandemic when the ride-sharing industry was essentially put on hold due to lockdowns across the globe,” observed Rex Pascual, Editor at TradingPlatforms.com. “Uber’s recent purchase of Uber Eats’ competition, Postmates, is sure to strengthen Uber’s hold on the online food delivery service market in the US, and may finally lead the food delivery service app to profitability.”
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