1/ This recent Bernstein note on food delivery was really interesting - and totally contrary to my priors. It kind of looks like food delivery apps… actually maintain differentiated products? $ROO $UBER $JET $TKWY 
2/ For context, Bernstein scraped all 90k restaurants in the UK on the Just Eat, Uber Eats, and Takeaway apps
The takeaway: only 3% of restaurants were listed on all 3 apps. 75% of restaurants only list on a *single* app! All three apps are *majority* exclusive
The takeaway: only 3% of restaurants were listed on all 3 apps. 75% of restaurants only list on a *single* app! All three apps are *majority* exclusive
3/ How is this possible? Bernstein is as flabbergasted as I am here… but I guess independent UK restaurants find running multiple delivery apps way, way, way more inconvenient than I would’ve guessed
4/ Incredibly, this is true for every single part of the UK, including London, where I would’ve expected a lot more competition
5/ Deliveroo is dominant in London, Just Eat and Uber Eats are in a knife fight in every other part of the country
5/ You always hear that a delivery app’s restaurant selection is the #1 deciding factor for consumers. If this is actually true and current restaurant exclusivity persists (big if), the food delivery apps might actually be able to build a real business here
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