The Ledger
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Winters: Grubhub data showed resolving bad orders boosted retention over flawless orders
“Early on, we were basically like, look, if there's an issue with the driver, if there's an issue with the order being late, we'll take it on as the marketplace, because we know if we make up for a bad experience by going above and beyond, we'll actually have b…”
Winters: The pandemic permanently fixed DoorDash's unit economics by eliminating latency
“Then the pandemic hits and all the unit economics of DoorDash flipped positive because everyone's all of a sudden ordering online and all the drivers are much more busy, which means all the latency in the model that was creating the losses went away.”
Winters: GOAT will probably stay sneakers-only, limiting its growth
“It probably always will be a sneaker marketplace, and that will limit ultimately how big that company could get.”
Winters: Most winning marketplaces remain single-category rather than multi-category
“As we look at most of the winners in marketplaces, you know, where I would say small winners from like a hundred million to a billion or bigger winners, which are a billion or more, most of them are single category, but then there's some really big outliers th…”
Winters: Pinterest doubled activation rates in one year by simplifying onboarding
“At Pinterest, we were able to double the activation rates after a year of work, but we had to dramatically simplify onboarding. We had to make sure it worked a lot better in all these international use cases that we weren't that good in. We had to delete a bun…”
Winters: Eventbrite measured only net dollar retention, not cohort retention, when he joined
“They actually, Eventbrite, when I joined, was not really in the habit of measuring cohort retention. It just measured net dollar retention.”
Winters: Expedia and Booking make most revenue from hotels
“So you see with the Expedia's of the world, the bookings of the world, they actually make most of their money off hotels where there's a lot more variety and a lot more fragmentation.”
Winters: Tony Xu delivered DoorDash orders himself for the first year
“Tony at DoorDash was delivering the meals himself. For like the first year, right? Cause he didn't know how to acquire drivers yet. And he didn't want to work on that until he validated that there was a real product there.”
Winters: Grubhub covered almost all US delivery restaurants under asset-light model
“Grubhub was an asset-like marketplace where the restaurants were in charge of doing their own delivery, and we basically had every restaurant across most of the U.S. That did their own delivery.”
Winters: Grubhub raised only $80M before its IPO
“So you're a company Grubhub that's raised eighty million dollars before you go public.”
Winters: Uber Eats protected Uber from pandemic shocks that hit Lyft
“That made them a little bit less fragile to the pandemic because while, you know, rides shrank during the pandemic, food delivery demand went up and Lyft didn't really have that counterbalance only being focused on rides.”
Winters: No single restaurant accounts for over 5% of Grubhub sales
“It's not like there's any restaurant at Grubhub that makes up more than five percent of sales. So it's still reasonably fragmented.”
Winters: Grubhub cohort retention improved year-over-year as restaurant supply scaled
“So what we found at Grubhub is that our retention got better every cohort because the product did get faster on the supply side, faster than the people we're targeting, you know, got worse.”
Winters: Pinterest users pinning by week four reliably retained long-term
“For Pinterest, that was like, okay, we have to get them pinning at least once in the first four weeks. And after four weeks, if they're doing it by the fourth week, we know week five, week six, week seven, we got them. Like they're going to stick around basica…”