Alright, admit it—we all turned into professional takeout experts during the pandemic. I mean, I wasn’t just ordering DoorDash every now and then, I was treating it like an Olympic event. In fact, 82% of people surveyed said they turned to food delivery apps during that time. And a  study from Columbia Business School found that the pandemic was responsible for a whopping 70% of the food delivery industry's growth at that time. It makes sense that DoorDash quarterly revenue grew by an average of 220% during 2020. 

It wasn’t long before sweatpants became my daily uniform, and scrolling through menus was basically my cardio. Meanwhile, Tiger King had us all pretending a chaotic, big-cat drama was normal TV. Looking back, it’s kind of crazy we were that hooked on a guy with a bleach job and a wardrobe straight out of a mid-life crisis.

As the world slowly reopened, DoorDash lost a bit of its magic. We traded delivery bags for actual restaurant menus, and suddenly, those weekly takeout nights didn’t feel as special. DoorDash shares? Well, they had their moment, skyrocketing to $246 in late 2021. But as people got back to dining out, the stock took a nosedive, tumbling 62% in just a few months. It was a harsh reminder that people really do enjoy leaving the house every once in a while. (shocker right?)

While DoorDash was sitting on the bench pondering how to get better, they decided to become the Amazon of delivery. Groceries? Yep. Beauty products? Sure. Lowe’s hardware? Why not. And guess what? It worked. In the past year, their stock has jumped 31%, leaving the S&P 500 in the dust. Q2 revenue? A casual 23% boost, hitting $2.6 billion. Turns out, delivering more than just food was a stroke of genius.

And they continue to expand— they just recently signed a partnership with H Mart, the largest Asian supermarket chain in the U.S. with over 100 stores. Supermarket News has listed H Mart as one of the top 50 small chains in America.

With over 115,000 non-restaurant retailers jumping on board, they’re creating a shopping wonderland. Think beauty products from Ulta and while you're at it you can have a bed delivered from Mattress Firm. The team-up is a win for both brands: Doordash cashes in on your last minute need for a mattress and Mattress Firm gains exposure to a bunch of new customers. CEO Tony Xu even said, “As we add more categories, we see more order frequency growth.” Translation: people are lazy and we are hooked on convenience.

Now, let’s talk numbers. The online food delivery market is set to generate about $1.2 trillion this year, and grocery delivery is forecasted to add another $770 billion. But hold onto your takeout boxes—that’s just a fraction of the massive U.S. retail market, which rakes in a staggering $7.2 trillion. Proving that DoorDash’s push into retail wasn’t just smart; it was downright genius.

Despite DoorDash’s 2024 rebound, they're still trading about 46% below its all-time high. With a price-to-sales ratio of around 5.4, it’s practically wearing a “buy me” sign. For a bit of perspective, that’s a steal compared to its pandemic highs when it soared over 24. Another thing that stood out was CFO Ravi Inukonda highlighted that newer sign-ups order more frequently, which is music to investors’ ears. 

Bottom line: DoorDash’s pivot beyond food delivery is paying off big time. With new partnerships expanding their reach into Canada and more retail collaborations in the pipeline, they’re positioning themselves as the go-to delivery app for just about everything. DoorDash stock is up 41% year to date.

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Stock.News has positions in DoorDash, Amazon, and Ulta.