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Nevertheless, among the three services, more than 40% of the new clients of the market went to DoorDash with more than 50% of their expenses. Customers are using more and more platforms.
"While the current battle seems to mainly concern new customers, a growing overlap could intensify the battle for existing customers up until 2019 and 2020," badysts wrote.
New customers seem reluctant to spend more on GrubHub over time, badysts said, suggesting "a drop in perceived value." In the future, they wrote, GrubHub will have to add three times more new guests in the third quarter of this year compared to 2018 to make up for the planned unsubscription.
GrubHub shares have lost half of their value since reaching a record high in September. Before that, they were on a tear, multiplying by more than seven since the beginning of 2016.
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