La expansión de la sección de productos de supermercado de Amazon y su impacto en Instacart y DoorDash: una amenaza estratégica o un miedo a corto plazo?

Amazon's aggressive foray into the grocery delivery market has reshaped the competitive landscape, forcing players like Instacart and DoorDash to recalibrate their strategies. By 2025, Amazon plans to offer same-day delivery of perishable goods to 2,300 U.S. locations, leveraging its Prime subscription base and logistics infrastructure to streamline grocery fulfillment. This move, which integrates fresh groceries into a single, seamless transaction, has already triggered market volatility, with shares of delivery platforms like Instacart and DoorDash dipping in response. Yet, as the dust settles, the question remains: Is Amazon's expansion a long-term existential threat to these rivals, or merely a short-term scare that underscores the sector's evolving dynamics?

Competitive Dynamics: Amazon's Vertical Integration vs. Platform Flexibility

Amazon's vertically integrated model-owning inventory, fulfillment centers, and delivery logistics-positions it as a formidable competitor. By offering free delivery on orders over $25 for Prime members, Amazon has captured a significant share of the high-margin essentials market, a segment critical to traditional grocers' profitability. This strategy contrasts sharply with Instacart and DoorDash, which rely on third-party retailers and restaurants to fulfill orders. While Amazon's control over the supply chain allows for tighter cost management and faster delivery times, platforms like Instacart have countered by deepening partnerships with supermarkets and introducing tools such as price parity programs and smart carts to enhance the customer experience.

Instacart's CEO, Chris Rogers, has framed Amazon's expansion as a "rallying cry" for retailers to innovate, emphasizing the company's role in helping grocers compete through omnichannel capabilities. Meanwhile, DoorDash has focused on expanding its enterprise offerings, acquiring e-commerce and advertising tools to diversify its revenue streams. However, Amazon's ability to undercut pricing-backed by its vast scale and Prime ecosystem-remains a persistent challenge. Analysts note that Amazon and Walmart continue to outpace delivery platforms in cost efficiency, particularly in perishable grocery delivery.

Valuation Resilience: Metrics and Investor Sentiment

Despite the competitive pressures, both Instacart and DoorDash have demonstrated valuation resilience. Instacart trades at a low 7.7x EV/EBITDA multiple, supported by 30% profit margins and Q3 2025 growth. While its market share among intermediaries has declined from 70% to 58% over two years, the company has leveraged Amazon's expansion as an opportunity, with grocers increasingly seeking its partnership to counter the tech giant. Similarly, DoorDash's financials show promise: Its fair value estimate stands at $276.17, suggesting an 18.4% undervaluation, while new market expansions and improved cash generation bolster its long-term outlook.

Investor sentiment, however, has been volatile. Amazon's announcement of an "ultra-fast" delivery service in Seattle and Philadelphia caused Instacart's stock to drop over 2% and DoorDash's to fall nearly 1%. Piper Sandler's downgrade of Instacart from Overweight to Neutral further highlighted concerns about its ability to sustain market share. Yet, DoorDash's shares have risen 8.4% year-to-date , outperforming Amazon's 9.4% gain, suggesting that investors remain cautiously optimistic about its adaptability.

Strategic Opportunities Amid Disruption

The online grocery market's resilience is evident in its November 2025 performance, with U.S. sales surging to $12.3 billion-a 29% year-over-year increase. Amazon's same-day delivery expansion contributed to a 12% rise in ship-to-home sales, but Instacart's 75% on-demand order rate and 30-minute delivery capability for 25% of Priority orders underscore its competitive edge in speed and flexibility. For DoorDash, the challenge lies in balancing its restaurant-focused core with the growing demand for grocery delivery, a space where Amazon's logistical dominance looms large.

Conclusion: A Battle of Adaptability

Amazon's grocery expansion is undeniably disruptive, but it is not insurmountable. While the tech giant's vertical integration and Prime-driven convenience pose a strategic threat, Instacart and DoorDash's agility, enterprise partnerships, and diversified revenue streams offer pathways to resilience. For investors, the key lies in monitoring how these platforms adapt to shifting consumer preferences-particularly the demand for both affordability and variety. In the short term, Amazon's moves may cause market jitters, but in the long term, the on-demand grocery sector's growth potential remains robust, provided these players continue to innovate.