Maplebear Touts Instacart Growth Push as AI, Retailer Tech Gain Traction

Maplebear (NASDAQ:CART), which operates Instacart, is leaning on marketplace growth, retailer technology partnerships and artificial intelligence initiatives as it seeks to sustain its recent momentum, Chief Financial Officer Emily Reuter said during a Baird conference appearance.

In a discussion moderated by Baird internet analyst Colin Sebastian, Reuter said Instacart’s recent performance reflects “strong execution” and a business model built around reinforcing parts of the grocery ecosystem. Sebastian noted that the company had posted nine consecutive quarters of double-digit volume growth, with second-quarter guidance implying 11% to 13% gross transaction value growth.

Marketplace Growth Remains Central

Reuter said the company’s marketplace remains the foundation of its growth strategy, driven by new users, deeper engagement, Instacart+ membership growth and product improvements, including AI-enabled features.

She described 2025 as somewhat unusual because order frequency benefited from restaurant partnerships launched in 2024 and the $10 minimum basket feature for Instacart+ users. That feature, she said, encouraged lower average order value but higher-frequency purchases. As the company laps those benefits, Reuter said user growth is expected to again become a primary contributor to order growth.

On marketing, Reuter said Instacart uses a full-funnel strategy spanning brand awareness, new customer acquisition, re-engagement of lapsed users and engagement with existing users. She said the company reviews marketing returns frequently and shifts dollars away from lower-return spending toward higher-return opportunities.

“We’ve been quite happy with our ability to keep driving that efficiency over time,” Reuter said.

Average Order Value Benefits From Large Baskets

Sebastian pointed to a 3% increase in average order value to $113, citing engagement and contributions from club stores. Reuter said Instacart’s large-basket focus remains a core advantage, particularly for weekly grocery trips and stock-up shopping.

She said the company faced pressure on average order value in 2025 from restaurant orders and smaller baskets tied to the $10 minimum basket feature, but those effects are easing as the company laps those launches. Reuter said underlying basket size remained strong throughout that period.

Club retailers have been a source of strength, Reuter said, as consumers remain value-oriented and as Instacart promotes programs such as the Costco Executive Membership benefit. She also pointed to “business-like” users, including restaurants ordering from retailers such as Restaurant Depot, as a driver of larger baskets.

Reuter said Instacart operates in the largest segment of digital grocery, noting that 75% of online grocery is in large baskets. She added that while Instacart competes in smaller baskets, it can transition those customers into larger baskets over time.

Enterprise Business Expands With Retailers

Reuter emphasized Instacart Enterprise as a key differentiator, saying the company has more than 380 retail partners on Storefront Pro. Sebastian cited partners including Costco, Publix, ALDI and Sprouts, while Reuter said many more are part of the platform.

She said the enterprise business includes a broad suite of services, including Marketplace, Storefront Pro, Carrot Ads, in-store products, loyalty integrations, EBT SNAP and alcohol capabilities. Reuter said Instacart manages those offerings holistically with retailer relationships.

Reuter said Carrot Ads benefits from Instacart’s scale, with more than 310 Carrot Ads partners. She also said Storefront Pro is often at the center of enterprise conversations, and that new Storefront Pro deals increasingly include Carrot Ads from the start.

Asked whether competition from companies such as Amazon and Walmart is increasing urgency among traditional retailers, Reuter said “absolutely.” She said Instacart CEO Chris Rogers is often “the first call” for retailers after major announcements from those competitors, because Instacart can offer grocery-specific technology while allowing retailers to maintain their own customer relationships and brand presentation.

Reuter cited ALDI as an example of a retailer that returned to Storefront Pro in the first quarter after previously operating on its own. She also pointed to Sprouts as an example of a “land and expand” relationship and Kroger as a retailer using Instacart as its exclusive fulfillment partner.

International Strategy Expected To Stay Capital Light

Reuter said Instacart sees international expansion as attractive because retailers in markets such as Europe are facing challenges similar to those of U.S. grocers. She said the company’s approach is intended to be capital light, relying on existing technology rather than heavy upfront investment.

She said Instacart is leading with offerings such as Storefront Pro, Caper and FoodStorm, depending on retailer needs, and is not planning to launch a marketplace model internationally in the near term.

Reuter said the acquisition of Instaleap could help accelerate those ambitions. She described Instaleap as small but valuable for its international-market technology, retailer relationships and team.

AI Focus Includes Cart Assistant And Data Guardrails

Reuter said Instacart’s AI strategy differs from other commerce categories because grocery requires connecting consumer intent with real-time shelf availability and fulfillment. She said Instacart’s 1.6 billion lifetime orders give it data that can help personalize shopping and improve the customer experience.

She said Cart Assistant has launched to 25% of U.S. users, with early adopters using it for more complex tasks such as recipes, meal planning and building larger baskets. Reuter said Instacart expects to bring Cart Assistant to retailer-owned sites as well.

Instacart is also integrating with large language model platforms including ChatGPT, Claude and Gemini. Reuter said those partnerships are intended to tap incremental demand, but the company is focused on data protections, including preventing partners from using Instacart data to train their models.

On AI infrastructure costs, Reuter said the company is actively managing token usage and evaluating whether spending produces efficiencies or customer engagement benefits. She said Instacart does not expect a short-term margin impact from those costs.

About Maplebear (NASDAQ:CART)

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.