JET has been in the news quite a lot lately. They say it's eat or be eaten.
‘When you just read the news, the only way we seem to be growing is by takeovers. But we also grow organically really rapidly. During the pandemic we obviously accelerated our growth, but even before that we were growing fast. That is because our category, online food ordering, is still growing globally. Despite the high penetration of adult population in countries like The Netherlands and the UK – both over 30 percent - there is a lot of growth potential. Here in The Netherlands, we're by far the biggest, but other players have been coming in. If you come in as a third or fourth player in this developed market, it will be really, really hard and expensive to grow. Our goal is to increase our scale by expanding restaurant offering and driving consumer penetration as fast as possible, ahead of everyone else, and then become the preferred choice.’
How is JET currently performing?
‘First half year results show very strong growth. After merging with Just Eat in April 2020, one of the focuses was to strengthen market leadership in the UK. Deliveroo and UberEats had come in and were growing faster than Just Eat. Now we are growing much faster and have further cemented our market leading position. We've been investing quite heavily, not only in marketing and branding, but also in sales and our delivery network.’
What do you offer that your competitors don't?
‘The big difference is in the network effect, whereby we have a lot of restaurants on our platform. When a lot of consumers choose you, this results in more orders and hence more revenue for your partner restaurants, which in its turn attracts more restaurants to your network. In most countries we play this game way better than anyone else. Furthermore, we're very reliable and easy to use - be it on the app or on the web. And we have a hybrid model; many of our restaurants have their own couriers and we also provide delivery services to restaurants without their own delivery capabilities.’