Customers commonly order the kinds of things they need every day - toilet paper, basic food ingredients, nappies - and can often receive them in around 30 minutes. Partners include Spar, Carrefour, ICA and HOK-Elanto. Wolt currently works with grocery retailers in nearly all of its markets (the exceptions are those it has recently expanded into) to offer same-day delivery to their customers. Retail suddenly made a lot more sense,” says Kuusi. “We always thought we’d expand beyond restaurants eventually, but Covid reorganised our roadmap. And that plan has been accelerated by the pandemic. It is also - like many of its competitors - trying to crack the grocery market. Germany isn’t the only big bet Wolt has made recently. We usually end up number one in the market at some time,” says Kuusi - although he won’t let on which markets Wolt is currently the number one operator in. “We invest in markets where we see an opportunity to build a long-term profitable business. It’s a hard nut to crack - but one Wolt thinks it can master. When it comes to unit economics, there’s a high labour cost, price-sensitive consumers and strong marketplace companies,” adds Kuusi. “We had a long look into all perspectives of the market: How much do we need to invest to break even? How big is the market going to be? What’s the return on investment? Which mobile services are there? What does the restaurant portfolio look like?”
“Our German green-lighting deck is 122 slides long or something,” says Kuusi.
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“Every German CEO I spoke with said, ‘What happened? We had six options, free delivery, they were advertising on every billboard… And now there’s one service and the best restaurants aren’t on any platform any more.’”īut it still wasn’t a quick decision to jump into Germany Wolt began seriously looking at launching there in November 2019.
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