Deliveroo plots move into DIY and beauty products
Deliveroo is planning to start selling everything from hammers and drills to makeup in a bid to boost its flagging growth rate.
Customers will soon be able to order DIY equipment, electronics, toys and beauty products through the takeaway app.
New additions will include a selection of 500 home improvement tools from retailer Screwfix and Christmas gifts from Boots.
Deliveroo said it wanted to provide “a quick solution to issues at home from plumbing, electrical, decorating and more”. Orders will be delivered by its network of around 80,000 riders.
The company will also introduce the ability to “gift” items to be delivered to friends and family ahead of Christmas.
Chief operating officer Eric French said these changes would cater “for a wider set of consumer needs and occasions”.
It comes as Deliveroo looks for new ways to boost sales as growth slows.
Revenue has grown by just 3pc so far this year, compared to growth of 14pc across 2022.
Shoppers have been cutting back on takeaways as a result of the cost-of-living crisis. Deliveroo slashed hundreds of jobs early this year in response.
News of its move into DIY and beauty came as Deliveroo founder Will Shu hosted the company’s first ever capital markets event for shareholders on Wednesday.
Mr Shu said he believed there “continues to be significant headroom for growth”.
Engagement with shareholders comes as Deliveroo seeks to boost its share price after a disastrous stock market listing in 2021 that it has struggled to recover from.
Deliveroo’s shares are down almost 50pc since its listing, which went down as one of the worst stock market debuts in recent history.
Shares lost a quarter of their value on the first day of trading amid concerns about losses and questions about the treatment of its drivers.
The company’s stock has risen steadily this year, growing by 71pc over the year to date.
