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Uber Eats demand surges amid coronavirus, social distancing

Yahoo Finance’s Dan Howley joins Seana Smith to discuss why Uber Eats demand is soaring, as less people leave their homes due to the coronavirus.

Video Transcript

SEANA SMITH: Uber is one company that is seeing a surge in demand, at least for its Uber Eats division. So restaurants are scrambling to offer takeout. And of course, they need to deliver their takeout to some of their consumers. That's where Uber Eats comes in. We have Dan Howley on the line with us. And, Dan, you are digging into this story. How big of an increase has Uber seen just in terms of demand for Uber Eats?

DAN HOWLEY: Well, they're seeing a large increase, obviously, from consumers, because a lot of states that are locked down now only allow takeout or delivery orders. And that's really become the lifeblood of a lot of restaurants. So as far as the numbers go, Uber said it's-- or rather an analyst has said that Uber has seen 10 times the number of self sign-ups that restaurants do for Uber Eats. And that's JMP's analyst Ronald Josey.

Basically, what self signup is is the restaurant going up into Uber's own website and signing itself up so that it can be part of the Uber Eats community. Then, Uber on its own, their own small and medium business side, has signed up two times more restaurants and bars than they normally do in a day. So they're obviously doing a lot of business here.

And you can tell as restaurants start to close, we have some data from OpenTable, how much that's impacting the industry. According to OpenTable's data, we've seen a decrease from 10% to 15%-- 10% to 19% of eat-ins-- that's people to call up or walk into restaurants or set up reservations online-- to minus-100% and 95% year over year. So it's really devastating the industry on a large scale. And these companies-- Uber Eats, DoorDash, the like-- are really trying to kind of be the only vehicle that these restaurants and bars have.

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