Maplebear (CART) Goldman Sachs Communacopia + Technology Conference 2026 summary

Strategic overview and progress

• Maintained a consistent strategy focused on building an end-to-end consumer marketplace and offering technology to retailers as enterprise products, while expanding retail media capabilities.

• Accelerated growth in key areas: affordability, enterprise solutions, international expansion, and retail media, with +14% growth in Q2 and Q3 guidance at the midpoint.

• Achieved industry-leading price parity, with more retailers eliminating markups and new partners launching without markups.

• Now powers 380 retailers, including major launches with Aldi and international expansion with Costco in Spain and France.

• Ads and other revenue grew +16% in Q1 and Q2, outpacing gross transaction value.

Competitive positioning and differentiation

• Deep retail integrations and proprietary data are key differentiators, enabling large basket delivery and high fulfillment accuracy.

• AI is seen as a major accelerator, leveraging unique data and integrations to personalize consumer and enterprise experiences.

• Despite increased competition, growth has accelerated, supported by 1.6 billion orders to date and a 2 billion-product catalog.

• Large basket focus (AOV ~$115) and fulfillment expertise are difficult for competitors to replicate.

• Competitive threats from restaurant and rideshare delivery are not seen as significant due to the complexity of grocery fulfillment.

AI and agentic commerce initiatives

• Launched Clementine, an AI assistant for grocery, offering personalized recommendations, meal planning, and basket building.

• Integrated with OpenAI, Gemini, and Claude to capture new traffic from third-party agentic platforms.

• Clementine is driving higher basket sizes and order frequency, with early consumer engagement signals being positive.