And there’s many parts of the P&L that we are driving efficiency across the board. And the second dimension I would give you is when you think about the portfolio and break it apart, right, third-party convenience, we’ve talked about the fact that, that was unit economic breakeven a few — several quarters ago. That business has continued to grow as well as improve in overall unit economics. Growth, we are seeing something very similar where the overall unit economics have continued to improve. Look, I mean, I realize there’s a question if these businesses are going to be profitable for us. But when I look at the data, I have no doubt in my mind that all parts of our new vertical business is going to be profitable overtime. But again, it’s important to remember, we are still very early in the journey.
We’re seeing great signals across growth in volume. You saw that in Q4 where the business accelerated as well as growth in unit economics. So our goal is to continue to invest because that will ultimately drive the free cash flow generation in the business.
Brian Nowak : Great. Thank you, both.
Operator: Our next question comes from the line of James Lee with Mizuho Securities. Please go ahead.
James Lee : Great. Thanks for taking my questions. My question is mostly on grocery business. And maybe, Tony, can you lay out the plan or how you try to explain — how you plan to expand the supply of grocers going forward? And what does that process maybe entail? Do you need to hire more salespeople? Maybe system integration to retailers? And also give a sense at what point can you get to the same size as your largest competitor? Thanks.
Tony Xu : Hey, James, yeah, I mean I would say that getting supply of grocers onto the platform has not been an issue for us. I mean, it’s actually gone really well and really quickly. I mean if you asked me three years ago, do — would we have thought that we would be north of 100,000 stores in North America from close to zero? I’m not sure. And if you ask me whether or not that we would have over 20% of customers ordering outside of restaurants. I’m not sure. And I think if you asked me, would these things continue to grow as quickly as they have. I’m also not sure. And I think one of the reasons why it’s been fairly straightforward in terms of onboarding these grocers is that they see in DoorDash, the largest local commerce base of users that are shopping with the greatest frequency, which means it’s very highly incremental.
I mean they’ve seen that with each grocer that we work with we conduct incrementality tests that continue to show that DoorDash is just adding more and more sales for them and also, frankly, solving new use cases that they had previously saw. And I think they also see in DoorDash, a partner that they can build with decades or centuries into the future.
James Lee : Right. Tony, I can add on here. I think last time you talked about in terms of grocery in the app, you tried to improve the user experience, make it more seamless, that will help you to improve the fill rate and substitution rate. Any update on that specifically?
Tony Xu : Yeah, it’s gone really well. I mean, I think the results kind of speak for themselves. I mean, we now acquire more customers than any other platform who shop in the convenience or grocery or alcohol segments than anyone else. I think we cited in Q3 that our grocery business is growing triple digits, which I think when you compare to peers suggest that we’re outpacing by many multiples. So I think the numbers kind of speak for themselves.
James Lee : Awesome. Thank you.
Operator: Our next question comes from the line of Mark Mahaney with Evercore ISI. Please go ahead.
Mark Mahaney : Hey. I just want to ask about DashPass and Wolt+ members. When you think about the growth of that program going forward, this is a great customer retention, customer engagement tool. What are the things you can do to further accelerate the adoption of DashPass? Is it — do you find it — is it more features and functionality? Is it more competitive pricing or lower pricing? What is it that allows that subscriber base to double in the space of a couple of years. What do you think are the most interesting missing features today? Thank you.
Tony Xu : Hey, Mark, it’s Tony. Well, I mean, I think there’s a few things here with respect to membership adoption. I think the first is just making sure that members are aware of the savings that they’re actually receiving. I think if you think about DoorDash, we have within our own ecosystem, hundreds of millions of customers who’ve ordered with us. But as you saw, we wrote in our shareholder letter that we have 37 million monthly active customers. And so there’s a pretty large base who I think we have to meet them where they are in terms of their usage behavior and then make them aware of the possible savings that there could be. So I think thing number one — job number one is really making sure that we can make all customers within the DoorDash and bulk ecosystem to understand the savings that they would be receiving.
I think job number two is always increasing the value that members receive. And so that’s something that we’re always working towards and we’ll add more and more benefits overtime.
Mark Mahaney : Okay. Thank you, Tony.
Operator: Our next question comes from the line of Doug Anmuth with JPMorgan. Please go ahead.
Doug Anmuth : Thanks so much for taking question. Tony, you highlighted 7 million Dashers in ’23. And it was good to see some of the details from the 4Q Dasher survey. Can you just talk to us about current Dasher supply levels and how you’re feeling about Dasher satisfaction and then also individual Dasher earnings trajectory? And then second question on, anything you’d call out in terms of generative AI benefits thus far in the business around efficiency or anything on the new product side? Thanks.
Tony Xu : Sure. Yeah, your first question, Doug, I believe, was on Dasher supply. I mean it’s been the healthiest we’ve seen. And I think this is something that we called out in the letter, where it really is precisely because of the number one feature that we offer in the DoorDash platform has flexibility that there are such high levels of engagement, right? I mean we have — as you said, 7 million plus Dashers who earn over $15 billion in the year, these Dashers on average, only Dash about four hours a week, 90% of them Dash fewer than 10 hours a week. So they — in the vast majority, north of 80%-plus of them have other full-time work. I mean it really is a complementarity to what they already do. So — I think that’s one of the reasons that you’re seeing there.
So satisfaction is high, engagement is at all-time highs, and it’s been easier and easier for us to make sure that we can supply the roads. That doesn’t mean that we don’t have work to do, by the way. I mean we have a lot of work to do in making sure that the friction to use the app a lot easier. Making sure that we can create more earnings opportunities for Dashers. We launched some new payment models for Dashers for the first time in 2023 in a while. So there’s a lot of work to both optimize as well as innovate and create new services for Dashers. On the second question, I think, was on generative AI and the benefits that we’ve seen. We’ve been working with a lot of these large language models for probably a couple of years at this point.
They certainly do serve some benefits in areas where you see lots of structured information that digests nicely into these LOMs. And which then you can solve. I mean, if you see a lot of work that’s been repetitive that it’s done manually, for instance, a lot of that can be — we’ve seen efficiency gains with generative AI. We’re always trying to do our best to play with the newest technologies. But at the same time, I think a lot of times, the question I always ask myself is technology is a tool. We have to make sure we understand the job to be done. And apply their correct tool. So I think with respect to generative, we have seen efficiencies in many areas. But I think it’s something that’s going to be explored for many years to come.
Doug Anmuth : Great. Thank you, Tony.
Operator: Our next question comes from the line of Brad Erickson with RBC Capital Markets. Please go ahead.
Brad Erickson : Yeah, thanks. I guess first for Tony, when you think about adding that value to DashPass that you kind of just talked about a minute ago. Do you ever think about maybe partnering with anyone in kind of like an adjacent or even, say, different end market, for example? Or would that added value kind of be more likely homegrown, would you say? And then second, just for Ravi. I guess, a few quarters ago now, you’ve laid out a really nice chart highlighting kind of how your losses sometimes were going up on new verticals and geos even though your unit economics were also kind of improving at the same time. So — as we look at the guidance, are there a lot of end markets or geos where that’s still kind of the case? Or I guess, are we reaching a point at some point where those two lines kind of start to go the same direction? Or is that maybe already happening? Just any color there would be great. Thanks.
Tony Xu : Hey, Brad, yeah, on your question on Dash Pass and benefits of whether those benefits can come through partnership or build within. There’s — I mean, a portfolio of bets here, but it really starts within, I think, understanding our own ecosystem. We are fortunate that we have the largest local commerce space of customers in which we can offer these benefits. And I think when you think about the depth of use cases as well as the breadth of use cases. I mean there really isn’t any category larger than eating and retail. And so I think job number one is we have to first make sure we do a great job with what we have. And I think if it makes sense to have certain partnerships, we’ll certainly consider those. But I think job number one is just realizing how big of an opportunity we have within our own ecosystem and building the best products for our customers.
Ravi Inukonda : I’ll take the second one on the overall investment level, right? Like look, I mean, we are not trying to optimize the business for an overall quantum of investment dollars. When you’re thinking about operating the business, right? Our goal is to maximize long-term free cash flow per share. What we’re seeing in the business across both new verticals as well as international is volume is growing very nicely. In fact, I mentioned in — to my earlier question to both Brian and Deepak, like volume is continuing to accelerate in the second half for our new verticals business, international business is continuing to grow. Combined with that, we are seeing improvements in unit economics as we drive efficiency across the P&L.
You put both of those together, that strong signal for us both from a product market fit as well as a profitability perspective. Our goal is as long as we are continuing to see that strength as long as we’re able to drive growth efficiently. We’re going to continue to invest behind that, because that’s a driver for long-term free cash flow generation in our business, and both of those I’m very confident are going to contribute to the overall profitability of the entire business for us.
