Investors underestimating AI disruption risk
Global investment bank Morgan Stanley has warned that investors may be underestimating how rapidly artificial intelligence could disrupt e-commerce and food-delivery platforms, as large language models begin to handle product discovery, price comparison and ordering directly.
In a recent note, the analysts said the rise of so-called “agentic AI” could weaken platform loyalty, redirect customer traffic and put pressure on commission-based business models that currently dominate online commerce and food delivery.
Instacart–ChatGPT move seen as early signal
The warning comes after Instacart became the first grocery company to enable shopping within ChatGPT, allowing users to search for products and place orders through the AI interface. Morgan Stanley said the feature, expected to roll out more widely in the coming weeks, raises a fundamental question: will consumers bypass retailer and delivery apps altogether?
If AI tools become the primary interface for shopping decisions, traditional platforms could lose their direct relationship with customers — a shift that may have long-term implications for valuations.
E-commerce firms yet to face full scrutiny
While AI disruption has been widely debated in areas such as classifieds and price-comparison websites, Morgan Stanley said similar risks in e-commerce platforms such as Allegro, HelloFresh, Ocado and Zalando have received far less attention.
The same applies to food-delivery companies, including Delivery Hero, talabat, Prosus and Jahez, despite their heavy dependence on app-based traffic and user stickiness.
“The core threat is the same,” the analysts noted. “AI could redirect traffic, increase price transparency and weaken platform loyalty.”
Food delivery models could face margin pressure
For food-delivery platforms, AI agents could eventually select restaurants, compare delivery fees and place orders on behalf of users. Morgan Stanley warned this could compress take-rates, reduce brand differentiation and shift bargaining power away from platforms towards AI ecosystems.
Several large delivery operators, the analysts said, “have yet to face the same degree of debate” despite these structural risks.
Stock calls already reflecting AI concerns
The report noted that AI-related disruption is already influencing investment decisions. MONY, for instance, was recently downgraded partly due to concerns that AI could erode comparison-site economics. HelloFresh, already facing competitive pressure, may also see substitution risks as AI reshapes how consumers plan meals and shop for ingredients.
More disclosures expected through 2026
Morgan Stanley expects AI-related disclosures to rise through 2026, as companies seek to reassure investors about how they plan to avoid being disintermediated.
“This type of news flow will accelerate debate around what companies are doing to prepare,” the analysts said, signalling that AI strategy may soon become a central factor in evaluating digital commerce and delivery firms.