Blue Apron is a perfect example of a company that has no moat. Anyone could compete with them -- other delivery startups, Amazon, grocery stores, etc. There is

Blue Apron is a perfect example of a company that has no moat. Anyone could compete with them -- other delivery startups, Amazon, grocery stores, etc. There is also no obstacle to Blue Apron customers jumping ship to a competitor. That contributes to making a moat impossible, but it also means Blue Apron and services like it are probably going to be commoditized and forced into a race to the bottom on prices, so I wouldn't expect their future profit margins to be very good. The only way Blue Apron can differentiate itself is by offering better recipes and better customer service than its competitors. But their competitors can easily become equally good at those things. Overall it's not a good investment because even if the business manages to survive, it won't be able to make very much money for its shareholders. I guess you could buy the shares cheap and hope Blue Apron will be acquired.