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Open table pdf
OpenTable is an online and mobile reservation service for over 25,000 restaurants in the US and international cities, with 490 million diners served. Founded in 1998, it has grown to 550 employees through several funding rounds and had a successful IPO in 2009. While still controlling the market share, competitors are growing, such as NoWait taking the casual dining business, and some users are upset that negative reviews are not published.
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Open table pdf
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- 2. Background Online, real-time restaurantreservation service! Get reservation from computer, tablet, or phone! Over 25,000 restaurants in the U.S.! Expanding to large international cities! Served 490 million diners! Free to end users! 90% market share
- 3. History Founded in 1998by Chuck Templeton! 550 employees! 3 series of funding! Series A: $2M (1999)! Series B: $10M (2000)! Series C: $36M (2000)
- 4. OpenTable App Available on:iOS, Android, Windows Phone, BlackBerry
- 5. Financials (NASDAQ: OPEN) IPOin 2009! Share price: $20! Quarterly results released yesterday! 23% ↑ restaurants! Currently: $80! Gross profit! 2010: $59 Million! 2011: $85 Million! 2012: $105 Million 30% ↑ reservations! ↑ reservations per restaurant! Recently acquired two companies! Foodspotting ($10M)! JustChalo ($11M)
- 6. What’s Hot? Convenience ofgetting a reservation! No phone call, just a couple taps on your phone
- 7. Secret Sauce One ofthe first companies to connect consumers with restaurants on the internet! Spotlight! Groupon like daily deal service! “Deals for meals”! Typically, $50 worth of food and beverage for $25 ! DiningReward points! 100 points per reservation (sometimes 1,000 points)! 2,000 points = $20 OpenTable Dining Cheque
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- 9. Prediction Will still controlmarket but competitors are growing! Startup NoWait taking casual dining business! Image?! Users upset that their negative reviews don't get published! Lots of restaurants have inflated rating! Expensive for restaurant owners! Setup fee + monthly subscription + cover fee + web access fee +contract + cancellation fee! $1,295 hardware fee & average $635 a month! SeatMe: $99 a month! NoWait: Free - $199 a month