Olo Expands Borderless Availability to All Brands on Serve
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The recent announcement by Olo Inc. regarding the expansion of its Borderless feature and additional product enhancements represents a strategic move to cement its position in the competitive SaaS market for restaurants. The introduction of Tax Exempt for Catering+ and Pay at Table capabilities is a calculated effort to diversify and enhance Olo's product offerings, aiming to drive revenue growth and improve user experience.
From a market research standpoint, these enhancements could potentially open up significant new revenue streams for Olo. The Tax Exempt for Catering+ targets the substantial market of 1.7 million tax-exempt organizations in the U.S., which could lead to increased sales in the catering segment. Moreover, the Pay at Table feature, with its bill-splitting functionality and guest survey integration, is likely to enhance customer satisfaction and operational efficiency, leading to higher tip averages and faster table turnover for restaurants.
Considering the broader implications, such features are in line with the industry's push towards digital transformation, where convenience and personalization are key differentiators. By enabling a seamless digital ordering experience, Olo is not only responding to consumer demands but also providing its restaurant partners with tools to increase sales and improve customer loyalty. This could potentially lead to an uptick in Olo's market share and strengthen its value proposition to investors.
The expansion of Borderless and the launch of new features by Olo Inc. are likely to be viewed favorably by investors, given the direct impact on revenue generation and customer engagement. The reported improvement in checkout conversion rates by up to 7.5% with the use of Borderless suggests a substantial enhancement in the sales funnel, which, if sustained, could translate into higher earnings.
Financially, the ability to cater to tax-exempt organizations could unlock a niche market that has been relatively untapped, potentially leading to incremental revenue. Furthermore, the Pay at Table enhancements are expected to improve service efficiency, which could lead to cost savings for restaurant clients in the form of reduced labor costs and increased table turnover rates.
Investors will likely monitor the adoption rates of these new features and their impact on Olo's financial performance in subsequent quarters. Increased adoption and positive client feedback could serve as indicators of Olo's competitive advantage and could be reflected in the company's stock valuation over time.
Olo's technological advancements, particularly the expansion of its Borderless feature, signify a notable progression in the SaaS platform's capability to provide a frictionless user experience. The passwordless sign-in and seamless checkout process align with current cybersecurity best practices by reducing the reliance on passwords, which are often vulnerable to security breaches.
The technological integration of tax-exempt status recognition within the Olo Dashboard is a sophisticated feature that simplifies the transaction process for a specific customer segment. This indicates Olo's commitment to leveraging technology to address niche market needs. Additionally, the integration of real-time feedback mechanisms through Pay at Table surveys could provide valuable data analytics, enabling continuous improvement of the guest experience based on actionable insights.
From a technological perspective, these features demonstrate Olo's investment in innovation and its ability to deliver tailored solutions that address both client and market needs. The success of these features will depend on their seamless integration, reliability and the value they add to the user experience, which are critical factors for technology adoption in the hospitality industry.
Tax Exempt for Catering+ and Pay at Table capabilities among the new features launched this quarter to help brands drive more revenue and create a seamless guest ordering experience
Previously available to Olo Pay customers exclusively, Borderless is now accessible to all Olo customers who use its white-label ordering interface Serve, a fully responsive web experience designed to optimize the UX for guests on any device. This accessibility allows a broader range of restaurant brands to provide a passwordless and convenient sign-in and seamless checkout experience for their guests. By enabling guests to save their information on file across the entire network of Olo restaurants who use Borderless, there is an expedited checkout process for guests, and it has already proven to help brands increase guest account sign-ins, grow expected order frequency, and improve checkout conversion rates by up to
“Offering Borderless to a broader set of Olo customers unlocks a massive opportunity not only for Olo but for all of our customers,” said Jo Lambert, Chief Operating Officer at Olo. “This expansion will allow guests to experience the benefit of a passwordless account across a larger network of restaurant brands, providing them with the seamless checkout experience they expect on digital transactions, while increasing basket conversion and ultimately driving digital sales for our customers. The extension of Borderless along with the other cutting-edge solutions announced this quarter are critical to our mission of enabling Hospitality at Scale™ as we continue to meet the evolving needs of our customers and their guests.”
Additional product enhancements introduced this quarter include Tax Exempt for Catering+, which opens access to a critical guest base to drive additional revenue, and split check capabilities along with guest survey integration for Pay at Table to streamline the checkout experience and track guest feedback instantaneously.
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Purpose-built to help brands tap into the 1.7M registered tax-exempt organizations in the
U.S. , Olo's Tax Exempt for Catering+ feature now has the ability to recognize and authenticate tax-exempt status within the Olo Dashboard, allowing restaurants to authorize status, validate expiration dates, apply appropriate pricing, and complete catering orders for that crucial segment. - Additionally, Olo introduced enhancements to its Pay at Table solution. Guests in larger parties can now easily split their bills, providing an easier checkout experience while enabling quicker table turns and higher tip averages for servers. Customers using Olo’s Sentiment solution can now also integrate with Pay at Table to trigger post-transaction surveys and receive real-time feedback on the guest experience.
To learn more, check out Olo’s product release video by visiting https://www.olo.com/quarterly-release/winter-2023 and request a demo here: https://www.olo.com/contact/sales.
About Olo
Olo Inc. (NYSE: OLO) is a leading open SaaS platform for restaurants that enables hospitality at every guest touchpoint. Millions of orders per day run on Olo’s on-demand commerce engine, providing restaurants a single source to understand and serve every guest from every channel, whether direct or third-party. With integrations to over 300 technology partners, Olo customers can build personalized guest experiences in and outside of their four walls, utilizing one of the largest and most flexible restaurant tech ecosystems on the market. Over 600 restaurant brands trust Olo to grow their sales, do more with less, and make every guest feel like a regular. Learn more at olo.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240118397146/en/
Source: Olo Inc.
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