OrderUp allows restaurants to build relationships with diners, both directly through our platform and in the ability to export guest data into their existing marketing platform.
This is detrimental to restaurants, as studies have shown that improving customer loyalty by 5% can increase profits by 75%. Third-party marketplaces are often designed so that they own the relationship with diners, making it difficult for restaurants to establish and nurture relationships with their guests. How does the restaurant own the relationship? We're working on these challenges with zero-fee online ordering, and the restaurant owns the relationship with the guest, not us. Orders placed through these apps also prevent restaurants from building direct relationships with their guests, a crucial requirement for building a loyal, repeat guest base. These third-party apps have often charged unsustainable fees, shrinking margins on purchases. Many on-demand marketplaces also hurt independent restaurants. According to the National Restaurant Association’s 2022 State of the Industry report, recruiting and retaining talent is the primary challenge restaurants face. Seventy percent of restaurants are currently understaffed. What are the biggest challenges restaurants face today? This made it easier to speak with restaurant operators about our opportunity to help. However, the pandemic forced management teams to rethink their operations, a catalyst that acted as a tailwind for OrderUp. Restaurants were among the hardest hit industries and it was difficult to see their businesses struggle. Leading OrderUp during the height of the pandemic was an interesting challenge. I felt I was in a position to help restaurants make it through the downturn. OrderUp launched during COVID-19, a time when many restaurants were forced to close or alter their service due to shelter-in-place regulations. With nearly a decade in hospitality technology, I saw firsthand the impact the right software can have in improving both staff and guest experiences.
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