Since the usage of modern technology keeps increasing in the restaurant industry, people’s preferences have also changed. They want to get things done quickly, be it ordering or payment, their inclination towards digital solutions keeps soaring. And when we talk about technology and digitization, the restaurant is the first industry that blinks to our mind. Earlier, people needed to wait for a long time to get a table. Today, they can find a restaurant, browse the digital menu, check ratings and book a table in a couple of clicks. So no waiting and requesting with snooty customer executives, with just a few clicks, you can book a stable at prime times. There are many table reservation apps, but here we are going to discuss the popular restaurant reservation app, OpenTable, how it works, and how investing in the OpenTable clone app benefits restaurant business owners. Let’s get started.
According to research conducted by Statista, more than 38% of US diners made online reservations once or twice. And due to the pandemic, this number keeps growing over time because no one wants to wait in a crowded place.
If you are a restaurant owner, you must know how daunting and time-consuming it can be to manage reservations and guests amid peak timings. Your customer care executive may get lots of calls per day, and managing reservations manually is not a cakewalk. There is a full chance of misunderstandings and scheduling overlaps.
Here online apps come to the rescue, and apps like OpenTable allow diners to book a table in their favorite restaurant smoothly and conveniently.
What is Opentable Clone ?
OpenTable clone is a multi-feature platform that streamlines your reservation process and delivers an exceptional booking experience to your customers to manage their reservations at their favorite restaurants.
What is OpenTable?
OpenTable is the pioneer when it comes to booking a table online. OpenTable is a digital platform that lets people reserve a restaurant table in advance. It has surely changed the way restaurant managers manage their bookings.
Restaurants need to register themselves by filling up necessary information such as a menu, address, pictures or videos, and seating capacity. Using a dedicated app or website, customers can browse the menu, book a table in their favorite listed restaurant by entering valid dates and times.
Reservations can be booked, changed, and canceled at any time. Moreover, users can modify their bookings, receive the location directly on the map, and invite their friends to join them to earn attractive rewards.
OpenTable – Facts, Funding, and Growth Timeline
OpenTable is the pioneer when it comes to booking a table online. OpenTable is a digital platform that lets people reserve a restaurant table in advance. It has surely changed the way restaurant managers manage their bookings.
Restaurants need to register themselves by filling up necessary information such as a menu, address, pictures or videos, and seating capacity. Using a dedicated app or website, customers can browse the menu, book a table in their favorite listed restaurant by entering valid dates and times.
Reservations can be booked, changed, and canceled at any time. Moreover, users can modify their bookings, receive the location directly on the map, and invite their friends to join them to earn attractive rewards.
Brand Name: OpenTable Inc.
Founder: Chuck Templeton
Founded in: July 1998
Headquarter: San Francisco, California, USA
Services: Table reservation
Area Served: Worldwide
Parent Company: Booking Holdings
Number of Employees: 1450
Stock Symbol: Open
Listed Restaurants: 60,000
Funding Details
| Year | Investors | Funding Amount |
|---|---|---|
| 1999 | Venture Frogs | $2.2m |
| 2000 | Benchmark, Impact Ventures | $10m |
| Oct, 2000 | Impact Ventures | $36m |
| 2014 | Booking Holdings | $2.6b (Acquisition) |
The above table shows the funding rounds of OpenTable. The spike in the funding amount clearly shows how a company keeps growing and attracting customers globally.
Growth Timeline
It’s been 22 years and OpenTable is popular because it allows customers to book a table in their favorite restaurant in a hassle-free manner. Want to know how it grows? Have a look at its growth timeline.
- 1998- Chuck Templeton found and raised $36 million within two years of inception.
- 2001- Expanded its business reach to 50 cities but did not generate profit.
- 2005-European Hotel reservation website acquired for $133 million in cash.
- 2009- The company went public and launched its first IPO on the NASDAQ stock exchange under the symbol OPEN
- 2010- Acquired UK’s restaurant reservation venture, Toptable
- 2021- Seats more than 1 million diners each year.
How OpenTable Works? Explore How Reservation Made Easy
It is said that technology always offers benefits to consumers, and the same applies here. Customers no longer need to make phone calls or wait outside the restaurant for their turn, as OpenTable has made it easy for them to book a table in minutes.
Here we have presented steps that customers need to follow while making bookings with OpenTable. So let’s see from the customer’s point of view how OpenTable works?
- Using a dedicated website or application, customers can browse more than 60,000 restaurants across the globe. By enabling location, customers can find nearby restaurants within their vicinity.
- Narrow down your search with lots of advanced filters such as pricing, rating, timings. Diners can also browse the menu and view pictures of dishes and cuisines.
- Once you choose the restaurant, select the valid time, enter guest details and confirm your bookings.
Following the above three simple steps, customers can book a table. Moreover, customers can also maintain reservation history within the apps and get personalized recommendations based on previous bookings. Customers can also earn rewards, points, and discounts on each reservation they make.
OpenTable Revenue Model: How Does It Make Money?
OpenTable’s revenue keeps increasing day by day as it makes money in several different ways. Let’s take a closer look at each revenue source in the section below.
Subscription
This is the major revenue source for OpenTable as it charges monthly subscription fees from restaurants. The company offers three different plans to restaurants such as
- Basic ($29/month)
- Core ($249/month)
- Pro ($449/month)
Each plan comes with different features and facilities; restaurants choose any one of them and get started.
Reservation Fees
OpenTable charges a transactional fee to the restaurant each time a customer makes an online reservation. If a customer makes a reservation using the OpenTable website or application, the restaurant needs to pay $1, and if the customer makes a reservation through the restaurant’s site, it charges $0.25 reservation fees.
Referral Fees
OpenTable users can also order food from restaurants that offer doorstep delivery. Based on the location, OpenTable supports well-known delivery platforms such as UberEats, Postmates, GrubHub, and Deliveroo.
Get Rid of Manual Bookings and Opt for OpenTable Clone App Solution
Modern OpenTable clone app solution have left no stone untouched in redefining the restaurant industry. From social media to checking reviews to digital ordering and now online booking. Earlier, customers needed to stand in a long queue to wait for their turn; it was frustrating. But digital life is extending its limits as customers now can book tables online in their favorite restaurant.
From flight booking to taxi booking to bus booking, diners can now even book tables online in their favorite restaurant. It seems like online platforms dominate the world, and an app like OpenTable makes it even easy for customers to enjoy meals without waiting.
Customers and restaurants also benefit from an online restaurant reservation system as they no longer need to deal with manual bookings. Manual bookings often lead to misunderstandings, consequently, It damages a restaurant’s reputation; hence, more and more entrepreneurs are willing to invest in an app like OpenTable because it streamlines bookings and strengthens their online presence.
After the major success of OpenTable, investors and restaurant business owners are in a rush to sink money into OpenTable Clone app development as if offers certain perks such as,
- Manage bookings at one place
- Keep a track record of daily bookings
- Cut the workload
- Increase sales
- Promote loyalty programs
- Take reservation round the clock
- Create an additional revenue stream
If you are associated with the restaurant business and want to upscale your business from its roots, you need to implement modern technology to get found online. Implementing an app like OpenTable for your restaurant business saves time, money and keeps you ahead in the competitive curve.
What is the Cost To Develop an OpenTable Clone Script?
OpenTable clone script offers a bunch of benefits to restaurants as it is easy to use and gains more popularity by allowing customers to reserve tables in advance. So coming to the cost factor. There are two options business owners have, either they can go with readymade solutions or opt for custom solutions.
Usually, development cost depends on features and functionalities, but some extra basic factors affect the entire development cost of the OpenTable clone app, such as,
- App size
- App platform
- App design
- Development team location
Moreover, you also need a team of developers, designers, and project managers to get all things done. If you want to know the accurate cost of development, contact us, our team has all the competencies to provide you high-quality digital products for your food business at pocket-friendly prices.
Optimize Your Bookings Smartly With OpenTable Like App Platform
Implementing cutting-edge technology solutions allows you to connect with customers in real-time. The popularity of online reservation apps is increasing because they are convenient, easy to use, and offer attractive deals to customers. So what are you waiting for? Get started with the OpenTable like app and manage bookings like a pro.
