Resy and the Restaurant Industry’s Technology Revolution
Five years ago Resy was just a punchy upstart, injecting a laggard industry with jolt of innovation and energy. In June of 2014, three months after we launched, we were on the front page of the New York Times. By 2017, we were being called a Most Innovative Company and in 2018, we acquired a key competitor, a move the industry widely applauded and that New York Magazine called, “a big win.” So what’s the lay of the land now, and where do we go from here? Read on to find out.
In early 2019, Resy will seat guest number 100,000,000, at a restaurant like Le Bernardin, Union Square Cafe or Momofuku’s Majordomo. These three amazing places, plus nearly 4,000 others use Resy’s groundbreaking technology platform to power their hospitality operations, including reservations management, guestbook management and restaurant-guest communications. A lot of people didn’t think we’d get this far, given how dominant one company had been in the twenty years prior to our launch.
But, the hospitality industry will no longer tolerate stagnation, so legacy players now find themselves having to do battle with a new school of competitors, Resy among them. In retrospect, it’s not hard to see how we got here. Expectations of technology have evolved dramatically both for the restaurant and the consumer. All parties now expect mobile-native UI and functionality. Plus, the marketing ecosystem of the present bares no resemblance to its predecessors. Restaurants must have the ability to offer booking everywhere diners are exploring restaurants — especially on behemoth services like Google and Instagram —without having to pay a steep per cover toll for that connectivity. Finally, consumer spending behavior has changed, and guests have made clear they want restaurants to offer them more opportunities to transact.
We are proud of the many features we’ve introduced over the past five years, many of which have become widely accepted industry standards, such as live 2-way SMS communications between restaurant and guest and automated confirmations, which have led to a 3.4% no-show rate across Resy-powered restaurants. Other innovations include mixed table types, including ticketing; and Notify, which creates amazing dining spontaneity and allows restaurants to fill last-minute seats quickly and measure demand at intent. Everything we build is built in close consultation with the restaurants that use Resy.
As we contemplate the evolution of our business from here, the path is exciting. Restaurants have emerged from the digital darkness and are ready to embrace a bright future, fueled by the operational dexterity, marketing flexibility and performance instrumentation that great technology systems can provide. According to a National Restaurant Association study, more than half of all operators are planning on increasing their technology investment significantly in 2019 and beyond. Indeed, the restaurant industry‘s technology revolution has arrived and it’s about time!
If you’re a restaurant and interested in learning more, drop us a line or visit our website for further reading on our restaurant reservations software.
