Overview
OpenTable, Inc. is a prominent provider of real-time online reservation and guest management solutions tailored for the dining and hospitality sectors. Founded by Chuck Templeton, Sid Gorham, and Eric Moe on July 2, 1998, the company is headquartered in San Francisco, California. OpenTable has a widespread global presence, operating in over 80 countries and servicing more than 50,000 restaurants, seating an impressive 1 billion diners annually. In June 2014, OpenTable was acquired by Priceline Group (now Booking Holdings) for $2.6 billion.
Financials (2013)
- Revenue: US$190.05 million
- Operating Income: US$46.429 million
- Profit: US$33.385 million
- Total Assets: US$310.971 million
- Total Equity: US$230.262 million
Leadership
The strategic direction of OpenTable is spearheaded by CEO Debby Soo, who assumed the role in August 2020. Other key members of the leadership team include:
- Susan Lee, Chief Growth Officer
- Amy Wei, Chief Revenue Officer
Under this diverse and skilled leadership team, which prominently features Asian American women, OpenTable has fortified its standing within the burgeoning restaurant technology sector.
Services and Products
OpenTable offers a suite of services to diners and restaurants, focusing on enhancing the dining experience and streamlining restaurant operations.
For Diners:
- Offers free online table reservations available through web and mobile applications.
- Features a reward-based points system where diners can earn points redeemable for discounts at participating restaurants.
- Implemented changes in its user review transparency policy to build greater credibility, reflecting responsiveness to user feedback.
For Restaurants:
- The Electronic Reservation Book enhances traditional reservation methods, offering capabilities such as guest recognition, table management, and marketing functionalities.
- Provides seamless integration with social media platforms to bolster restaurant branding and customer engagement.
Recent Developments
- OpenTable conducted its IPO on May 21, 2009, being listed on the NASDAQ.
- Executed strategic acquisitions like Toptable in the UK and Foodspotting, expanding its reservation capabilities and international footprint.
- In 2024, introduced 45 new features aimed at improving the reservation and dining experience.
Competitor Profiling for OpenTable
Key Competitors Overview
In assessing OpenTable's competitive environment, key competitors include Resy, Tock, Yelp Reservations, and Eat App. Each provides unique features and has distinct market positions:
Resy
Founded in 2014 and acquired by American Express in 2019, Resy offers global reservation and guest management services with a consumer-centric application. Its suite, Resy OS, includes table management, ticketing, guest feedback, and analytics, integrating deeply with American Express programs to foster robust restaurant partnerships.
Tock
Established in 2014, Tock is innovative in its approach to reservation and event management, primarily through a ticketing model that optimizes reservation efficiency. Beyond restaurants, Tock's services extend to wineries and events, which enhances its distinctiveness by catering to unique operational needs.
Yelp Reservations
Previously known as SeatMe, Yelp Reservations provides a streamlined and cost-effective reservation system. It capitalizes on Yelp's substantial user base of 95 million monthly users, leveraging its review database for added value in social proof and business visibility.
Eat App
Launched in 2015 and headquartered in Dubai, Eat App offers a cloud-based reservation and table management platform to a global audience, including prestigious brands such as The Four Seasons and Ritz-Carlton. It excels in efficiency with features like host stand optimization and CRM tools, supported by data-driven insights and predictive analytics.
Market Position and Technological Advancements
OpenTable maintains a commanding position in the market, managing an estimated 28 million diners monthly. However, competitors pose significant challenges:
- Resy, under American Express, leverages exclusive dining experiences and loyalty programs for consumer engagement.
- Tock's ticketing system offers efficiency in managing reservations to minimize cancellations, particularly appealing in the fine-dining segment.
- Yelp Reservations benefits from its robust integration with Yelp's review ecosystem, enhancing user engagement and local business connectivity.
- Eat App provides critical data insights, supporting operational efficiency and improved customer relationship management.
Through these diverse technological solutions and strategic market positioning, these competitors continue to offer tangible alternatives to OpenTable in the hospitality industry.