Quick Pitch
Waitrr is a mobile ordering and payments app for restaurants that allows diners to order and pay on their phones. Diners can order their food while they're still queueing for a table, or simply pre-order their lunch from their offices and collect at a selected time. Waitrr empowers restaurants with unique customer insights based on big data.
Product/Service Details
Problem/Opportunity
Everyone knows about the inefficiencies that customers experience in the restaurant industry: waiters who take ages to serve customers, errors that mean customers receive the wrong items and delays processing single bills, let alone the challenges splitting bills.
People are less familiar with the challenges on the restaurant side however. There are three main problems in the industry which fall under Operations, Marketing and Financing.
Operations:
The biggest challenge is the shortage of skilled manpower. Hiring staff to meet the operational needs of a restaurant is often an expensive and time-consuming endeavour. Frustratingly, F&B staff often quit after only a few weeks.
Marketing:
At present, restaurants can only try to reach out to potential patrons via very broad targeting options in digital channels like Facebook. They have very little understanding of what drives consumers to visit their outlet and are unable to reach out to specific consumers. In short, the restaurants have no link to their guests.
Financing:
Restaurants don't have easy access to additional capital - they simply cannot get bank loans very easily.
Solution
Unlike costly tablet solutions that require devices on every table, Waitrr runs on the customers’ own phones. A single platform app at 100's of restaurants. Already working with high-volume restaurants, Waitrr flawlessly manages fully-customised menus/orders. With no sign-up cost, restaurants pay as they go. Waitrr's founding team has decades of restaurant management experience.
How Does It Work/Features
Once a restaurant has signed up with Waitrr and has sent the full menu, Waitrr can on-board them within 24 hours. Once live on the platform, Waitrr users order their food & drinks conveniently through the app, and their orders are sent directly to the restaurant kitchens. Payments are automatically deducted from customers’ credit cards so there is no way for customers to leave without paying (a major problem at busy bars).
Revenue Model
Waitrr takes a cut of every transaction that is processed through the Waitrr app. On top of that, restaurants pay Waitrr additional fees to enable loyalty programs and to get access to Waitrr's customer database. Waitrr is the only platform with insights gained from customer transactional data, such as demographics, spending behaviour, food preferences etc.
Traction & Accomplishments
Already working with 100+ restaurants.
Partnered with hugely popular restaurants like The Daily Cut and Five Tapas Bar to address their queue-time and manpower challenges.
Recently partnered with Revel Systems. Not only does this give us access 2,000+ of restaurants, but our users' orders go straight into the restaurants' POS systems.
Currently, we have 15,000+ users and will have 93,000+ by the end of 2018.
43,000 menu items sold in 2017
S$550,000 GMV in 2017
Use of Funds
The use of funds will mainly go into business development. The plan is to hire 2 more Sales Associates to support the acquisition of 600 new restaurants in 2018. 60% of the funds will go into the team’s salary, including the app development team. The remaining funds will go into aggressive customer acquisition and expansion into other markets, starting with Dubai and Hong Kong within six months.
How We're Different
Unlike our competitors, we are a low-hardware solution with zero up-front cost to restaurants. We capture information about our customers, including their demographics and purchase behaviour. Not only does this enable targeted marketing to restaurant customers, but we can provide insights to restaurant owners for optimising their menus and offers.
Team
Contact
Tim Wekezer
+65 8698 8741