How is ChowNow's vertical SaaS strategy unique from peers like Toast and DoorDash?

We think that ChowNow’s marketplace is the winning formula going forward, and let me explain what I mean by that. 

Since online ordering hit the restaurant industry about 15 years ago, there have been two models. 

There’s been the first-party, direct ordering model which is where ChowNow plays, and where companies like Olo have played or continue to play. 

If you think about the model and why restaurants love it, it’s that they get 100% of the revenue. They have direct access to the customer, they are the keepers of the customer data, and they directly manage the customer relationship. It is by far the best option for restaurants. 

On the consumer side, there's a lot of friction points. You have to find the restaurant's website, hope that they have online ordering or download multiple apps on your phone, have multiple accounts—which can be cumbersome. 

You then have the third party model, which is where GrubHub, DoorDash, Uber and others play. For restaurants, it's not great. Restaurants give up 30% of their revenue. They do not have direct access to their customer data and they have zero relationship with the diner when working through this model. 

However, for the consumer, it's a much more convenient option. There's one app, it has all your restaurants in one place, you have one account. You open an app, you order food, you're done. 

The way we view it, and what we’re trying to build with our marketplace, is something that cherry picks the best of both sides. 

We want to give restaurants what they want, which is keeping 100% of the revenue and customer data. On the consumer side, we want to give people all the benefits of having that one app and that one account connected to thousands and thousands of restaurants. This new model is what we're building our marketplace around.