Oddle to maneuver to income share mannequin and assist restaurant companies go digital

Jonathan Lim, founder and CEO of Oddle, was as soon as an F&B proprietor.

He opened his restaurant The Garden in 2011 and has over 13 years of expertise within the meals and beverage (F&B) and know-how trade, together with his one-year stint with the Nationwide College of Singapore Abroad Faculty (NOC) in Silicon Valley.

As an F&B proprietor, he has discovered many gaps within the trade that current challenges to him and different F&B house owners. Whereas there are various digital platforms to work with to supply a less complicated, holistic expertise for his or her prospects, it might probably develop into overwhelming and the restaurateurs themselves do not have a lot management or benefit over the companies.

Dealing with comparable points akin to an not possible six-figure quota to create a web based ordering web site for his restaurant, Jonathan determined to be the change wanted on this trade.

He then began weird in 2014, a novel platform that goals to assist F&B house owners digitize their enterprise by enabling them to create a sustainable on-line ordering platform themselves, with co-founders Alan Goh and Yong Xiang Pua.

[W]We shortly realized that the one sustainable enterprise mannequin is one the place all events profit. When our F&B merchants win, we win collectively. Subsequent, we developed a holistic one-stop-shop to fulfill all of our F&B companions’ digital wants, which have zero setup prices, together with the supply of value-added skilled companies like advertising and marketing.

– Jonathan Lim, Founder and Chief Government Officer (CEO) of Oddle

By combining empathy and know-how, Oddle fills the void out there by offering low-cost, extremely accessible performance-driven options that assist F&B house owners maximize their operations by way of clever knowledge and significant engagement.

Why do it’s essential to digitize?

Jonathan emphasizes that establishing an online-to-offline (O2O) technique is paramount for eating places at the moment.

Utilizing on-line companies to resolve their issues and reconnect with customers “ensures the sustainability of restaurant companies regardless of altering client habits and mitigates the financial influence of the pandemic,” Jonathan factors out.

With a view to keep related, Jonathan encourages F&B house owners to develop and develop their companies by not solely on-site eating options, but additionally incorporating different off-site income streams. By giving prospects entry to invaluable buyer knowledge and insights, they are often smarter and extra environment friendly at driving their enterprise sustainably into the long run.

“The largest problem many F&B operators face is discerning their core buyer base on account of fragmented knowledge channels attributable to a number of platforms,” he provides.

Using AI and analytics via Oddle
Use of AI and analytics by way of Oddle / Picture credit score: Oddle

Oddle goals to resolve these issues, empowering these enterprise house owners who could have apprehensions about going digital, and offering an easy-to-use platform for all their digitization wants, from an entire view from orders and funds to the provision of synthetic intelligence (AI) and analytics for advertising and marketing functions.

Digitization Companies, Totally different Renderings

Oddle operates below an “All the time Restaurant First” philosophy, which is what units it other than its opponents.

“In contrast to meals marketplaces like Deliveroo or Foodpanda, Oddle provides options that give F&B retailers full management and transparency over their enterprise and buyer knowledge, guaranteeing most return at minimal prices,” notes Jonathan.

With a mission to empower eating places to take cost of their very own future, Oddle provides an omnichannel platform that helps eating places ship first-class experiences and engagements to their prospects.

O2O solutions from Oddle
Oddle’s O2O options / Picture credit score: Oddle

Its technological suite of options consists of an e-shop platform with managed supply logistics, a reservation platform, QR ordering and cost terminals. All of those companies are straightforward to navigate and use, making it straightforward for restaurant house owners to combine them into their enterprise.

Moreover, Oddle provides three key companies that complement the system, akin to Managed Advertising and marketing Companies, Buyer Success Administration, and Weird eatstheir culinary discovery platform that extends the restaurant’s attain to meals lovers throughout Asia by leveraging Oddle’s database of two.3 million customers.

In comparison with different platforms that cost restaurant house owners an rigid flat price, Oddle operates on a zero setup price mannequin, offering reservations at no extra price and taking a minimal proportion solely from profitable gross sales.

“We additionally actively assist our retailers reinvest of their enterprise to extend profitability by way of our free data-driven advertising and marketing companies,” provides Jonathan.

With Oddle’s assets, Jonathan factors out that eating places can even profit from better management over their on-line operations in comparison with different platforms providing such digitization companies.

[O]Our benefit over different platforms is that our companions have full entry to their prospects’ knowledge. That is critically essential for all F&B operations as nothing is extra essential to their enterprise than KYC ([Knowing] Your shopper).

– Jonathan Lim, Founder and CEO of Oddle

By linking its personal enterprise success to that of its retailers, Oddle stays true to its “All the time Eating places First” precept, providing inexpensive options in a clear results-based format. This enables each F&B operator to attain most return at minimal prices.

Difficulties shifting to a income sharing mannequin

Create an e-shop on Oddle
Creation of an e-shop on Oddle / Picture credit score: Oddle

In 2014, Oddle’s unique enterprise mannequin was primarily based on a subscription mechanism to assist the F&B trade undertake digital options for his or her supply and takeaway companies. Their model brand was that of a mouse, symbolizing how eating places could make gross sales with only one click on.

Whereas this has contributed to their enterprise success, Jonathan has discovered that their fastened subscription mannequin contributes to the issue the place restaurant house owners or F&B operators are sometimes confronted with difficult processes and expensive fastened subscription charges for integrating companies like supply, takeout, on-line buying, reservations and extra into their enterprise, to not point out the challenges of getting to handle a number of companions as effectively.

As such, Oddle pivoted to a revenue-sharing mannequin in 2019, whereas guaranteeing that its personal monetary viability is intently tied to the success of its companions. This momentous change helped break the mould whereas staying nearer to their roots within the trade.

Selecting to desert our preliminary profitable enterprise mannequin and pivot to the present merchant-aligned one was one of many greatest challenges we confronted, because it meant giving up a secure and safe income stream. secure, and that was one thing actually tough for a enterprise to do.

However we felt it needed to be achieved as a result of a flat subscription charge does not inspire us to ensure our companions can thrive, as a result of they’d pay us the identical quantity whether or not they did or not.

– Jonathan Lim, Founder and CEO of Oddle

Throughout the 2020 pandemic, the brand new enterprise mannequin resulted in vital positive aspects because of the surge in on-line deliveries following the pandemic, serving to many eating places flip their enterprise round inside 24 hours.

“[W]We’ve got capitalized on the decline of the bodily F&B panorama by guaranteeing companies transition effectively into the web sphere,” notes Jonathan.

Regardless of the pandemic lasting just a few years, Oddle remained forward-looking and sought to anticipate the challenges of a post-pandemic economic system by additional growing its full vary of holistic on-line and offline options to maintain the expansion of its F&B companions. within the area, which additionally served to make sure the continued industrial viability of Oddle.

Such options embody reservations for the return of restaurant crowds and the supply of cost terminals for retailers underserved by conventional cost suppliers.

Expertise exponential development

odd
Picture credit score: Oddle

To this point, Oddle’s Gross Merchandise Quantity (GMV) has grown from S$30 million in 2019 to S$200 million in 2021. Their revenues have additionally elevated 10x over the identical interval and at the moment are “capital environment friendly”.

Jonathan factors out that these numbers remained excessive within the first half of 2022, whilst COVID restrictions had been being lifted.

With the easing of pandemic measures and Oddle’s enlargement of their in-restaurant product repertoire, they noticed a rise within the traction of their in-restaurant cost terminals, which helped overcome the slight drop in supply GMV .

Of their journey of delivering rock-solid O2O options to F&B companions, Jonathan shares that the 430 retailers utilizing Oddle’s reserving options are already reaching a formidable 150,000 covers, whereas 350 new retailers have taken possession of the Oddle’s supply and take-out house.

One such success story is Pizza Categorical. It initially supplied its prospects with desk orders, in-store funds, reservations and a number of deliveries by way of fragmented and costly platforms.

“We acknowledged the chance to streamline these knowledge touchpoints with our omnichannel companies, rising the profitability of Pizza Categorical to attain greater supply margins from optimized supply settings,” Jonathan factors out.

With Oddle, Pizza Categorical gained straightforward and complete entry to a extra strong buyer relationship administration (CRM) database with up-to-date supply and catering knowledge, leading to a 23% discount in hours work and a considerable improve in annual financial savings of S$50,000.

Founder and CEO of Oddle Jonathan Lim
Founder and CEO of Oddle Jonathan Lim / Picture credit score: Oddle

Simply final month, Oddle raised $5 million in its pre-Series B round, bringing its complete funding to over US$12 million (S$16.78 million). With this newest spherical of funding, it plans to reinforce product improvement and regional market enlargement in Singapore, Malaysia, Taiwan and Hong Kong.

In response to Jonathan, sure features of Oddle – akin to takeout, QR orders and reservations – ought to enter new markets with a self-service mannequin.

“This yr, we’ll proceed to push ahead with our ‘All the time Eating places First’ philosophy and delve deeper into offering extra options to F&B retailers,” he provides.

Featured picture credit score: Oddle

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