Olo Introduces Smart Cross-Sells to Increase Guest Engagement and Drive Sales
- None.
- None.
Insights
Olo Inc.'s introduction of Smart Cross-Sells represents a strategic enhancement in the restaurant technology sector. By utilizing artificial intelligence to provide personalized suggestions, Olo aims to increase average order value and enhance customer engagement. This is a significant move as personalization in e-commerce has been shown to improve conversion rates and customer satisfaction. In the restaurant industry, where margins can be tight, the ability to increase basket size even by a small percentage can have a meaningful impact on revenue.
Additionally, the integration of Olo Pay's card-present capabilities through self-service kiosks—and the future expansion to POS systems—addresses the need for a seamless payment experience. With 84% of transactions still occurring offline, according to Circana, capturing this market is essential for Olo's growth. This move could potentially reduce friction in the payment process and consolidate payment management, which is beneficial for both restaurants and their customers.
The financial implications of Olo Inc.'s new features, such as Smart Cross-Sells, can be significant for investors. The claim of a 10% increase in basket value from the use of Smart Cross-Sells, if scalable, could lead to an uptick in the company's revenue streams. Investors should monitor adoption rates and the impact on Olo's financials in upcoming quarters. The focus on operational efficiency with tools like Catering+ Production Sheets suggests a strategy aimed at reducing costs for restaurant operators, which could make Olo's platform more attractive and sticky, potentially increasing customer lifetime value.
The announcement of these features should be seen in the context of Olo's overall market strategy. As they push towards '100% digital', the success of these initiatives will likely be a key driver of the company's stock performance. The market will be looking for evidence of customer acquisition and retention as a result of these innovations, as well as improvements in profit margins from greater operational efficiencies.
Olo's advancements highlight the ongoing trend of digital transformation within the restaurant industry. Smart Cross-Sells, leveraging AI for dynamic suggestions, underscores the growing importance of data analytics in creating personalized customer experiences. The technology industry has seen a surge in AI-driven solutions and Olo's application in the restaurant sector could set a precedent for competitors.
The announcement of card-present payment capabilities via kiosks also reflects the broader industry shift towards omnichannel solutions, where digital and physical experiences converge. This is particularly relevant as the industry seeks to bridge the gap between the majority of offline transactions and the growing digital economy. Olo's strategic updates may prompt similar moves by competitors to integrate AI and payment technologies, potentially reshaping the restaurant technology landscape.
Several product features announced during Spring Release event, including Catering+ Production Sheets and Fundraiser Coupons to help brands win more guests and streamline operations
Olo’s Smart Cross-Sells leverages AI to recommend intelligent order suggestions based on contextual factors such as order history, location menu, daypart, and current cart contents. By providing personalized suggestions catered to each guest, Smart Cross-Sells make it easier for guests to navigate extensive menus, expediting the digital ordering and checkout process for a frictionless guest experience. As restaurants seek out opportunities to boost the top line, a recent test conducted by Olo showed Smart Cross-Sells accounted for
“Olo is constantly innovating to create smart ways for restaurants to improve the guest experience, drive engagement, and grow digital sales,” said Jo Lambert, Chief Operating Officer at Olo. “The release of Smart Cross-Sells is yet another example of how we’re using data-driven technology to personalize and simplify the ordering experience and produce measurable returns for our customers. As a flexible platform leading the industry’s drive to
Additional product features announced this quarter include Catering+ Production Sheets, which aggregates needs and streamlines prep for large-volume orders, and Fundraiser Coupons, which are designed to help management track and reconcile charitable campaigns directly within the Olo Dashboard. Also introduced this quarter is Olo Pay’s general availability of card present capabilities via self-service kiosks.
- Thoughtfully developed to support the rise in catering, Olo’s Catering+ Production Sheets provide kitchens an intuitive interface to map total ingredients and their related quantities to products on their menu to better quantify the items needed for upcoming large-volume orders.
- Olo Coupon Manager’s new enhancement, Fundraiser Coupons, enables Brand Marketing Managers to track and reconcile fundraiser campaigns directly within the Olo Dashboard. Furthering its commitment to Olo For Good, these coupons are already implemented by dozens of restaurant customers committed to making a positive impact on the communities they serve.
-
Currently available via Kiosk, Olo Pay will offer card-present payments via POS later this year. This marks Olo Pay’s continued expansion into the card-present space to further streamline the on-premises payment process, unify payments management, and gather data from the
84% of transactions that are not digital, according data from Circana.
For a full list of features announced as a part of Olo’s Spring Release event visit: https://www.olo.com/quarterly-release and request a demo here: https://www.olo.com/contact/sales.
About Olo | Hospitality at Scale™
Olo (NYSE: OLO) is a leading restaurant technology provider with ordering, payment, and guest engagement solutions that help brands increase orders, streamline operations, and improve the guest experience. Each day, Olo processes millions of orders on its open SaaS platform, gathering the right data from each touchpoint into a single source—so restaurants can better understand and better serve every guest on every channel, every time. Over 700 restaurant brands trust Olo and its network of more than 300 integration partners to innovate on behalf of the restaurant community, accelerating technology’s positive impact and creating a world where every restaurant guest feels like a regular. Learn more at olo.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240411030893/en/
Source: Olo Inc.
FAQ
What new ordering feature did Olo Inc. announce?
How does Smart Cross-Sells work?
What was the average increase in basket value due to Smart Cross-Sells?
What are some other product features announced by Olo Inc.?
How can restaurants benefit from Catering+ Production Sheets?
What is the purpose of Fundraiser Coupons introduced by Olo Inc.?
What does Olo Pay's general availability of card present capabilities via self-service kiosks mean?
