TRAY and Olo Deepen Partnership to Enable Restaurants to Better Know and Serve Their Guests Through Digitally Personalized Experiences

Rhea-AI Summary

Olo (NYSE:OLO), a top restaurant tech provider, announced an enhanced partnership with TRAY, a POS and restaurant management platform for Enterprise restaurants. This collaboration will integrate Olo's Pay and Engage suites with TRAY's Cloud-first POS by year-end. This includes Olo Pay for card-present payment processing and Olo Engage for personalized guest experiences. The partnership aims to streamline operations, increase orders, and enrich customer interactions through advanced tech like machine-learning for accurate order times and automated menu synchronization. Olo CEO Noah Glass highlights the need to bridge the online-offline gap, as 84% of restaurant transactions still occur offline. TRAY CEO Peter Kellis emphasizes the benefits of seamless digital transactions and data-driven guest personalization. New integrations aim to enhance both guest satisfaction and operational efficiency.

Positive

• Expanded partnership between Olo and TRAY aims to streamline operations and enhance customer experiences.
• Integration of Olo Pay with TRAY for card-present transactions simplifies payment processes.
• Olo Engage integration offers personalized guest interactions, fostering long-term loyalty.
• Automated menu synchronization reduces friction for operators in updating menus and specials.
• Order Ready AI provides accurate order times, improving guest satisfaction and operational efficiency.
• Seamless digital transactions expected to increase basket size and guest tips.

Negative

• 84% of restaurant transactions still occur offline, presenting a significant challenge for digital transformation.
• Potential risks include the complexity of integrating multiple systems and the reliance on machine-learning accuracy.

Insights

Tech Expert

The integration of Olo’s Pay and Engage suites into TRAY’s cloud-first POS system represents a significant step forward in the evolution of restaurant technology. This type of technological synergy is particularly impactful in today's digital age where seamless, integrated experiences are highly valued. By incorporating Olo Pay, TRAY can offer a more streamlined and efficient payment process, addressing common issues such as reconciliation and refunds. Additionally, the integration of Olo Engage will provide restaurants with invaluable insights into customer behavior, allowing them to deliver more personalized and engaging dining experiences. The implementation of machine-learning with Olo’s Order Ready AI is another compelling feature, as it optimizes order fulfillment times and enhances operational efficiency. While this partnership is promising, it's essential to consider that the success of this integration will rely heavily on the execution and adoption by restaurants. If these integrations are effectively implemented, they can notably drive customer satisfaction and operational efficiency, which are critical for the competitive landscape of the restaurant industry.

Market Research Analyst

From a market perspective, the partnership between Olo and TRAY reflects a strategic maneuver to capture a larger share of the restaurant technology market. By coupling payment processing with advanced customer engagement tools, they are addressing a significant portion of the restaurant operations ecosystem. This move is likely to appeal to enterprise-level restaurants looking to streamline their operations and improve customer experiences simultaneously. Moreover, the ability to create hyper-personalized experiences using customer data can lead to enhanced brand loyalty and increased repeat business. However, one potential drawback is the reliance on the restaurants' willingness and ability to adopt these technologies. Smaller or less tech-savvy businesses might find the transition challenging. Overall, this development could spur further innovations and partnerships within the industry as competitors seek to offer similarly integrated solutions to remain relevant.

Financial Analyst

The financial implications of this expanded partnership are noteworthy. For Olo, this collaboration has the potential to drive significant revenue growth by increasing the adoption of its Pay and Engage products. The integration with TRAY enables Olo to tap into a broader market, particularly among enterprise restaurants. Moreover, as restaurants adopt these technologies and realize operational efficiencies, the likelihood of long-term contracts and recurring revenue streams increases. On the flip side, the investment required to integrate these systems and train staff might pose short-term financial challenges for some restaurant operators. Nevertheless, the long-term benefits, such as enhanced customer loyalty and streamlined operations, could outweigh these initial costs. Investors should keep an eye on Olo’s quarterly reports to monitor the uptake of these integrations and their impact on financial performance.

Olo’s Pay and Engage suites will integrate seamlessly into TRAY’s Cloud-first POS effective later this year

NEW YORK--(BUSINESS WIRE)-- Olo Inc. (NYSE:OLO), a leading restaurant technology provider, today announced an expanded partnership with TRAY, an innovative Point of Sale and restaurant management platform geared toward Enterprise restaurants, to offer Olo Pay card-present payment processing via POS and an integration with the Olo Engage product suite. Together the two companies will strengthen their joint value proposition by expanding the Olo Order integration to include automated menu synchronization. Adding to the solution, TRAY will activate the integration with the Olo Order Ready AI, a solution that leverages machine-learning to generate accurate ready times for both guests and third-party delivery providers.

Olo Pay, seamlessly integrated with TRAY for card-present transactions, is set to continue to digitize on-premise payments, simplifying management processes and resolving challenges like reconciliation and refunds. Guests can expect a simple payment journey, whether they're on their own devices, at a kiosk, using mobile wallets, and now with their credit cards at the table or on the POS for full-service dining occasions.

Noah Glass, Olo's Founder & CEO, stresses the significance of this collaboration in light of current trends. Despite the industry's gradual shift towards digital, a staggering 84% of restaurant transactions remain offline with card swipes on a POS. The partnership between Olo and TRAY aims to bridge this gap by empowering more restaurants with the tools needed to not only increase orders and streamline operations but also to craft hyper-personalized experiences for every guest.

The addition of the Engage integration further enriches the experience for restaurant brands using TRAY. By consolidating both digital and in-person interactions into a comprehensive guest profile, brands can unlock invaluable insights into customer behavior. This deep understanding enables them to deliver tailor-made interactions and unforgettable hospitality experiences, fostering long-term loyalty and satisfaction.

Peter Kellis, Founder & CEO of TRAY, underscores his shared vision for digital innovation within the industry. Enabling seamless digital transactions at the point of sale not only simplifies payments but also unlocks a wealth of guest data that can be leveraged to personalize every aspect of the dining journey through Olo Engage. This is highly complementary to the innovative experience TRAY aims to create with a Cloud-first POS, using technology to enhance the guest and team member experiences to drive basket size and increased guest satisfaction, leading to higher tips.

On top of the Pay and Engage integrations, TRAY now has the ability to synchronize menu data for Olo Ordering by pushing POS data directly from TRAY’s Menu Management System into Olo’s menu management API, removing friction for operators for menu updates and specials. TRAY is also building into Olo’s Order Ready AI API ​​to integrate data from the TRAY system for when order preparation has been completed, such as when an order is “bumped” from the KDS as completed. Order Ready AI leverages machine-learning using that data to generate accurate ready times for both guests and third-party delivery providers, satisfying guest and partner expectations around timing, maintaining food quality, and optimizing restaurant operations.

TRAY’s new Olo integrations are planned to be available later this year.

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 400 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.

About TRAY | Entirely better POS™

TRAY is a leading provider of cloud-native enterprise-class POS systems for the hospitality industry. The company's mission is to empower restaurants to operate more efficiently, increase revenue, and provide a better experience for their customers. TRAY can deploy its on-premise software on many generations of hardware devices from 20-year-old PCs to modern Android terminals and tablets. Devices connect directly to TRAY’s cloud-based server platform, removing the need and complexity of maintaining a server device on premise. TRAY’s software allows all in-store devices to interconnect and operate fully in offline mode in case of internet outages, making it one of the most resilient systems available. TRAY integrates with other solutions used by large restaurant brands for reporting, inventory, labor, and payments. Further, TRAY’s solution includes tableside ordering and payment, QR Code payment, online ordering, apps, tablets, and self-service kiosks, offering a best-of-breed solution for cutting edge operators. For more information on TRAY and its POS solutions, please visit tray.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240517806230/en/

Olo: Olo@icrinc.com

TRAY: press@tray.com

Source: Olo Inc.

FAQ

What is the focus of the Olo and TRAY partnership?

The partnership focuses on integrating Olo's Pay and Engage suites with TRAY's POS to enhance restaurant operations and customer experiences.

When will the Olo and TRAY integration be available?

The new integrations are planned to be available later this year.

What are the benefits of integrating Olo Pay with TRAY?

Integrating Olo Pay with TRAY simplifies card-present payment processing, streamlining management processes and resolving reconciliation and refund challenges.

How will Olo Engage improve customer experiences?

Olo Engage consolidates digital and in-person interactions into a comprehensive guest profile, enabling personalized and memorable dining experiences.

What role does machine-learning play in the Olo and TRAY partnership?

Machine-learning is used in the Order Ready AI to generate accurate order times, improving timing and food quality for guests and third-party delivery providers.

Why is the partnership between Olo and TRAY significant for restaurants?

The partnership aims to bridge the gap between online and offline transactions, offering tools to increase orders, streamline operations, and personalize guest experiences.