Technology has revolutionized the way dining guests make restaurant reservations. The process of a simple phone call has morphed into a complex system of online platforms and apps that have put a premium on the most popular restaurants and their most coveted dining times.
The landscape of restaurant reservations has changed dramatically in recent years, with the rise of platforms like OpenTable and Resy making it easier for diners to secure a table at their favorite establishments.
In today’s fast-paced world, securing a reservation at a popular restaurant can feel like trying to snag tickets to a Broadway show or a sporting event.
The most sought-after restaurants book up quickly, especially for prime dining times like Friday and Saturday nights.
As a result, diners are often left scrambling to find a table at their desired restaurant, leading to a competitive marketplace for
reservations.
This high demand for restaurant reservations has created both legal and non-legal entities that specialize in controlling access to coveted dining experiences.
Some tech savvy entrepreneurs have turned to reservation bots to automatically book tables as soon as they become available, while others have implemented strict cancellation policies to deter no-shows and last-minute cancellations.
American Express has recognized the value of the restaurant reservation market and continues to look for ways to eat into the market dominated by OpenTable.
Late last month the company took another step to grow its restaurant reservation footprint with the purchase of the online reservation platform Tock in a deal valued at $400 million.
Those efforts began with the Amex purchase of the RESY reservation platform in 2019. By offering exclusive benefits and perks to cardholders who use their platform to make reservations, American Express is positioning itself as a leader in the restaurant reservation space.
This competition has led to innovations in the way reservations are made, with new features and technologies being introduced to make the process more efficient and user-friendly.
Tock, which was launched in Chicago in 2014 and acquired by Squarespace in 2021, provides reservation and table management services to approximately 7,000 restaurants and other venues.
Some notable restaurants on the Tock platform include Aquavit in New York and Chez Noir in California. The acquisition of Tock by American Express is seen as a strategic move to further enhance its offerings in the dining and event space.
“American Express has demonstrated its commitment to the hospitality industry, and we believe that as part of American Express, Tock will deliver enhanced value to our customers through access to a broad network of diners,” said Matthew Tucker, Head of Tock.
“We appreciate American Express’ recognition of Tock’s exceptional products, experienced team, and our first-rate customer base. We look forward to working together to broaden American Express’ world class dining program and are excited by the tremendous opportunity to continue to innovate on behalf of our customers as part of American Express. We are also deeply appreciative of Squarespace’s support of Tock’s vision and its commitment to the business over the past three years.”
“Since adding Tock as a Squarespace company in 2021, we have been honored to partner together to serve the hospitality industry,” said Anthony Casalena, Founder and CEO of Squarespace.
“We are thankful for Matt’s leadership and the team’s emphasis on innovative products and world class customer care. Our shared commitment to help small businesses grow has been core to our partnership and we believe the Tock business will continue to thrive in its exciting next chapter with American Express.”
Squarespace is a design-driven platform helping entrepreneurs build brands and businesses online. We empower millions in more than 200 countries and territories with all the tools they need to create an online presence, build an audience, monetize, and scale their business.
Our suite of products range from websites, domains, ecommerce, and marketing tools, as well as tools for scheduling with Acuity, creating and managing social media presence with Bio Sites and Unfold, and hospitality business management via Tock.
In addition to the acquisition of Tock, American Express also announced its purchase of Rooam, a contactless payment platform used in stadiums and entertainment venues.
These acquisitions demonstrate American Express’s commitment to providing innovative and convenient payment solutions to its cardmembers.
The acquisition of Tock and Rooam by American Express marks a significant milestone in the company’s growth strategy in the dining and event space.
By expanding its portfolio of services and offerings, American Express aims to strengthen its position as a leading provider of premium payment solutions for consumers and businesses alike.
