Tock, the online reservations company, turned 10 this year, and it marked the occasion in an unusual way, at least by Tock standards.
The company published the Tock 10, a list of 10 restaurants that “took a chance” by joining the reservations platform in its early days. They include Alinea, the Chicago fine-dining phenomenon where Tock got its start, as well as Lazy Bear in San Francisco and Spoon and Stable in Minneapolis.
The Tock 10 is the first installment in a regular series that will highlight some of the more than 7,000 restaurants on the platform. It also represents the start of an editorial strategy for Tock, which has until now been primarily focused on building software. That includes the innovative pre-paid reservation model that helped fine-dining restaurants drastically reduce no-shows when it was introduced 10 years ago.
The shift is in large part a function of its new owner, American Express, which acquired Tock last year for $400 million as the credit card giant doubled down on the restaurant business. The deal brought Tock together with Amex-owned Resy, one of Tock’s biggest competitors.
Under American Express, Tock and Resy will work closely together, using their individual strengths to make each other better.
"While our goal remains the same, we are going to serve restaurants, but we think we're going to be able to do it better," said Matt Tucker, head of Tock, in an interview. "We will combine the best products from Tock and the best products from Resy into a unified experience."
Matt Tucker, head of Tock. | Photo courtesy of Tock
Tock’s restaurant selection skews heavily toward fine dining as well as wineries and hotels, and the company is known for its tech innovation. Resy made its mark with trendy local restaurants and a robust editorial arm. Together, they account for more than 27,000 restaurants and 50 million registered customers.
Tucker said it’s too early to say whether Tock and Resy could eventually merge into a single reservations platform. But there are already signs that an exchange of ideas is underway. The Tock 10 is a prime example.
“It’s very different for us,” Tucker said. “In many ways, we've been challenged by our brethren at Resy. They have an incredible editorial team. And so it's given us the ability to spread our wings a little bit and say, OK, let's see what we can do.”
It comes amid growing competition in the restaurant booking world, not only between Tock/Resy and their largest rival, OpenTable, but also from outside sources. Many POS systems now offer reservations as a standard feature. Customers can book a table on Google. That’s a threat to companies like Tock, which are looking for ways to drive more consumers to their own sites.
“How do we make it as easy as possible, or how do we benefit you somehow, to come back and start your journey here?” Tucker said.
More content and curation are potential answers to that question, which is one reason why Tock is making efforts on that front. But it’s also focused on staying two steps ahead with its technology, which will help restaurants and customers alike, Tucker said.
For instance, it recently introduced a new feature for restaurants called multi-experience tables. This allows restaurants to list a table on Tock for different uses, from a la carte dining to a wine pairing or chef’s tasting.
Each of those occasions represents a different level of revenue for the restaurant. So it may offer the table for a pricier chef’s tasting first, then scale it down to a wine pairing or a regular a la carte meal if no one bites.
“It gives different opportunities to book, starting, theoretically, with your most expensive,” Tucker said. “It's giving the guests what they want and giving the restaurant the ability to maximize revenue per seat.”
More competition and new ownership will bring other changes to Tock. It will broaden its selection beyond primarily upscale restaurants to include local favorites like Chicago’s Pequod’s Pizza, Tucker said. And after years of relying mainly on word of mouth to get restaurants to sign up, American Express will give Tock some real marketing muscle to help it win business.
While Tock is turning 10, American Express is turning 175, and has a wealth of experiences and resources to impart to the younger company.
“We're excited about the Amex acquisition,” Tucker said. “We're super excited about the future.”
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