Reservations at top new restaurants are always a hot commodity, but are they worth paying for? New booking service app Resy sure thinks so. Creating a business model that sells hard to get reservations at some of the best new restaurants, Resy hopes to profit off of consumers’ desire to skip the wait.
To operate, consumers sign up for a Resy account and download the mobile app. Reservations are sold based on demand pricing and while some reservations do not cost anything, most range from $2-$50 dollars. Founder Ben Vaynerchuk argues that “people value time more than anything” and claims that consumers will pay to avoid waiting for a table.
Launched in June of last year, Resy has already enlisted 80 participating restaurants in both New York and Los Angeles and with over 250,000 users, the app is currently in the process of expanding into other markets, including Washington D.C. Resy is also partnering with a car service that will allow users to simultaneously book a table and a car to take them there.
However, this is not the only app on the market offering services like this, I Know the Chef is also a membership that allows users to make last minute reservations with a VIP experience. So this shows that third-party companies have recognized that consumers are willing to pay extra for these perks. Read More