“In the fourth quarter of 2018, we plan to establish our foothold in the UK and set the stage for rapid and explosive growth around the UK next year. All the indications are that the UK will be our fastest growing and largest market. We will also stay ahead of the curve with our technology platform by continuing to develop innovative ways to ensure BigDish is a truly lasting, win-win proposition, for both consumers and restaurants. We look forward to updating the market on our progress.
· Launches today with a select number of restaurants in Bath
· Targets 70 independent restaurants in Bath and Bristol in the fourth quarter of 2018
· Migration of Table Pouncer to BigDish platform
o 126,122 diners seated via Table Pouncer in 2017
o Table Pouncer was acquired by BigDish on August 2nd 2018
· Fourth quarter sets the stage for aggressive rollout across the UK in 2019, targeting up to 6,000 restaurants
A select number of restaurants in Bath were chosen for the beta launch of BigDish in the UK. The beta stage will be for an initial one month period. The goals of this first month are to ensure that the technology and booking process operates seamlessly, to test various marketing channels with a view to understanding the economics to achieve scale, and to gain insights into customer data via the BigDish proprietary business intelligence platform.
At the end of this one month period, BigDish will seek to increase the number of restaurants in Bath and expand to neighbouring Bristol. The goal for the fourth quarter in Bath and Bristol is to grow to 70, predominantly independent, restaurants. The Company will target larger restaurant chains at a latter date. The Company has hired a territory manager who will seek to grow the business in south west England.
During October, the Bournemouth restaurants currently on TablePouncer will be migrated to the BigDish platform. In 2017, TablePouncer received 45,117 bookings in Bournemouth and seated 126,122 diners, a market leading position and an increase on the previous year.
BigDish will generate revenue in the UK initially by charging restaurants an average fee of £1 per diner seated via the BigDish platform. The Company collects revenue in the UK predominantly via direct debit. As BigDish grows around the UK, the Company hopes to create additional revenue streams which include premium placing on the platform, advertising within the application, and monetization of data insights.
Based on reaching the fourth quarter objectives in the UK, the Company then plans to embark on an aggressive roll out across the UK, targeting up to 6,000 restaurants.
BigDish believes that yield management presents an opportunity to disrupt restaurant discount cards and voucher or coupon businesses. These business models generate minimal to no data and are ripe for disruption. In addition, these old models offer little flexibility to restaurants and BigDish believes it is important to create a win-win solution for both restaurants and consumers. Dynamic pricing changed the way airlines seats and hotel rooms were sold and BigDish believes the restaurant industry has the same potential.
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