TripAdvisor Inc. (TRIP - Free Report) announced that it has unveiled an online listings management solution - Menu Connect.
The new solution — which utilizes SinglePlatform's technology — enables restaurants to publish, update and manage their menu and business information across a wide network of sites without any hassle.
Notably, TripAdvisor acquired SinglePlatform from Endurance International Group in December 2019. SinglePlatform, which is an online platform, allows restaurants to post and monetize their menus. It also works with restaurants to manage other information such like their business names, opening hours, and contact information on main search as well as sites like Google and Facebook.
The tool is already in use by approximately 27,000 restaurants. Restaurant owners need to confirm their listing details and upload menu to Tripadvisor to start using this solution.
This new solution will help the company deepen relationships with restaurant owners and in turn diversify revenues to better compete with Alphabet’s Google.
How Will Menu Connect Aid TripAdvisor?
TripAdvisor has been making constant efforts to expand restaurant offerings and distribution capabilities.
Now, the company has come out with a new tool for restaurateurs, which will update all information about a restaurant like its location, photos and menus across the Internet to many popular restaurant discovery sites as well as apps, including Tripadvisor, Google, Yelp and more.
Reportedly, since early July, restaurant search traffic on Tripadvisor has been gradually on the rise in the United States.
The latest deal will enable it to further expand the digital marketing suite for restaurants by marketing and updating business information, as well as providing other listing management services to restaurant owners. This will likely help the company attract more diners, thereby increasing traffic for TripAdvisor.
TripAdvisor’s new online listing management solution is in line with its goal of diversifying business. For hotel reviews, TripAdvisor has been witnessing increased competition from Google, as it has beefed up travel capabilities and reviews. In fact, the entire travel sector has been witnessing the same pressure and making efforts to diversify businesses.
Therefore, the new solution is yet another effort by TripAdvisor to deepen relationships with restaurants and generate more revenues.
Zacks Rank & Key Picks
At present, TripAdvisor has a Zacks Rank #4 (Sell). Some better-ranked stocks in the broader technology sector include Dropbox (DBX - Free Report) , Etsy, Inc. (ETSY - Free Report) and Intuit Inc. (INTU - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth rate of Dropbox, Etsy, and Intuit is projected at 34.4%, 26.5% and 12.3%, respectively.
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