Why I'm Buying Olo, the Shopify of Restaurants
Shopify (NYSE: SHOP) has had a massive return for investors, running up 4,000% since its initial public offering in 2015. And it's not too late to buy Shopify -- I feel like it's got another 10-bagger in it, at least. Shopify, like Amazon, is an amazing stock because it's using technology to revolutionize how we shop. And retailing is a massive, $25 trillion worldwide market. Unlike Amazon, Shopify is not a consumer-facing business. It works on the back end, as a B2B (business-to-business) software company. Shopify is low-profile, so its retailing clients can shine.
Olo (NYSE: OLO) is doing something similar in the $3-trillion worldwide restaurant industry. Using its software-as-a-service (SaaS) platform, restaurants can expand their online footprints. And unlike DoorDash and similar companies that are using the internet to transform food delivery, Olo is not a consumer-facing business. It too works on the back end, as a software platform that allows restaurants to keep all their software applications organized. This makes restaurants happy, as they can create and foster digital relationships with their customers.
Image source: Getty Images.
Source Fool.com
