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What Do Guests Think About Dynamic Pricing?

Modern Restaurant Management

Dynamic pricing would add friction to the guest experience, according to Capterra’s 2023 Dynamic Pricing in Restaurants. Sixty-five percent of consumers say dynamic pricing would make the decision of where and when to eat more difficult; 63 percent say it would make it harder to budget their restaurant spending.

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Building the Value Equation as We Approach the Price CeilingĀ 

Modern Restaurant Management

Striking a balance between value and price. Is it possible to strike a balance between value and price to satisfy both parties? To answer that question, Revenue Management Solutions (RMS) examined two factors: the impact of price increases on QSR sales performance and consumers’ perception of value. Is it possible?

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A Concise Guide to Hotel Inventory Management

InnQuest

It involves tracking and controlling inventory in real-time, making informed decisions on pricing, room allocation and availability, and ensuring that the right resources are available at the right time. Effective management ensures that rooms are allocated efficiently and priced competitively. Maintenance and scheduling are crucial.

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How Small but Mighty Restaurants Can Optimize Data to Muscle Up Growth

Modern Restaurant Management

Let’s say the price of beef goes up. Reviewing your data from past menu adjustments may reveal an increase in the price of a chicken sandwich would create less of an impact on sales than bumping up the price of a hamburger. Another way to slice and dice data is to comb through food costs.

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Revolutionizing Dining: The Future of AI in the Restaurant Industry

Modern Restaurant Management

Furthermore, AI can be an invaluable tool in helping restaurants inform pricing strategies and optimize revenue. By analyzing historical demand and sales data, AI can help identify pricing trends and opportunities for promotions or discounts. The use of AI is not limited to scheduling and staffing.

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Inflation Is Impacting The Restaurant Industry. Hereā€™s How To Fight It.

7 Shifts

7shifts' collects and analyzes large volumes of restaurant data to help inform our machine learning systems that power our Optimal Labor Tool and other efficiency and time-saving features, like the Automatic Scheduler and Labor Cost Savings Calculator. Has the price of going to a restaurant increased? Make small menu price adjustments.

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The Right Technology Can Help Restaurants Make Key Decisions in Uncertain Times

Modern Restaurant Management

The key is to make the right decisions around inventory and pricing at the right times—and having the right technology can make all the difference. Even in the best of times, commodity prices change on a daily basis. Restaurant operators and franchisees are accustomed to this as a basic fact of life. and reporting.

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