From what’s on the menu to ways to order from it, the dining landscape is evolving rapidly. Staying flexible and responsive is now more important than ever. And these changes go beyond customer preferences. Inflationary pressures and fluctuating cost of goods sold are just a few factors making pricing hard to predict. Leveraging dynamic pricing could be the key to being able to pivot when you need to and maintaining a competitive edge for your restaurant.
Why dynamic pricing?
Dynamic pricing allows you to adjust your prices in real-time, you can raise prices during peak hours or lower them during slower periods. It allows your business to adjust prices in a low-cost way so that you can respond to changing cost of goods sold, customer demand, and more. According to a 2024 survey by the National Restaurant Association, 30% of restaurateurs planned for investments in flexible or dynamic menu pricing.
What you’ll find inside:
- How-to implement dynamic pricing: A step-by-step guide to integrating dynamic pricing for your restaurant or store using Square’s tools. From assessing and planning to launching and monitoring, we cover it all.
- Real-world scenarios and practical applications: Explore detailed examples and scenarios that show you how to leverage data analysis, staff training, and customer engagement to inform your pricing strategies.
- Improved communications: Learn how to communicate pricing changes effectively and establish a routine for regular review and adjustment, ensuring your strategy remains responsive to market changes.
Stay ahead of the curve
With dynamic pricing, you can leverage your business’ data to make informed pricing decisions, drive revenue, and support your customers changing behavior and preferences. By using these strategies you can update pricing to meet demand in real time. This guide provides the starting framework you need to implement a successful strategy so your business stays nimble and profitable.
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