Operators must constantly examine as many strategies as they can to drive footfall to their sites, increase spend-per-head and grow revenues. The latest trend to hit the restaurant scene to assist in doing just this is dynamic, or ‘surge’ pricing.
It works by way of price flexibility and being able to alter the price based on demand at different times of the day. Dynamic pricing forms part of a bigger practice called yield management, which monitors revenue streams to maximize their potential for industries with defined characteristics. Some sectors of the hospitality industry are already long-established in the practice, and now restaurant operators are getting in on the act, looking to add a new layer of flexibility.
Take a deeper looking into dynamic pricing is all about and how it’s changing the UK restaurant industry.
Read the full article in QSR Media here.