Modern Restaurant Management

OCTOBER 9, 2023

The data also supports what RMS has been advising: pricing must be strategic. Insights from transactional POS data specific to locations and customer segments can help operators assess where item sensitivities are low or high, indicating which items might have further pricing opportunities and which don’t.

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Modern Restaurant Management

NOVEMBER 15, 2022

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.

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SpotOn

OCTOBER 7, 2024

If you’ve ever seen a gas station sign with two sets of prices on it—one for cash and another for credit cards—then you’re already familiar with dual pricing. Cash discounting, or dual pricing, is a pricing model where you offer a discount to customers who pay with cash.

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Perfect Daily Grind

APRIL 30, 2023

Over the past year or so, rising food prices and energy costs have been affecting many people around the world. In fact, in March 2023, the BBC reported that food prices had reached a 45-year high in the UK , with many other major coffee consuming countries also going through similar price increases.

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Sculpture Hospitality

OCTOBER 24, 2023

But, as restaurant owners and operators, it’s important that you don’t overlook another equally crucial aspect of menu creation and that is pricing. Creating an enticing menu is an art form.

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Modern Restaurant Management

APRIL 12, 2022

RMS just released our latest findings around consumer sentiment for Q1 , which revealed, among other things, that price is starting to matter—and not by an insignificant amount. When asked why they were getting less value from a restaurant visit, 82 percent reported higher prices. The sentiment has changed rapidly.

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Modern Restaurant Management

MARCH 2, 2022

Restaurant menu prices continue upward as the U.S. Operators are being forced to make changes in an effort to navigate the price escalation. Technomic also reported that 45 percent of consumers say they usually pick restaurants with lower prices. Department of Labor reported an inflation rate of 7.5 percent on an annual basis.

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Modern Restaurant Management

SEPTEMBER 9, 2021

The data to analyze with food is the following: food sales, food costs, sales mixture, food inventory, cost of goods sold, menu pricing, invoice reviews for accuracy of pricing, stock on hand, beginning and end of day protein counts, and daily sold items. They have to price it on the menu and add it to the inventory. Food Costs.

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EATER

FEBRUARY 27, 2024

Fast food chain Wendy’s has announced plans to test “dynamic pricing” at its locations across the country, beginning in 2025. According to CNN, the move is a part of the chain’s $20 million investment in digital menu boards, which will allow it to tweak the price of a Biggie Bag or Frosty in real time. If so, you’re in luck!

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Perfect Daily Grind

SEPTEMBER 22, 2022

Over the past year or so, coffee prices have been steadily increasing. The first sign that prices would increase was a sudden frost which hit some of Brazil’s major coffee-producing regions in late July 2021. Since then, prices have consistently remained above the US $2 mark. Exploring prices and costs at origin.

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Modern Restaurant Management

NOVEMBER 7, 2022

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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Wasserstrom

MAY 15, 2024

The restaurant industry is abuzz with a concept borrowed from other sectors: dynamic pricing. This strategy involves adjusting menu prices based on factors like time of day, customer demand, and even weather. Dynamic Pricing in the News […] The post Will Dynamic Pricing Hit the Menus?

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Modern Restaurant Management

MAY 13, 2024

Tastes and preferences constantly change as trends come and go, keeping the restaurant industry on its toes. But two non-negotiables have remained strong for diners: convenience and loyalty. With digital and frictionless experiences at the forefront, diners are seeking their favorite restaurants in new, more affordable ways.

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Squirrel Systems

MAY 3, 2024

In today’s competitive dining industry, maintaining profitability while keeping prices stable is a significant challenge for restaurateurs. High operating costs, fluctuating commodity prices, and the ever-evolving preferences of guests can all squeeze margins.

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Perfect Daily Grind

APRIL 4, 2022

In the coffee industry, larger roasters generally have a greater capacity to manage price risk, but small and medium-sized roasters also have tools at their disposal. To learn more about how coffee roasters can manage and minimise the impact of price risk, I spoke to some industry experts to learn more. What is price risk?

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Perfect Daily Grind

JANUARY 31, 2023

For the most part, both the price of arabica and robusta rely on futures contracts. These are legal agreements to buy or sell a particular commodity at a predetermined price on a set date. Fluctuations in the market can influence prices paid by roasters and consumers and prices paid to farmers, as well as their production costs.

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Perfect Daily Grind

MARCH 21, 2023

And while these actors can certainly play an important role, their presence in the supply chain can often mean that producers end up receiving a smaller percentage of the final price of each cup of coffee. As part of this, farmers can receive higher prices for their coffee. This is especially important to note.

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Ken Burgin

OCTOBER 19, 2021

Operators still holding the price of meals to what they were 12 months ago are bearing the brunt of massive increases in the cost of ingredients. Setting prices is approached with fear and anxiety by many restaurant and cafe operators, but it’s a unique opportunity to use your marketing and financial skills and make more money.

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Modern Restaurant Management

DECEMBER 1, 2021

In October, the USDA reported year-to-date averages, noting that food-at-home (grocery store) prices have increased 2.5 percent and food-away-from-home (restaurant) prices have increased 3.6 percent, and food-away-from-home prices are expected to increase between 3 and 4 percent. If current projections from the U.S.

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EATER

SEPTEMBER 20, 2023

In the bread aisle, you see two loaves identically wrapped; both are perfectly edible, but one is a day older and costs half the price. This is a business practice called dynamic pricing, and it may be coming soon to a supermarket near you. The price is changing throughout the [time] horizon.” Which do you choose?

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Hot Schedules

JULY 15, 2021

Mitigating Cost Price Inflation Via Supplier Management. T echnology alone can’t affect the causes of cost price inflation. These allow them to set fixed pricing agreements, such as guaranteed prices for an item over a given period irrespective of market fluctuations, or rebates once certain order quantities have been met.

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Cheetah

SEPTEMBER 30, 2021

Learn how this affects your business, from restaurant suppliers struggling to keep up, to rising food prices led by labor shortages and increased consumer demand for quick, cheap food. Energy prices are very high right now too. Restaurants Deal with Rising Prices and Delays. Labor Crisis Continues. Cheetah Tip. Need Support?

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Restaurant365

JANUARY 4, 2022

Restaurant inventory management plays a key role in overcoming rising food prices. Logistics challenges and labor shortages have fueled rising food prices at the wholesale level. Data from the Bureau of Labor Statistics showed the November Producer Price Index, a measure of wholesale prices, up 9.6% from a year ago.

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Chowly

JUNE 7, 2023

It’s called smart pricing. It’s a powerful way restaurants can maximize their revenue and profits with a “right price at the right time” model. Smart pricing encourages optimal capacity without sacrificing customers eager to patronize your business — here’s why.

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Modern Restaurant Management

OCTOBER 8, 2020

Any weather-related issues can have a dramatic effect on supply and prices as lettuce transitions from one area to the next. “Growers may need to harvest sooner than desired, which leads to lower yields and quality, lower overall supply and higher pricing. As we know, weather is not always predictable.

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Xtra Chef

FEBRUARY 5, 2020

Menu pricing can seem daunting. To start, it’s a numbers game that involves calculating plate cost and a target menu price. But successful menu pricing is so much more than this. In this post, you’ll learn how to price a menu by considering all factors that determine your position on a price continuum.

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Perfect Daily Grind

NOVEMBER 13, 2022

From early 2021 through until mid-2022, coffee prices increased steadily – with arabica futures reaching a ten-year high of US 258.95 However, in recent weeks, the global market price of coffee (also known as the C price) has fallen to an 18-month low of US 174.20 cents/lb in February 2022. How do coffee co-operatives work?

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ChowNow

FEBRUARY 11, 2020

While customers might initially be delighted by the array of choices they have, the prices will leave them shocked and disappointed. In fact, for nine out of every ten of these newly added restaurants, customers are paying higher prices and having lower quality experiences.

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Modern Restaurant Management

AUGUST 2, 2024

As a result, they are making hard decisions to adjust prices and make menu changes. In the new tfgTOUCHPOINTS ™ 2024 Report, operators provide an in-depth look at the many challenges they are facing, including rising labor costs, staffing shortages and rising utility bills. LTO Impact A new Placer.ai

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Goliath Consulting

AUGUST 28, 2020

With how the restaurant industry looks right now, from shifting consumer behavior and volatile demand, strategically pricing a menu has never been so complicated, nor so important. Talk to your vendors about commodity price trends that impact your menu. Determine the pricing elasticity of items. Study the market. Next Steps.

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Apicbase

APRIL 13, 2023

Restaurants often cater to their most loyal patrons , and because loyal and first-time customers alike tend to pay attention to how much they’re paying for their food, changing menu prices is risky business for restaurants. As a result, dynamic pricing in restaurants hasn’t been common in the past. What is Dynamic Pricing?

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