Revenue Management Solutions (RMS) has introduced Price Studio, an innovative AI-powered dashboard aimed at transforming restaurant pricing strategies to boost profitability. This tool represents a significant advancement in the restaurant industry, offering franchisees and multi-unit brands the ability to quickly develop and test complex pricing scenarios without risking customer traffic.
John Oakes, CEO of RMS, highlighted the critical need for informed pricing decisions in today's market, where menu prices have surged by up to 40% since 2019, alongside declining customer traffic. Price Studio addresses these challenges by integrating data from various sources, including historical customer behavior, seasonality, and competitor pricing insights from over 170,000 restaurants, to provide actionable pricing recommendations.
The platform's AI capabilities enable users to explore pricing opportunities across all menu items, assess margin impacts by price tier and category, and identify potential traffic risks. Moreover, Price Studio facilitates the alignment of pricing strategies with marketing initiatives and brand rules, ensuring profitable outcomes at every level, from individual locations to entire systems.
One of the standout features of Price Studio is its ability to flag overpriced items that may benefit from price reductions, all through an intuitive dashboard. This functionality allows brands to swiftly analyze the potential outcomes of pricing changes, enabling them to devise strategic, targeted, and profitable pricing strategies that uphold customer value.
Oakes emphasized the platform's role in helping restaurants craft profit-driven pricing strategies that reflect customers' willingness to pay and perception of value. By leveraging Price Studio, brands can expedite the testing and learning process, taking into account factors like menu mix, item trading relationships, and evolving customer behavior.
For more information on how Price Studio can revolutionize restaurant pricing strategies, visit https://www.revenuemanage.com/.
