Revenue Management Solutions (RMS), a leader in restaurant data analytics, has introduced Price Studio, an innovative AI-powered dashboard aimed at transforming strategic restaurant pricing. This tool is designed to elevate profitability for restaurant brands by enabling franchisees and multi-unit operators to quickly develop and assess complex pricing scenarios without compromising customer traffic.
John Oakes, CEO of RMS, highlighted the critical need for informed pricing decisions in an era where menu prices have surged by up to 40% since 2019, alongside declining customer visits. Price Studio addresses this challenge by integrating a wide range of data, including historical consumer behavior, seasonality, and competitor pricing insights from over 170,000 restaurants, to simulate pricing strategies that benefit both customers and businesses.
Price Studio stands out by offering AI-driven price recommendations and actionable insights into potential revenue, traffic, and cost impacts. Its user-friendly dashboard allows for the testing and implementation of pricing adjustments across entire menus, with the capability to directly export these changes to a restaurant's POS system. This feature significantly reduces the time required for such processes, which traditionally could take months.
The platform also enables users to explore pricing opportunities across all menu items, assess margin impacts by price tier and category, and identify possible traffic risks and margin challenges. It ensures that pricing strategies are in harmony with marketing efforts and brand pricing guidelines, facilitating profitable decisions at various operational levels.
Moreover, Price Studio identifies overpriced items that may benefit from price reductions, offering a balanced approach to menu pricing. By analyzing the potential outcomes of pricing changes swiftly, restaurants can adopt strategic, targeted pricing strategies that uphold customer value.
Oakes emphasized the platform's ability to tailor profit-driven pricing strategies based on customers' willingness to pay and their perception of value. Price Studio enables brands to experiment and learn rapidly, considering factors like menu mix, item trading relationships, brand integrity, and evolving customer behaviors.
For more information on how Price Studio can transform restaurant pricing strategies, visit https://www.revenuemanage.com/.
