Revenue Management Solutions (RMS), a global leader in restaurant data analytics, has unveiled Price Studio, a groundbreaking AI-powered dashboard that will evolve strategic restaurant pricing and deliver new levels of profitability for restaurant brands.
Price Studio sets a new standard in restaurant pricing strategy by marrying RMS’ unparalleled expertise with the latest AI technology. The easy-to-use solution empowers franchisees and multi-unit brands to build and test the viability of complex pricing scenarios within minutes without negatively affecting customer traffic.
‘Since 2019, average menu prices have increased as much as 40%, and customer traffic is declining,’ said John Oakes, CEO of RMS. ‘In this environment, making well-informed pricing decisions is crucial. Price Studio incorporates data across the full pricing environment so brands can simulate price scenarios that create real value for customers and their business — all from their desktop.’
Drawing on three decades of pricing expertise, RMS engineered Price Studio as part of a comprehensive suite of solutions that uses technology to simplify an increasingly competitive pricing landscape. The platform is the first to incorporate data across internal and external sources, including historical customer behavior, seasonality, RMS’ patented consumer price elasticity scores, competitor pricing insights from over 170,000 restaurants and POS data.
Price Studio’s AI capabilities deliver price recommendations alongside actionable insights into revenue, traffic and cost implications. Through the easy-to-use dashboard, brands can test and implement pricing adjustments across entire menus and directly export them to their restaurant’s POS system, streamlining a process that traditionally would take months.
Users can uncover pricing opportunities across all menu items, compare margin impacts by price tier and category, and identify potential traffic risks and margin challenges. Price Studio ensures that pricing strategies align with marketing initiatives and brand pricing rules to guide users toward profitable pricing strategies at all levels, including individual locations, regions or entire systems.
In addition to identifying opportunities to adjust pricing on popular items without negatively affecting sales, Price Studio flags items that might be overpriced and could benefit from a reduction, all through its intuitive dashboard. By quickly analyzing the potential outcomes of pricing changes, brands can craft a strategic, targeted and profitable pricing strategy that protects their customer value equation.
‘Price Studio helps restaurants create profit-driven pricing strategies tailored to their customers’ willingness to pay and their perception of value,’ said Oakes. ‘Thanks to the platform, brands can test and learn in less time than ever before while still weighing the many factors that affect the value equation, such as menu mix, item trading relationships, brand integrity and changing customer behavior.’
Learn more about Price Studio and how it can revolutionize your restaurant’s pricing strategy at https://www.revenuemanage.com/.
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