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Where Should Dynamic Pricing Be Applied?

Not surprisingly, digital orders led the way for ordering methods (89% of respondents), followed by kiosks (51%) and menu boards (42%). Why do I say not surprisingly? Well, according to the Square 2022 ‘Future of Restaurants’ report, 88% of operators would consider exchanging physical menus for digital and according to the National Restaurant Association, operators in all six segments think that digital and QR menus will become more common in the future.

So, why the interest in digital? The answer is pretty straightforward! Depending on the POS system used, it can be relatively straightforward for a restaurant to change prices. But, it’s more than just that. By having the wealth of data that digital menus can provide, operators can more clearly understand demand variations and be able to quickly react to these variations by changing prices. As pointed out in my last article, it’s not always just about raising prices, but lowering prices may attract customers to slower periods. This coupled with an effective loyalty program and/or messaging platform can make it even more successful.

Let’s talk a bit more about digital. Digital ordering is definitely not limited to delivery. In fact, in much of Europa and Asia, digital menus are quite commonplace, even in full service restaurants. Are digital menus likely to be more widely adopted in the US? Well, according to recent studies, that trend has already started. While I’m talking about digital menus, I want to emphasize that given that some customers prefer paper menus, it’s important to give them a choice. For those customers who don’t want to order digitally, have traditional menus available.

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