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Why Should Restaurants Try Dynamic Pricing?

In my last article, I talked about how the definition of dynamic pricing varies, but that in general dynamic pricing is all about prices varying based on demand.

Okay, this is nice, but why would a restaurant adopt dynamic pricing? Given my experience in the hotel and other industries, I can think of many reasons, but decided to ask the survey respondents what they thought. Not surprisingly, the top reason (92% of respondents!) was to increase revenue. But reasons #2 and #3 might surprise you. The second most chosen response (82%) was to spread demand to slower periods, while the third was to better manage capacity (70%). To me, this indicates a good understanding of the fact that dynamic pricing is NOT just about increasing prices during busy periods.

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