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By Nishang Narayan
Published on March 30, 2024
In a bold move to redefine how restaurants approach their pricing strategies, Revenue Management Solutions (RMS) has rolled out Price Studio, a cutting-edge, AI-powered dashboard. Aimed at equipping restaurant brands with a smarter way to set prices, Price Studio combines RMS's deep industry knowledge with advanced AI technology. This innovative tool is designed for franchisees and multi-unit brands, allowing them to quickly evaluate and test pricing strategies without risking customer footfall.
John Oakes, CEO of RMS, highlighted the urgency for accurate pricing decisions in today's market, noting, "With menu prices soaring up to 40% since 2019 and a noticeable dip in customer traffic, the stakes for getting pricing right have never been higher." Price Studio steps into this challenging landscape with a promise to streamline the pricing process, providing brands with a comprehensive view of the pricing environment and enabling the simulation of pricing scenarios directly from their desktops.
What sets Price Studio apart is its ability to synthesise data from a myriad of sources. This includes historical customer behaviour, seasonality adjustments, proprietary consumer price elasticity scores, competitive pricing data from over 170,000 restaurants, and real-time POS data. Such a wealth of information ensures that brands have all the insights they need to make informed pricing decisions.
The AI-driven dashboard of Price Studio not only suggests optimal pricing adjustments but also offers detailed insights into how these changes could affect revenue, customer traffic, and overall costs. What used to take months of analysis and planning can now be accomplished in a fraction of the time. With Price Studio, restaurant brands can easily test out pricing strategies across their entire menu and seamlessly integrate the chosen prices into their POS systems.
By leveraging Price Studio, brands can pinpoint pricing opportunities across their menu, assess the impact of price changes on margins, and identify potential risks. This ensures that any pricing strategy adopted is in harmony with the brand's marketing efforts and overall pricing guidelines, fostering profitability at both the micro (individual locations) and macro (regional or system-wide) levels.
Price Studio's introduction marks a significant advancement in the realm of restaurant pricing, providing a path to create profit-driven pricing strategies that resonate with customers' value perceptions. As John Oakes aptly puts it, "Price Studio empowers restaurants to devise pricing strategies that truly reflect what their customers are willing to pay, enhancing both brand integrity and profitability."
Published on April 9, 2024
Ramada by Wyndham Hotel in Ahmedabad has successfully overcome manual management challenges and significantly boosted revenue and efficiency with the implementation of STAAH's hospitality technology solutions.
The hotel, ideally located in Ahmedabad's corporate hub and frequented by both business and leisure travellers, was facing issues such as manual rate and inventory management, unintentional errors in bookings, revenue loss due to delayed rate updates, and overbookings. These challenges were resulting in high costs and suboptimal guest experiences for the Ramada by Wyndham group.
Atul Budhraja, Vice President of Ramada by Wyndham, highlighted the transformative impact of STAAH's suite of solutions on the hotel's operations. By automating manual processes and integrating advanced yield optimization features, STAAH has enabled the hotel to save several hours per week on rate and inventory management. The mobile app provided by STAAH allows for real-time management of inventory and rates, ensuring seamless operations even on the go.
STAAH's distribution suite, including Swiftbook and Max Channel Manager, has empowered the hotel to drive commission-free direct bookings through its website while effectively managing inventories across various booking channels. Additionally, tools like ReviewMinder have helped the hotel enhance its online reputation and attract more business.
The yield-optimization features offered by STAAH, driven by dynamic pricing and market insights, have revolutionised revenue management for Ramada by Wyndham. The hotel staff can now make informed decisions based on market conditions and demand, efficiently adjusting rates and maximising revenue.
Shoaib Ali, National Sales Head India at STAAH, expressed pride in the partnership with Ramada by Wyndham Ahmedabad and emphasised STAAH's commitment to overcoming manual management challenges, driving revenue growth, and enhancing guest experiences through innovative hospitality technology solutions.
The successful collaboration between Ramada by Wyndham Ahmedabad and STAAH underscores the importance of leveraging advanced technology to optimise operations, drive revenue, and deliver exceptional guest experiences in the hospitality industry.
A recent study by RightResponse AI unveils the significant impact of reviews and ratings on diners' dining decisions, with 91% of respondents acknowledging their reliance on these factors. The research underscores the importance of recent reviews, with nearly two-thirds of diners focusing on reviews less than one month old, signalling a preference for up-to-date information.
RightResponse AI, a leading provider of AI-powered review management solutions, has released a comprehensive report titled "We Digested Over 100,000 Restaurant Reviews, And This Is What We Learned." This analysis delves into customer sentiment and behaviour, leveraging advanced sentiment analysis capabilities to extract valuable insights for the restaurant industry.
Through an examination of over 257,000 phrases from restaurant reviews, RightResponse AI identified notable trends affecting the industry. Key findings include the increasing length of reviews across all star ratings and a significant rise in response rates, particularly in chain restaurants, where response rates approach 60%.
Interestingly, the research reveals a disparity in customer satisfaction between chain restaurants and single-location establishments. Despite similar star ratings, chain restaurants exhibit a lower percentage of positive mentions, highlighting potential areas for improvement in customer experience.
In parallel with this analysis, RightResponse AI conducted the 2024 Restaurant Diner Survey Insights, exploring diners' online search behaviours, review habits, and expectations regarding review responses. Notable insights from the survey include the influence of personalised and informative review responses on dining decisions, with 78% of potential patrons considering such responses influential.
George Swetlitz, co-founder of RightResponse AI, emphasises the significance of these findings in shaping restaurant success. He states, "Understanding and engaging with customer feedback in a personalised and informative manner is crucial for restaurant establishments of all sizes. RightResponse AI is committed to democratising access to advanced AI tools that enable businesses to enhance customer satisfaction, improve Google Map rankings, and attract new customers."
In addition to its research efforts, RightResponse AI has introduced a Free AI Review Response Generator, empowering users to add informative content to AI-generated review responses. This innovative tool, coupled with the option to upgrade to RightResponse AI's Intelligent Review Responder, provides businesses with scalable solutions to manage and respond to reviews effectively.
By Nithyakala Neelakandan
Published on April 7, 2024
In today's fast-paced world, your favorite fast-food chains are embracing the power of artificial intelligence (AI) to enhance operations and customer experiences. Yum Brands, the parent company of beloved eateries like KFC, Pizza Hut, and Taco Bell, is at the forefront of this technological revolution.
With approximately 45% of sales now coming from digital channels, totaling around $30 billion, Yum Brands is doubling down on AI to drive further growth and efficiency. Joe Park, Yum's chief digital and technology officer, envisions an "AI-first mentality" permeating every aspect of restaurant operations, from customer interactions to kitchen management.
Imagine pulling up to a drive-thru and placing your order with a voice AI system instead of a human attendant. That's just one example of the AI-powered innovations being tested by Yum Brands. Additionally, the company is developing a groundbreaking "SuperApp" for employees, allowing them to effortlessly access information on menu preparation, shift scheduling, and ingredient procurement, all with the assistance of AI technology.
Despite concerns about AI potentially replacing human jobs, Yum Brands reassures that its workforce will remain essential. Instead of displacing employees, AI is seen as an opportunity to enhance their skills and elevate their experiences on the job.
For customers, the integration of AI means a more personalized dining experience. By leveraging unified customer data, AI systems can tailor promotions and predict preferences, creating a seamless and enjoyable interaction with the brand.
While there are understandable concerns about the safety and reliability of AI in food preparation, Yum Brands is committed to ensuring that proper precautions are taken. By prioritizing customer safety and satisfaction, the company aims to harness the full potential of AI while mitigating any risks.
As the world continues to embrace digital technologies, Yum Brands remains at the forefront of innovation in the fast-food industry. By leveraging AI to streamline operations and enhance customer experiences, the company is setting a new standard for quick-service restaurants everywhere.
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