Revolutionising Restaurant Pricing: RMS Launches AI Price Studio

Revolutionising Restaurant Pricing: RMS Launches AI Price Studio

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.

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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.

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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."


InnSpire Unveils InnSpire.ONE AI, Transforming Global Hotel Operations

InnSpire Unveils InnSpire.ONE AI, Transforming Global Hotel Operations

By Nishang Narayan

Published on April 15, 2024

InnSpire, known for its cutting-edge technology solutions in the hospitality sector, has recently announced a global rollout of its latest achievement, the InnSpire.ONE AI platform. This platform is set to redefine the operations of high-end hotels around the world by improving communication, personalising guest interactions, optimising task management, and aiding in executive decision-making.

Martin Chevalley, the CEO and Co-founder of InnSpire, expressed his excitement about the launch, stating, "InnSpire.ONE AI is a game-changer for the hospitality industry, enabling hotels to enhance their service quality and efficiency, which is crucial in today's fast-paced market."

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The platform offers several notable features:

Personalized Guest Engagement: Utilises AI to provide immediate, tailored responses to guest inquiries, enhancing satisfaction and loyalty.

Transformative Staff Communication: Promotes efficient communication among staff, simplifying workflows and boosting productivity.

Effortless Task Management: Automates task allocation and monitoring, ensuring that every detail is managed flawlessly.

Strategic Insights for Executives: Functions as a vital source of data, offering insights that help in making informed business decisions and maintaining a competitive edge.

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Since its debut at HITEC 2023 in Toronto, the platform has been implemented at The Don CeSar in Florida and is expanding globally. Parker Harvey, a director at The Don CeSar, shared his positive experience, noting, "InnSpire.ONE AI has significantly enhanced our guest engagement, setting new standards in personalised service."

For more details on how InnSpire.ONE AI integrates with other guest services like mobile check-in and entertainment solutions, visit www.innspire.com.


Expedia Enhances Hotel Bookings with TravelAds During Major Events

Expedia Enhances Hotel Bookings with TravelAds During Major Events

By Nishang Narayan

Published on April 15, 2024

Expedia Group has recently shared insights into the success of its TravelAds tool, a sponsored listings platform that enhances visibility for hotel partners in search results across its brand network. This tool has been especially effective during major cultural events, helping partners capitalise on increased demand.

TravelAds operates by targeting ads based on real-time data about travel intent and demand, allowing hoteliers to reach the most relevant audience. According to Expedia's latest data, hotels engaging with TravelAds experienced a 90% increase in visibility and a 120% surge in bookings compared to those not using the service.

In 2023, during high-profile events like Wimbledon, the Super Bowl, and Taylor Swift concerts, participating hotels saw significant boosts in revenue and bookings. This trend is expected to continue into 2024, with Expedia planning to leverage TravelAds for upcoming global events such as the Paris Olympics and major world music tours.

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Jennifer Andre, Vice President of Business Development at Expedia Group, expressed enthusiasm about the ongoing collaboration with hotel partners. She noted, "We’re excited to continue working with our partners during 2024’s biggest cultural moments to offer them our full suite of advertising options and to elevate their listing when they need it the most."

Expedia has also introduced an automated bidding feature within TravelAds, allowing partners to fine-tune their bids according to market goals and budget constraints. This enhancement simplifies the process for hoteliers, making it easier to achieve optimal ad placements without constant manual adjustments.

Furthermore, Expedia's commitment to expanding its network is evident in its recent efforts to establish new and expanded partnerships with hotels, booking platforms, and tourism boards worldwide. This strategic expansion not only broadens Expedia's global footprint but also enriches the opportunities available to its partners through platforms like TravelAds.


Novotel New Delhi Aerocity Pioneers Sustainable Hospitality with EV Charging Station

Novotel New Delhi Aerocity Pioneers Sustainable Hospitality with EV Charging Station

By Nishang Narayan

Published on April 13, 2024

Novotel New Delhi Aerocity is taking a significant step towards sustainable hospitality by teaming up with Charge Zone to introduce an Electric Vehicle (EV) charging station on its premises. This initiative underscores the hotel's dedication to integrating eco-conscious practices into its operations and solidifies its position as a leader in sustainable hospitality.

Strategically located near the entrance, the EV charging station offers guests a convenient and efficient way to charge their electric vehicles while enjoying the hotel's amenities. Accessible to guests staying at both Novotel and Pullman, the EV charging station demonstrates the hotel's commitment to providing sustainable solutions to its patrons.

As part of its ongoing efforts towards environmental stewardship, Novotel New Delhi Aerocity has implemented various eco-friendly initiatives within its premises.

Notably, the hotel boasts a 5500 sq ft herb garden dedicated to organic farming and operates a glass bottling plant to support its sustainability goals. Furthermore, Novotel New Delhi Aerocity is actively working towards reducing single-use plastics, aligning with the brand's objective of eliminating them entirely by 2050.

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In a bid to promote sustainable practices, the hotel has replaced plastic straws, stirrers, and in-room amenities with eco-friendly alternatives. Moreover, it embraces Fairtrade-certified products such as Kimirica and Oriental Lotus amenities, emphasising its commitment to ethical and environmentally conscious choices.

Vineet Mishra, Cluster General Manager of Pullman & Novotel New Delhi Aerocity, expressed his satisfaction with the launch of the EV charging station, stating, "It not only reflects our dedication but also provides a practical solution for our discerning guests who increasingly prioritise eco-friendly options."

Novotel New Delhi Aerocity blends environmental consciousness with exceptional comfort, and the introduction of the EV charging station represents a significant milestone in its journey towards a more sustainable future, setting new standards in conscientious hospitality.

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