Is There a Right Way to Raise Prices?

Modern Restaurant Management

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. To do this, restaurants will either need to use lower cost food items or raise menu prices.

How much of the final price of a cup of coffee do farmers receive?

Perfect Daily Grind

Over the past year or so, coffee prices have been steadily increasing. The first sign that prices would increase was a sudden frost which hit some of Brazil’s major coffee-producing regions in late July 2021. Since then, prices have consistently remained above the US $2 mark.

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THE LINE IN THE SAND WITH RESTAURANT PRICING

Culinary Cues

Restaurants get hit from all angles so when there is a chance to push the envelope on pricing – many do. Of course, there is a handful of masterful chefs and restaurateurs who can charge crazy prices to sold out audiences.

Four ways for small and medium-sized coffee roasters to manage price risk

Perfect Daily Grind

In the coffee industry, larger roasters generally have a greater capacity to manage price risk, but small and medium-sized roasters also have tools at their disposal. What is price risk? For all of these scenarios and more, roasters can exercise something known as price risk mitigation.

The Ultimate Guide to the Best Restaurant POS Systems

No restaurant POS system is a one-size-fits-all solution. And with so many options out there, finding the best restaurant POS system for your venue can be a lot of work. Get the key details of the best restaurant POS systems here.

Should roasters add robusta to blends if arabica prices increase?

Perfect Daily Grind

From early 2021 through until mid-2022, coffee prices have steadily increased. And while robusta prices have also been increasing (mostly because of shipping container shortages in Vietnam), it still remains significantly cheaper than arabica. Why have coffee prices increased?

How do increases in the price of coffee affect co-operatives?

Perfect Daily Grind

From early 2021 through until mid-2022, coffee prices increased steadily – with arabica futures reaching a ten-year high of US 258.95 However, in recent weeks, the global market price of coffee (also known as the C price) has fallen to an 18-month low of US 174.20

How to Price Daily Dinner Specials for Best Results

Restaurant Engine

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The menu price.

Price Matters: Inflation Wearing on Consumer Dining Behavior

Modern Restaurant Management

RMS just released our latest findings around consumer sentiment for Q1 , which revealed, among other things, that price is starting to matter—and not by an insignificant amount. When asked why they were getting less value from a restaurant visit, 82 percent reported higher prices.

How to Raise Restaurant Menu Prices without Negative Pushback

Ken Burgin

Operators still holding the price of meals to what they were 12 months ago are bearing the brunt of massive increases in the cost of ingredients. So how do you put up prices with confidence and style? When Should You Increase Menu Prices? The Process of Raising Menu Prices.

The Ultimate Guide to The Best Restaurant Reservation Systems

Every restaurant is unique, which means that you have to do a bit of research in order to find the best restaurant reservation system for your specific venue, which can be time consuming. That's why we've done your homework for you. Get the guide to discover which reservation system is right for you.

Building the Value Equation as We Approach the Price Ceiling 

Modern Restaurant Management

Striking a balance between value and price. Is it possible to strike a balance between value and price to satisfy both parties? Have We Hit a Price Ceiling? Our findings confirmed that customers would “trade out” due to steep price increases, as noted below.

Improving Restaurant Inventory Management to Beat Rising Food Prices

Restaurant365

Restaurant inventory management plays a key role in overcoming rising food prices. Logistics challenges and labor shortages have fueled rising food prices at the wholesale level. Automate manual restaurant inventory processes to help overcome rising food prices.

How To Boost Your Revenues With The Right Menu Pricing Strategies

The Restaurant Times

You need to carefully price your restaurant menu to make it to the top and earn as much as possible. While it’s understandable that you want to make a profit, being overly aggressive with your menu pricing can drive the customer away. 4 Stellar Ideas For Efficient Menu Pricing .

How Does the Seasonal Transition Affect Produce Price and Availability?

Modern Restaurant Management

Any weather-related issues can have a dramatic effect on supply and prices as lettuce transitions from one area to the next. “Growers may need to harvest sooner than desired, which leads to lower yields and quality, lower overall supply and higher pricing.

Bar Inventory Management: How Do I Correctly Price a Drink?

Sculpture Hospitality

Pricing the drinks in your bar can be tricky. Set your liquor prices too high and you run the risk of driving customers away, but set your drink prices too low and you may not be bringing enough money in to even cover your costs, especially if volume fluctuates.

14 Types of Retail Pricing Strategies, Plus Helpful Tips

Sling

One of the keys to running a successful business is choosing the right retail price strategy. If you set your price too low, you may have a hard time turning a profit. If you set your price too high, you might lose market share. Retail pricing defined. 4) Keystone pricing.

Restaurants Diversify Cooking Oils and Optimize Operations as Prices Soar

Cheetah

Cooking oil prices reached an all time high this October. Cooking Oil Prices Triple amidst Global Shortages. The first years of the pandemic came after nearly 6 years of low vegetable and crude oil prices. The price increase balances out with fewer oil changes.

Sales Mixes: Analyzing Food Costs and Pricing

Modern Restaurant Management

The data to analyze with food is the following: food sales, food costs, sales mixture, food inventory, cost of goods sold, menu pricing, invoice reviews for accuracy of pricing, stock on hand, beginning and end of day protein counts, and daily sold items.

Mitigating Cost Price Inflation Via Supplier Management

Hot Schedules

Mitigating Cost Price Inflation Via Supplier Management. T echnology alone can’t affect the causes of cost price inflation. The post Mitigating Cost Price Inflation Via Supplier Management appeared first on Fourth.

Restaurant Menu Pricing Strategy during COVID-19

Goliath Consulting

With how the restaurant industry looks right now, from shifting consumer behavior and volatile demand, strategically pricing a menu has never been so complicated, nor so important. Talk to your vendors about commodity price trends that impact your menu.

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Why Prices on Grubhub Just Skyrocketed

ChowNow

While customers might initially be delighted by the array of choices they have, the prices will leave them shocked and disappointed. In fact, for nine out of every ten of these newly added restaurants, customers are paying higher prices and having lower quality experiences.

Food Chain Crisis Explained: Supply Disruptions & Rising Prices

Cheetah

Learn how this affects your business, from restaurant suppliers struggling to keep up, to rising food prices led by labor shortages and increased consumer demand for quick, cheap food. Energy prices are very high right now too. Restaurants Deal with Rising Prices and Delays.

5 Steps to Improve Your Restaurant Pricing Strategy

Sculpture Hospitality

One of the quickest ways to improve your bottom line is to implement a proper pricing strategy at your restaurant. Being too aggressive with your pricing can stop customers from visiting your restaurant.

How To Ensure Restaurant Profitability When Inflation Is High [Use These 5 Tactics To Dampen Price Increases] 

Apicbase

If CoGs and overheads rise due to inflation, your menu prices should follow. That way, you can keep price increases minimal. In normal circumstances, when menu prices have to be adjusted, it is usually done strategically and with great caution. Monitor price fluctuations.

Coffee News Recap, 8 Jul: PRF to be held in El Salvador in 2023, May coffee prices highest since February 2022 & other stories

Perfect Daily Grind

May coffee prices reach highest levels since February 2022. The International Coffee Organisation Composite Indicator Price gained 4.5% Brazil’s domestic coffee prices increase throughout June. higher than prices on 31 May.

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Kitchen Supply TCO: Is the Lowest Price Really the Lowest Cost?

Wasserstrom

When purchasing a piece of professional kitchen equipment, the actual cost extends far beyond its price tag. The post Kitchen Supply TCO: Is the Lowest Price Really the Lowest Cost?

Menu Pricing: How to Successfully Price a Menu

Xtra Chef

Menu pricing can seem daunting. To start, it’s a numbers game that involves calculating plate cost and a target menu price. But successful menu pricing is so much more than this. Read on to learn more about this continuum and how to price a menu in four simple steps.

Coffee News Recap, 8 Apr: Coffee prices fall after increasing in 17 consecutive months, ICO drafts new International Coffee Agreement & other stories

Perfect Daily Grind

Fairtrade International announces new Living Income Reference Price for Indonesian coffee producers. The Living Income Reference Price is offered as guidance for companies wanting to pay living wage incomes in their supply chains. decrease on the average price in February 2022.

Coffee News Recap, 18 Mar: Coffee prices rise for 17 consecutive months, US coffee consumption hits two-decade high & other stories

Perfect Daily Grind

Robusta prices rise in Brazil as a result of decreasing arabica production. Global coffee prices continue to increase over 17 consecutive months, despite the Russian invasion of Ukraine. However, the ICO Composite Indicator Price rose to 210.89

Coffee News Recap, 10 Jun: Arabica prices hit 3-month high after drought predicted in Brazil, Pergamino to host Barista Jam at PRF Colombia & other stories

Perfect Daily Grind

Robusta prices drop as Brazil continues 2022/23 harvest. Between 29 April and 31 May, robusta prices dropped by 10.57% to BRL 708.25 Arabica prices hit three-month high following on from Brazil’s drought concerns.

[eBook]: Strategic Drink Pricing Guide

Sculpture Hospitality

[eBook]: Strategic Drink Pricing Guide. With a few pricing adjustments, and a slight shift in pricing strategy, most bars and restaurants could add significant profits without selling more drinks. The key is moving from an overly simplistic pricing model to a more strategic pricing model. The good news is that there are immediate action items you can take to improve profits in your bar operation.

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Food Chain Crisis Explained: Rising Food Prices & Supply Disruptions

Cheetah

But the root cause of the current food chain crisis and rising food prices runs deeper than that. Learn how this affects your business, from restaurant suppliers struggling to keep up, to rising food prices led by labor shortages and increased consumer demand for quick, cheap food.

How Much Does a Self-Order Kiosk Cost? Pricing & Considerations Copy

Lavu

Pricing & Considerations Copy Read More ». Pricing & Considerations Copy appeared first on iPad Point of Sale System for Restaurants, Bars & More.

Menu Prices Are Rising, But Loyalty Programs Can Help Restaurants Stay Ahead

Modern Restaurant Management

In October, the USDA reported year-to-date averages, noting that food-at-home (grocery store) prices have increased 2.5 percent and food-away-from-home (restaurant) prices have increased 3.6 percent, and food-away-from-home prices are expected to increase between 3 and 4 percent.

How Much Does a Self-Order Kiosk Cost? Pricing & Considerations

Lavu

Pricing & Considerations Read More ». Pricing & Considerations appeared first on iPad Point of Sale System for Restaurants, Bars & More. If you run a fast casual or quick service restaurant, you have the option of improving the customer experience by using self-order kiosks. Self-ordering kiosks … How Much Does a Self-Order Kiosk Cost? The post How Much Does a Self-Order Kiosk Cost?

Restaurants Raise Prices on Delivery Apps

Restaurant Engine

have already raised their food prices 12.6% higher on delivery apps versus in-store prices. Chick-fil-A’s delivery app prices are 29.8% higher than in-store; Starbucks’ delivery app prices are 20.3% higher; McDonald’s delivery app prices are 19.6%

Tiered Pricing Merchant Accounts for Credit Cards

BNG Point of Sale

It is a pricing model used by payment processors in which rates are based on the total monthly sales volume processed through the account. What Are Tiered Pricing Merchant Accounts? . Tiered pricing is a strategy used to set a price per unit within a range.

Tiered Pricing Merchant Accounts for Credit Cards

BNG Point of Sale

It is a pricing model used by payment processors in which rates are based on the total monthly sales volume processed through the account. What Are Tiered Pricing Merchant Accounts? . Tiered pricing is a strategy used to set a price per unit within a range.

Should You Use a Loss Leader Pricing Strategy in Your Restaurant?

Sculpture Hospitality

The term ‘loss leader’ often brings negative connotations for restaurant owners and managers, but did you know that when used properly a loss leader pricing strategy can be an effective way for restaurants to drive new profits?