Its been a long time since my last post.
I want to discuss my view about Dynamic pricing and it’s future in India.
You see the flight prices, hotel prices and oil prices( In USA) everyday (in fact every hour, sometimes every minute) changing dynamically. They are not static. This is because the flight and hotel management want to gain (or minimize loss), depending on their business demand. The hotel prices on holidays will be more when compared to off season. Its the same with flight prices.
I would like to see this in restaurant business.
People usually (my friends and I), when goes to a good and big restaurant, discuss about the prices in the menu before us. Some people (like me) will be curious to know how fair the price calculation is for each item. Wouldn’t it be great for such people and restaurant owners to have a software which prices the item?. Of course, it should take the dynamic prices of the ingredients, man power charge, electricity, time spent, business demand and other miscellaneous parameters into consideration.
May be showing all the calculations involved in this dynamic food pricing is not a good idea in business perspective. But this pricing will help the restaurant owners for better management.
Pricing according to business peak hours and off hours is also important. Keeping low prices during the off hours will attract more customers and already prepared food will not go waste.
A mobile application which can help to track all these dynamic prices of the hotels nearby, will help customers to choose their restaurant better. People who really want to have food and avail these offers can be benefited through this application.
Hope, in India, the gas stations also follow this dynamic pricing soon .
More discussion on dynamic pricing in restaurants follows…………………………………………