In the same way that the travel industry anticipates higher sales during peak seasons, Bob Bob Ricard in London is introducing a dynamic pricing model that is based on time—with consumers offered discounts based on which day of the day of the week they decide to dine in.
The travel industry-inspired pricing scheme establishes Friday nights as the time patrons can expect to pay full prices. Off-peak times include Mondays at lunchtime, where meals may be had for 25% off full price, while mid-peak offers a 15% discount off of full price around dinnertime on Sundays. As such, choosing to indulge in a menu item like 20 grams of Russian Oscietra caviar could cost a diner either £36 or £49 at full price, depending on when they choose to eat.
The dynamic pricing model is also set to be adopted by Bob Bob Cité, the sister restaurant to Bob Bob Ricard.
Time-Based Restaurant Pricing
Bob Bob Ricard is Implementing a Dynamic Pricing Model for Diners
Trend Themes
1. Time-based Pricing - The implementation of dynamic pricing based on time offers an opportunity for businesses to increase sales and attract customers during off-peak times.
2. Peak and Off-peak Discounts - Providing discounts during off-peak times can incentivize customers to dine at specific times, creating a more balanced flow of customers throughout the week.
3. Industry Adaptation of Travel-based Pricing - Implementing pricing strategies inspired by the travel industry opens up possibilities for other industries to explore dynamic pricing models tailored to their specific business needs.
Industry Implications
1. Restaurant Industry - Restaurants can benefit from implementing time-based pricing models to optimize revenue by encouraging customers to dine during off-peak hours.
2. Hospitality Industry - Hotels and resorts can explore implementing time-based pricing strategies to attract guests during slower periods, maximizing occupancy rates.
3. Entertainment Industry - The entertainment industry can leverage time-based pricing to fill venues during non-peak times, ensuring a consistent flow of customers and revenue.