Navigating Price Communication and Dynamic Pricing in the Restaurant Industry with Ashwin Kamlani

Navigating Price Communication and Dynamic Pricing in the Restaurant Industry with Ashwin Kamlani ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [Facebook]( [Instagram]( [Youtube]( [Linkedin]( May 23, 2024 Navigating Price Communication and Dynamic Pricing in the Restaurant Industry with Ashwin Kamlani Explore the fascinating world of dynamic pricing in the restaurant industry. Discover how Ashwin Kamlani, the CEO and Co-founder of JUICER, has helped restaurants around the globe optimize their digital sales and increase profitability using cutting-edge data science techniques. Welcome to the 'WISKING IT ALL' Podcast – the series where we engage with hospitality professionals and trailblazers who've wagered it all in their pursuits. Join us in exploring their journeys, understanding their motivations, and uncovering the secrets behind their success. Every week, we'll deliver two impactful ideas and one essential insight from our podcast episode, offering perspectives that could fundamentally transform your hospitality business. If you find value in our show, please consider subscribing and leaving a rating on [Spotify](. Your support is vital in helping us grow. Curious about the challenges and lessons I learned while building WISK? Sign up [here]( and join me as I reveal exclusive insights and effective strategies from our successful journey. Your Host, Angelo Esposito THIS WEEK’S EPISODE Meet Ashwin Kamlani. Ashwin is the Co-founder and CEO of JUICER, a startup transforming the restaurant industry with dynamic pricing. With a technology background from Accenture and PwC, and a Masters from Cornell Hotel School, he previously led e-commerce at Meliá Hotels & Resorts and founded Regatta Travel Solutions, a pioneer in hotel reservations software acquired in 2016. Since launching JUICER in 2021, Ashwin has spearheaded partnerships with major restaurant groups and expanded the company’s footprint across the US, Europe, the Middle East, and APAC. In this episode, Ashwin Kamlani shares his incredible journey—from studying psychology and Spanish to becoming a leader in e-commerce and hospitality. We explore the complex world of dynamic pricing, the importance of positive communication, and how transparency and authenticity are key to business success. Ashwin also discusses overcoming industry challenges and the potential of predictive models to transform restaurant operations. This episode is a must-listen for anyone in the restaurant industry looking to innovate and stay ahead of the curve. Whether you’re a restaurateur, a tech enthusiast, or someone interested in the transformative power of data, you’ll find invaluable insights and practical strategies to implement in your own business. Key Insights You Can't-Miss: - Ashwin discusses the backlash associated with price communication and offers an innovative approach to making it work for your restaurant. - Discover the impact of digital menus with prices that adapt based on real-time data and how the future of the restaurant industry is shifting beyond third-party delivery platforms. - Learn how Ashwin’s vision includes building predictive models that help restaurants forecast sales and streamline operations based on various factors like competition, weather, and special events. - Hear about the unique challenges and successful strategies in different geographies, from Brazil to the UK, highlighting how cultural preferences impact dynamic pricing. - Ashwin’s journey from an e-commerce pioneer to the head of a successful data-driven company is truly inspiring. Listen to his stories of taking risks, overcoming obstacles, and the importance of transparency and authenticity. [Watch the full episode on Youtube]( 2 IDEAS FROM THE PODCAST Idea #1 Optimization of Digital Sales Through Data Science Ashwin Kamlani emphasized the importance of using data science and technology to optimize digital sales and profitability in the hospitality sector. This involves not just generating leads but converting them efficiently and retaining control over customer data and relationships. Key Action Items: - Businesses should integrate advanced data analytics to understand customer behavior and preferences better. - There is a critical need for businesses to balance their reliance on third-party platforms by boosting direct customer interactions and transactions. This increases profitability and reduces dependency on external platforms that often take substantial commissions. - Enterprises should leverage technology to streamline operations and create a more personalized experience for customers, which can lead to increased loyalty and revenue. Idea #2 Dynamic Pricing as a Revenue Optimization Tool The concept of dynamic pricing in the restaurant industry was a significant focus, with discussions on how fluctuating pricing models can be applied similarly to how they are used in the airline and hospitality industries. This approach can optimize revenue based on demand, time, and other factors. Key Action Items: - Restaurants need to adopt dynamic pricing strategies to adjust their pricing in real-time based on various factors like demand, time of day, and special events, which can significantly enhance revenue management. - It’s essential for restaurant technology providers to create seamless integrations with existing systems, enabling businesses to implement dynamic pricing without disrupting their operations. - Regularly analyze the market and competitor pricing strategies to understand the external factors that affect pricing decisions and customer expectations. - Transparency and communication with customers about pricing strategies are crucial to ensure customer trust and acceptance of variable pricing models. [Listen on Spotify]( [Listen on Apple Podcast]( 1 KEY LEARNING ❝ I want to get as much direct business as I can because that's where the money is. I want ownership of the customer and all the data around how they're booking. I don't get that with these third parties. [❞]( Ashwin Kamlani speaks directly to the strategic value of dynamic pricing in maximizing direct business over reliance on third-party platforms, thereby gaining more control over customer relationships and data. He emphasizes the critical role of owning the customer journey to enhance profitability, which is a central tenet of dynamic pricing strategies where businesses adjust prices based on various factors to optimize revenue and customer engagement. [Listen & Subscribe]( P.S. Love our podcast? Share your feedback and recommend our podcast to other restaurateurs who might appreciate a sprinkle of our episodes! #WiskingItAllPodcast [Facebook]( [Instagram]( [Youtube]( [Linkedin]( [TikTok]( Sent to: {EMAIL} [Unsubscribe]( © 2024 Wisking It All... by WISK.ai WISK.ai, 488 Wellington St W , Suite 304, , Toronto, ON M5V 1E3, Canada