OnDemand WTP Pricing Research

Surge Pricing May Save Your Favorite Restaurant | Bloomberg

Next year, the restaurant experience will be defined more than ever by technology, according to the panelists at Bloomberg’s The Year Ahead: Luxury conference on Thursday. Blockchain, surge pricing, and facial-recognition software were all listed as ways that dining out will evolve in 2019.

Maria Font Trabocchi, the Washington restaurateur behind Fiola and Del Mar, spoke about what’s to come in fine dining during a panel entitled “The 50-Course Meal: The Future of Dining” along with Copenhagen chef Rasmus Munk and Alinea Group co-founder Nick Kokonas. The event, held at Bloomberg’s headquarters in New York, also featured speakers such as hotelier Ian Schrager, Lamborghini’s chief technical officer, Maurizio Reggiani, and Equinox CEO Harvey Spevak, as well as executives from Hermès, Cartier, Shinola, and Goop.

Kokonas, who is also co-owner of culinary reservation system Tock, previously told Bloomberg that he thinks customers should be able to pay for their meal in advance. “I’m a big advocate for dynamic pricing,” he said during the panel.

Rather than create culinary gimmicks with artificially inflated prices to make ends meet, Kokonas thinks restaurants should introduce “surge pricing” like that offered by Uber and Lyft. In the restaurant version, meals would rise and fall in price based on the demand in the reservation system.

“It’s about quality. It’s what you’re buying that’s the important thing, not the price.” Kokonas also confirmed that Tock had secured an additional $9.5 million in financing from Valor Equity Partners.

Read complete article here:

Surge Pricing May Save Your Favorite Restaurant – Bloomberg.