February 27th, 2024
CBS News recently published a story featuring Jay Zagorsky, Associate Professor of Markets, Public Policy and Law, discussing how Wendy’s menu pricing structure is planned to change depending on demand.
While fast food is known best for its cheap prices and fast service, the industry is changing with the idea of surge pricing, which is typically uncommon in the food industry.
“When the price keeps changing every minute or every day, it turns customers off,” Zagorsky adds.
More companies are predicted to use surge pricing, with the assistance of AI predicting pricing trends based on the weather or the time of day.