A good rule of thumb: -50%
When throwing food to the bin you lose the value of the product, but also increase your waste bills. A possible new customer is also lost, as is the value of the whole production chain that made the product: farmer, truck driver, package designer, your staff, and so on.
This means that whatever the price will be, it's always better to sell the product than throw it away. That's why you should set the price for your offers to the level where most of the offers get sold.
A great rule is to use -50% from the shelf-price. If you're asking 10€ for a lunch portion, 5€ would be good price for it in ResQ.
How do I know my prices are right?
See your sales percentage in your stats page. Is it under 70%? Your prices might be too high.
Obviously also other things have an effect on sales percentage than price. Location is one of them, product type is another.
Here are typical sales percentages for different kind of offers in a "normal" ResQ location:
- Restaurant meal: 50–70%
- Grocery store offers: 70–100%
- Cafeteria offers: 40–60%
This means that if you're a grocery store, you should be able to sell almost all of your surplus without difficulties. For restaurants anything above 65% is good. Cafeterias have the most difficult time because in cafés customers are paying more for the environment, for permission to spend time in the café. In most cases, this added value does not exist in ResQ offers. Therefore we suggest bigger discount percentages than -50% for cafeterias.
In ResQ Club the smallest price you can set is 1€. Reason for this is payment transaction costs: it wouldn't be economically feasible to sell things cheaper than this.
Example of good prices in ResQ
- Warm restaurant meal: 4–6.5€
- 10 piece sushi set: 5€
- Large panini/ciabatta with filling: 3–4€
- Soup: 2–3€
- Salad: 3–5€
- 5 X cookies: 2€
- 5 X doughnut or bun: 2–3€
Try to bundle multiple items into a single package, like 3 buns for 2€. This way you make the offer more attractive, and rise the medium purchase as well!
If you want to make this easy for you, turn on the smart pricing. It will automatically adjust your ResQ prices to find the best price with which most of the offers will get sold. You can turn it on from your Settings and forget it, as it's fully automatic!
Smart pricing will adjust your prices little by little to find the optimal price. It will never raise the price above the original, nor it will ever drop it below 50% of the original. Smart pricing also honors the 1€ minimum price and will not go under that.
Take a look of customer reviews
In your Insights page, you can see all the customer reviews from the past 2 months. Here you can quickly see if customers find your prices too high!