Strategies for optimizing electronic tips service profit

  • Ekaterina Dmitrievna Lapina Graduate School of Management, Saint Petersburg State University, 198504 Saint-Petersburg, Russia
  • Viacheslav Igorevich Gorikhovskii Faculty of Mathematics and Mechanics, Saint Petersburg State University, 198504 Saint-Petersburg, Russia
Ariticle ID: 105
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Keywords: electronic tips, profit maximization, analysis of variance, simulation model, optimal strategy

Abstract

Electronic tip systems have become very popular in the era of cashless payments. With the widespread use of such services, the problem of maximizing profits has arisen, which concerns both establishments using electronic tip services and the services themselves that provide such services. Identifying factors that influence guests’ economic behavior when leaving tips will allow for the creation of an optimal strategy to increase the efficiency of the system. This study used data on the profits of the electronic tip service in public catering establishments. A simulation model was created to evaluate and compare the effectiveness of different strategies; a methodology for finding the optimal strategy was described; and a clustering of establishments was performed using analysis of variance to customize the optimal strategy.

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Published
2023-08-09
How to Cite
Lapina, E. D., & Gorikhovskii, V. I. (2023). Strategies for optimizing electronic tips service profit. Journal of AppliedMath, 1(2), 105. https://doi.org/10.59400/jam.v1i2.105
Section
Article