NEW YORK – As U.S. labor costs rise significantly due to increases in the minimum wage in many states, quick-service and fast-casual restaurants such as Panera Bread, Starbucks and Chipotle are responding by raising their prices, reports QSR Magazine.com.

The news source suggests that retailers take a fresh look at their prices and carefully evaluate their strategy for setting prices, while labor costs are increasing and data analytics offer lots of information that can help them understand their customers better.

“With so many businesses facing labor cost challenges, it’s an ideal time to engage in pricing strategy and analysis, but the decision to change prices is never an easy one—and shouldn’t be. Choices need to be based on careful analysis of robust and relevant data,” the article states.

Some of the ways retailers can navigate the challenges of setting prices successfully in today’s market, according to QSR Magazine, include: pricing items by their categories, making sure that bestselling products are priced in the same range as market competitors offering similar products, and using data algorithms to proactively follow market trends on an ongoing basis.