5 Things Liquor Retailers Need to Compete in the Amazon Age

November 22, 2017 In Industry Trends

Since the explosion of Amazon, the idea of leaving the couch to buy anything has all but disappeared. Even alcohol has made it to at-your-door-in-under-an-hour status.

But there are ways to engage – by showing value beyond speed and convenience – that bring customers back to your brick-and-mortar store despite the lure of digital ease.

  • Know Your Customers. The first step to retaining your most valued customers is knowing who they are. You can learn a lot about a buyer by looking at what they buy, when they buy it, what they use to buy it (like cash, credit, or a digital wallet), and why they are buying.When you’re able to analyze how and what different customers are buying – whether they’re first-timers or regulars – you can better tailor your in-store experience to continue to attract them.
  • Optimize Your Inventory. You know that stocking your store isn’t a guessing game. Your shelves and stock rooms are high-value places: make sure that what lives there will move at a steady pace and help you increase revenue.With 3×3 Insights, it’s simple to see how different products are selling. When a trend hits, you can capitalize and stock up. Or, when trends start to fall away, you’ll see the shift right away, and can adjust your orders.
  • Analyze Your Sales. Optimizing your sales goes beyond how much money came in and what in your inventory went out day to day, week to week, and month to month. You want to know what products – whether specific brands or categories of alcohol – are building the biggest baskets. Are customers who buy a specific brand of beer, for example, also buying other items in the store on a regular basis? What else are those people buying? What can you do in-store to optimize the experience for those types of buyers, and encourage others to build bigger baskets, too? It’s time stop guessing with POS reports and start knowing.
  • Engage Your Customers. Just like with friends and neighbors, knowing something about your customers helps you speak directly to them in an engaging way. This relationship is one of the few things that sets the in-store experience apart from ordering online for the sake of simplicity.By sharing offers through social media, online mailing lists, or near-store advertising that correspond with the trends and basket analysis you’ve done with 3×3 Insights, you’ll be able to drive foot traffic and increase sales.
  • Localize Your Offerings. If your store is stocked based on national trends, your offerings might not hit home with your neighbors. Instead, look at local market trends in your area, or analyze the demographic trends of your customer make-up to make stocking and pricing decisions. Not only will this help you attract a loyal, local base of customers, but you’ll cut waste and build a more in-tune strategy that will increase margins and engage your customers.

Running your store with data in the driver’s seat doesn’t have to be daunting. The 3×3 Insights DataBar goes beyond POS reports, providing you actionable insights about your customers, optimization for managing inventory, and local trend reports to compete in the modern day alcohol industry. Schedule a custom demo with 3×3 Insights today to see how your store can benefit.