Welcome to Episode 2 of Retail Untapped — the new video series from 3×3 Insights covering news, trends, and insights happening across the independent retail alcohol channel.
In this week’s episode, we’ll look at 5 Ways to Combat Total Wine and Amazon.
Big retailers continue to encroach on the independent channel, swallowing up market share and shifting the entrenched rules of the industry. Whether these players have moved into your area (yet) or not, the following insights will help you stay competitive in a rapidly changing marketplace:
- Understanding: People come into your store for a reason. Learn how, when and why your customers shop the way they do — and then use this information to improve your services.
- Optimization: Study your products and understand which ones drive crucial growth for your business. Asking and answering the right questions will unlock a new level of profitability for your business.
- Engagement: Don’t sleep at the register. Get to know your customers’ preferences, personalize their shopping experiences, and be flexible to accommodate changes.
- Localize: From craft brews to small batch spirits — hometown products are hot right now. But consumer tastes vary drastically across markets. Make sure you’re attuned to your local market so you can deliver on customers’ expectations.
- Routine Analysis: Complacency is the enemy. You should be looking for every opportunity to use data, strategize, adjust, test consumer response, and refine your process.
This list is just the beginning. Reach out on to us for help safeguarding your business, implementing these changes and more.
Thanks for tuning in to Episode 2 of Retail Untapped — make sure to return on August 21st when we’ll be discussing eCommerce and The Digital Transformation of Alcohol.