Our own Mike Provance, PhD, jumped (virtually) into Bar Convent’s Global Bar Week in October to discuss the future of beverage alcohol retail. The session was hosted by Park Street University’s Emily Pennington. It also featured an on-premise discussion by Matthew Crompton of Neilsen.
The panel discussion explored how both on- and off-premise segments can use data and digital marketing to navigate the recovery process after COVID-19.
The pandemic has disrupted just about every facet of normal life.
For retailers, it wrecked normal sales patterns and forced businesses to steer through an uncertain recovery period to rebuild for an eventual post-COVID world. The beverage alcohol industry needs to find new ways to use data that will lead to recovery and prosperity.
“COVID-19 has significantly altered the way consumers shop for alcoholic beverage products for the foreseeable future,” said Park Street CEO Dr. Harry Kohlmann. “This panel of retail experts [provides] guidance on what brands should know before planning their channel strategy for 2021.”
In 2020, there was a dramatic shift in the proportion of alcohol sales sold through each retail channel.
“As we look at the past summer and all of the events that defined it, one of the forces that has been most affected by changing consumer behavior is the race to digital commerce,” said Provance. “This change began before the COVID-19 pandemic, and the beverage alcohol industry has historically been slow to adapt. Now, the race is on for brands and retailers alike to catch up to consumer purchasing habits.”
In the session, 3×3 explored ways retailers can use digital marketing activations to bring the element of discovery back into the consumer shopping experience. Independent retailers must compete for consumers who are currently shopping at grocery and big box stores, purchasing well-known brands out of convenience and safety. Independent retailers need to show consumers that they can offer a greater experience through hyper-targeted digital marketing.
Watch Mike’s segment above, or catch the full session (and other educational discussions from Bar Convent) on Park Street University’s YouTube channel.