At the 2018 Annual Meeting of the Indiana Association of Beverage Retailers (IABR), 3×3 Insights CEO Mike Provance was invited to speak on the subject of digital transformation in beverage alcohol retail, and gave a talk called “What To Do When The Consumer Goes Digital.”
During this presentation, Mike covered how smartphones and digital connectivity have transformed the shopping experience and customer journey for all types of retail, pushing out industry leaders of yesteryear like Blockbuster & Borders. He also discussed how alcohol retailers can prepare for this change by having a digital-first mindset, and that the retailers who adapt to a digital-first mindset are the ones who will find success in the next 5-10-15 years.
Mike also dived into some of the data and analytics capabilities that retailers must have to compete most effectively, and this includes information about local trends, customer behavior, how products are being bought together, and more. Mike also explained that Amazon’s power comes not just from their size, but from their analytics capabilities, and how much information they have on each individual consumer. By learning more about your customers, you can provide them a superior experience than your competitors or Amazon, and this is key to survival for liquor retailers in this rapidly changing landscape.
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Check out the SlideShare below for the entire presentation. Enjoy!