Currently, the liquor industry is a good industry to be in. Since the beginning of the COVID19 outbreak, online and in-store liquor sales have skyrocketed. Even though the industry has been booming, it leaves liquor store owners with a long road ahead of them. As the country slowly returns to a state of normalcy it leaves them to wonder what is next.
The three key factors that have affected the industry are:
- Online Buying – During the seven-week peak of COVID19, brick and mortar sales shot up 21% and online sales shot up to 243%.
- Pack Sided Purchasing – Consumers are buying larger pack sizes in order to stock up and limit their time outside of their homes.
- Committing To Favorites – Before the outbreak consumers were known to be adventurous with their alcoholic beverages, but with money being tight for most homes consumers are committing to their favorites.
In order for the liquor industry to level off from the past few months, the market needs to sustain a 22% growth volume across all alcohol categories. The path forward will be a long one. It requires both an optimized off-premise strategy and support from all sides of the alcohol consumption industry. So how will your business get through the industry shift after the nation has returned to normal?
- Consider The Channel Strategies Right For You
The restrictions in place for the industry and consumers have left everyone to change the way they conduct their day-to-day. For some, it might just be cutting back hours of operations but for others, it can be a massive change of how you run your business. Each business is different. It is important to really evaluate your store’s needs to see what can be improved on. With the boom in online sales, many liquor store owners have created eCommerce stores to generate more income.
- Engage With Your Consumers
With online sales, Liquor Store owners can see that there is a new wide range of customers. Now is the time to focus on engaging with the right customer audience. This will help maintain your loyal customers and to create new ones. Using social media is the best way to stay in touch with them while letting them know what is going.
- Double Down Where Your Sales Are The Highest
You’ve always watched what your customers are buying. With consumers committing to their favorite brands now is the time to buy your top-selling products so your customer’s favorite items are always in stock.
There is clearly a lot of ground to cover in order for the industry to remain booming long after COVID19 is over. We can clearly see that there is plenty of room for growth both in-store and online. The industry will continue to face changes and restrictions in the industry. Thankfully you have CobaltConnect to help you navigate through the future challenges you might face. Need some help with where to begin? Reach out to our team. We are happy to help you navigate through your system. Now is the time to get your business on the top of its game.