In recent years digital payments and the eCommerce industry has grown at an astonishing rate. Even more so since the beginning of 2020. While many markets have adapted to the eCommerce world long before this year, the alcohol industry has been slower to get on the bandwagon for the changing industry.
The 243% digital sales boom this year has left many liquor store owners to aggressively pursue eCommerce strategies available to them. Meaning liquor stores have either flocked to third-party delivery apps or quickly created their own website. Drizly had seen a 461% increase in the course of a week this past March. It is also not just their competitors down the street they have to worry about anymore. Companies like Amazon and Uber Eats have made their move on the market as well. So while many brick-and-mortar shops have caught up a lot, have they done enough to be competitive online? While the year has been difficult for many businesses, liquor store owners have thrived with their increased sales. The high volume of online sales has made competition in the market fierce but the industry has a lot of ground to cover moving forward.
What Is Next?
Due to the drastic increase in online sales in the coming month the industry will be in a critical state since the liquor industry needs to sustain a 22% volume growth across all categories. As mentioned many liquor store owners have already updated their site online but many are also doing just fine with their in-store sales. Regardless of what their plan has been through moving forward all liquor store owners will need to have both an optimized off-premise strategy and a responsible plan for on-premise alcohol sales.
Will online sales replace in-store purchasing? Most likely not. Gemma Cooper from Nielsen believes that brick-and-mortar stores are safe since about 85% of online shoppers tend to be occasional shoppers. However, by not investing in an online store now you are essentially encouraging your customers to go to your competitor. Which is essentially money flying out the window. That is why CobaltConnect’s eCommerce integration is the solution for all your website needs.
While you might not think that your liquor store is the type of business to be online you’d be surprised with what an eCommerce and brick-and-mortar location can do for your business. In order to continue your business’s growth, you need to be prepared for online and in-store sales. Our team at CobaltConnect can get your store online in a matter of days. Have access to a digital inventory, insightful reports, and other business management tools that can help your business grow exponentially. Reach out to us and we can get started today!