Is Your Wine & Liquor Store Stuck in the Past? Unlock Growth with Integrated POS

The alcoholic drinks sector is a large and growing market that shows no sign of slowing down. It offers rewards to retailers who can engage competitively and efficiently. Liquor store technology solutions are the key to growth strategies for wine and liquor stores –retailers that are stuck in the past with old tech will find themselves struggling, whilst their more forward-looking competitors thrive and grow. We take a look at how modern, integrated POS for wine and liquor stores can unlock a future of growth.

So opportunity is abundant in the liquor retail market, for those retailers who can harness it. One of the ways they can do this is by ensuring that they’re embracing integrated wine and liquor store POS technology. Here’s some of the key ways that an integrated POS systems for wine and liquor can underpin growth strategies for wine and liquor stores:

• POS – integrated POS software for wine and liquor stores helps with efficiency at the checkout, enhancing the customer experience and streamlining operations in wine and liquor stores. An integrated point of sale captures key customer and sales data, which can be analysed to uncover additional ways to engage customers or increase your wine and liquor store efficiency.

• Inventory management – Managing inventory in wine and liquor retail can prove to be a big headache. Too much stock means tying up cash, and risks having to discount items if they don’t sell. Too little stock, or the wrong items, and the store misses out on sales. The inventory management functionality within an integrated retail POS for wine and liquor system enables retailers to have full visibility of all stock as a single pool, even across multiple stores or distribution facilities; allows them to automate reordering when items fall below a threshold and provides detailed analysis of the performance of different items, which helps stores to accurately plan their future purchasing.

• Mobile POS – in liquor retail, many customers want recommendations and product advice Mobile POS software for wine and liquor stores gives staff all the product information they need, literally at their fingertips. They can provide guidance to customers in the aisle as they browse, upsell to increase basket size, and even take payment so that customers avoid checkout lanes. Mobile wine and liquor store POS enhances the customer experience, and increases sales, both of which unlock growth.

• Loyalty and promotions – liquor retailers want to create loyal customers who return to the store for all their alcohol purchases. A loyalty system and tailored promotions encourage this behaviour. When loyalty and promotions are part of an integrated wine and liquor store POS platform, customers can very easily earn and spend their loyalty points, and promotions can be tailored based on information about their previous purchases and preferences.

• Data and insights – accurate tracking of data is everything when it comes to streamlining operations in wine and liquor stores. An integrated wine and liquor store POS system allows retailers to analyze data from every part of the system – sales, inventory, customer behaviours – and make informed business decisions, build campaigns, pinpoint areas of shrinkage, and identify processes and areas of the business that need attention.

Online ordering – with online sales growing faster than brick and mortar, many liquor retailers want to offer both online and offline options. An integrated wine and liquor store POS system enables them to have an online store that is fully integrated with every part of the business – including inventory, loyalty and promotions – driving operational efficiency, customer experience and growth.

The alcoholic drinks market offers great opportunity – the key for retailers who want to seize that opportunity is to step out of the past and embrace the wine and liquor store POS technology that will unlock growth strategies for wine and liquor stores.

FAQs:

What defines an integrated POS management system?

An integrated POS technology system is a digital platform that brings together all the key functions you need for wine and liquor store efficiency. It enables retailers to digitize and automate key processes, such as inventory management or loyalty and promotions. Because all the functions are built into a single, integrated system, they can share and exchange data, and can provide data and analysis that makes for informed decision making and timely actions. An integrated POS can drive efficiency and lower costs and enhance customer experience for increased revenue.

Why is inventory management so important in liquor retail?

In wine and liquor retail, stock items are relatively highly priced, so any overstocks or lost opportunity from out of stocks has a larger financial impact than in some other retail sectors. Add to this the fact that liquor retailers must hold a wide range of items to attract shoppers, and the fact that wine and liquor is a prime target for shrinkage and the issue is further compounded. Tracking inventory accurately is important in any retail business, but the high value, wide range of stock and propensity for shrinkage means it is even more essential in wine and liquor.

Content Sources:

Statista

The Spirits Business

Forbes

eFinancial Models