As the liquor industry evolves and changes, staying ahead of the curve is essential for retailers, distributors, and enthusiasts alike. From shifting consumer preferences to emerging technologies and regulatory changes, there's a lot to keep track of.
New product categories, emerging retail trends, and critical tools are all essential if you want your liquor store to succeed. But even the most seasoned industry professionals can have trouble keeping up with liquor industry news.
This post walks you through the critical liquor industry news insights you need to leverage and maximize your revenue and profit margins this year.
Why Follow Liquor Industry News?
The liquor industry is constantly changing, shaped by trends, regulations, and shifts in consumer preferences. Given its fast-paced nature, liquor store owners must stay current on the latest trends to keep potential customers’ attention.
Keeping a finger on the pulse of your industry can also help you make better decisions about your business and get new products ahead of the competition.
Let’s dig into the specifics of why your store needs to follow liquor industry news.
One of the biggest reasons to follow liquor industry news is to stay informed about new products and trends. Whether it's a new craft gin generating buzz or a shift in consumer preferences toward non-alcoholic beverages, staying on top of these trends can help you make informed purchasing decisions and keep your store's offerings fresh and relevant.
Another important reason to follow industry news is to stay informed about changes in regulations and laws that could impact your business. From changes in tax laws to new labeling requirements, staying up-to-date on these developments can help you ensure that your business complies and avoid costly fines or legal issues.
Related Read: Small Business Tax Preparation Checklist for New Business Owners
Following liquor industry news can also help you gain insights into best practices and strategies for success. By reading about the experiences of other liquor store owners and industry professionals, you can learn valuable lessons about marketing, merchandising, and customer service that can help you improve your business.
In short, following liquor industry news is critical to running a successful liquor store or business. Staying informed about new products, regulations, and best practices helps you make informed decisions, anticipate changes in consumer behavior, and stay ahead of the competition.
With this in mind, let’s dive into our list of the trends, tips, and tools you need to know this year.
Trending Product Categories
New trends are always popping up in the liquor industry. Some trends that have some staying power in the current market include ready-to-drink cocktails, hard seltzers, and craft or premium spirits. Let’s examine these trends in more detail to see how you can leverage them for your business.
Related Read: 5 Wine Trends To Watch in 2024 (+ How To Leverage Them)
Ready-to-Drink (RTD) Cocktails
Ready-to-drink (RTD) cocktails have gained popularity in recent years due to their convenience and variety. These pre-mixed cocktails come in canned or bottled form, making them easy to enjoy at home or on the go.
Many RTD cocktails feature premium spirits, natural ingredients, and unique flavor combinations, appealing to consumers who want a high-quality drinking experience without the hassle of mixing their own drinks. Also, low-calorie and low-sugar options are gaining traction among health-conscious consumers, allowing customers to enjoy a fancy treat without guilt.
Stocking RTD cocktails in your store can help you reach customers who are looking for convenient, delicious drinks that don’t require an experienced mixologist.
Hard Seltzers
Hard seltzers, sometimes called spiked seltzers, have also taken the alcohol industry by storm. The trend started with brands like Truly and White Claw, and now it seems like nearly every major brewery has its own brand of seltzer with dozens of flavors. These refreshing beverages are a low-calorie, low-carb, and gluten-free alternative to beer and wine, making them appealing to a wide range of consumers.
Hard seltzers are typically made with a neutral spirit base, carbonated water, and natural fruit flavors, resulting in a light and easy-to-drink beverage. As the market becomes increasingly crowded, brands are experimenting with new flavors, higher ABV options, and premium positioning to stand out and capture market share.
Stock these products in the summer months to capture the audience looking for a light, poolside drink.
Related Read: Managing Seasonal Inventory for Your Liquor Store
Craft and Premium Spirits
Though the tried-and-true spirit brands will always have a place on your shelves, consumers are increasingly seeking out high-quality, artisanal spirits. Craft gin, whiskey, tequila, and rum are trendy, with many small-batch distilleries gaining a dedicated following among spirit enthusiasts.
These craft spirits often feature locally sourced ingredients, traditional production methods, and innovative flavor combinations that set them apart from mass-market brands. Additionally, premium and ultra-premium spirits are in high demand, as consumers are willing to pay more for top-tier brands and expressions that offer exceptional quality and taste.
You can leverage this trend by forging relationships with local distilleries, offering local flavors to give you the edge over your competitors.
Other Notable Trends
The three trends above are some of the most significant, but some of the other up-and-coming trends in the market include:
- Non-alcoholic and low-ABV spirits: As more consumers seek to moderate their alcohol intake, non-alcoholic and low-ABV spirits are gaining popularity. These products mimic the flavor and complexity of traditional spirits, allowing consumers to enjoy the taste of their favorite cocktails without the alcohol content.
- Sustainability and transparency: Consumers are increasingly concerned about their purchases' environmental and social impact, and the liquor industry is no exception. Brands that prioritize sustainability in their production and packaging, as well as those that offer transparency about their ingredients and supply chain, resonate with these customers.
Tips for Capitalizing on Liquor Industry Trends
Understanding these trends is the first step to making the most of them. But you’ll need some tools and tips to capitalize on them and boost your profits. Let’s examine some of the things you can put into practice in your store to make the most of these liquor industry trends.
1. Embrace Technology and Data Analytics
Implementing a robust point of sale (POS) system is crucial for tracking sales, managing inventory, and generating reports. But your POS system will not only do these things for your store. You can also use your point of sale analytics to make data-driven decisions about your product mix, pricing strategies, and promotional efforts.
Additionally, you should utilize customer relationship management (CRM) tools for your store. This technology can provide valuable insights into your customers' preferences and buying behaviors, allowing you to tailor your offerings and marketing efforts accordingly. By leveraging data analytics, you can optimize your offerings and strategies, staying on-trend and ahead of the competition.
2. Adapt to Changing Consumer Preferences
You need to stay in the know if you want your store to stay relevant. Product categories will shift, and customer demographics in your area will change. You must understand these patterns and adjust your offerings accordingly.
Regularly research and analyze market trends, attend industry events, and engage with your customers to deeply understand their preferences. Curate a diverse product selection that appeals to your target market, including local, craft, and premium options. Offering a range of price points and packaging sizes can help you accommodate different budgets and occasions, making sure you have something for every customer.
Related Read: How To Attract Customers to Your Store — 6 Ideas That Really Work
3. Create a Seamless and Engaging Customer Experience
Today’s customers value experience over most things — often even price. One way to elevate your customer experience is to develop a user-friendly e-commerce platform. Offer online ordering, delivery, and curbside pickup options to cater to customers' diverse needs and preferences.
In-store, train your staff to provide knowledgeable and personalized recommendations to customers, helping them discover new products and make informed purchasing decisions. Hosting tastings, events, and educational sessions can also be a powerful way to build customer loyalty and position your store as a go-to destination for liquor enthusiasts.
Liquor Store Management Tools
Bottle POS
Bottle POS is an all-in-one point of sale system for liquor store owners. Hundreds of liquor store owners already use our software and hardware solutions to run and grow their businesses, giving us the industry experience we need to help you reach your goals.
Top features of Bottle POS:
- Extensive product database: Bottle POS maintains a centralized database of common liquor products, simplifying inventory management and reducing manual data entry.
- Analytics and reporting: Identify top-selling brands and slow-moving items with auto-ranking and color-coding based on sales patterns. Access critical reports such as day reports, sales reports, and item-not-found reports for easy analysis.
- Automated inventory receiving: Streamline the inventory receiving process with auto invoicing, saving hours of manual data entry each week.
- Dual pricing: Offer customers the choice to pay with cash at a discounted price or absorb the credit card processing fees, helping to reduce your business' costs.
- Loyalty programs: Encourage repeat business and customer loyalty with built-in loyalty and rewards features.
Pricing: Get the price for your customized solution using our transparent build and price tool.
POS Nation
POS Nation is an all-in-one POS solution designed for small- to mid-sized retailers, including liquor stores. Their solution is backed by 24/7 support to help small business owners grow their operations.
Key POS Nation features include:
- Mix and match bottle pricing: Increase sales and move inventory by bundling liquor, wine, or beer into deals and bundles, encouraging customers to purchase more.
- AI-powered sales analytics: Utilize artificial intelligence and real-time sales data to auto-rank and color-code products, quickly identifying top sellers and items that need a boost.
- Automated inventory management: Save time and reduce manual paperwork with auto-invoicing features, simplifying the process of receiving deliveries, counting shelves, and year-end inventory.
- Case break inventory tracking: Easily track inventory by case, bottle, or six-pack, while the POS system automatically accounts for case breaks.
- Age verification: Quickly confirm customers' ages by scanning driver's licenses, minimizing the risk of fines and penalties associated with underage alcohol sales.
Pricing: Get a custom quote using POS Nation’s online pricing tool.
mPower Beverage
mPower Beverage is a point of sale software designed for retail stores that sell beer, wine, and liquor. This provider works closely with liquor stores and other similar retailers and has developed a comprehensive suite of features to help these businesses succeed.
Key features of mPower Beverage:
- Intelligent ordering and transferring: mPower's system creates ordering and transferring alerts based on business metrics, such as current selling velocity by location.
- Data migration and integration: The mPower team assists with data extraction from your existing system and offers a pre-loaded database. The software also facilitates easy data export for integration with services like Drync, Drizly, Pricer, Fintech, and QuickBooks.
- Automated reporting: Schedule automated reports like daily sales, weekly exceptions, and monthly year-over-year comparisons.
Pricing: mPower Beverage’s pricing starts at $1,000 upfront plus $120 per month.
Make the Most of Liquor Industry News Insights
By now, we hope you understand the key trends and news shaping the liquor industry. However, simply being aware of these trends is only half the battle. To capitalize on these insights and use them to drive growth and profitability, you need the right tools.
That's where investing in a point of sale system designed specifically for beer and liquor stores comes into play. With features like case break inventory management, age verification, and inventory trend tracking, a specialized POS system can help you stay on top of industry trends and make informed decisions about your business.
Bottle POS offers a point of sale solution designed specifically for liquor stores. Our all-in-one point of sale and inventory management system offers a comprehensive suite of features to help you streamline your operations, boost your efficiency, and maximize your profits.
Schedule a demo of Bottle POS today to see how our tool can help you stay on top of liquor industry news and trends and thrive in the market.
