Have you stopped by your local package store recently?
With the ongoing popularity of a vast variety of craft beers, imported wines, and specialty spirits, the success of these businesses speaks volumes about the potential for growth in a very niche market.
But how do they do it? And what makes some local package stores thrive, while the competition struggles to keep afloat?
Here are six time-tested tips to help you drive the success of your local package store.
With hundreds or even thousands of SKUs to manage, it becomes impossible to remember the stats of every single product on your shelves. Implementing an intelligent inventory management system with a solid point of sale (POS) system allows you to track your stock in real time, ensuring you always have the right amount of each product. You can easily keep track of stock levels, understand which products are hot sellers, and identify items that might be tying up unnecessary cash.
No one likes to wait in line, and long lines at your store’s cash register can be off-putting for customers. With a POS system, you can dramatically reduce checkout times. Staff can easily scan a variety of items, apply discounts, or even put transactions on hold if a customer forgets to pick up a bottle of Tito’s from the vodka aisle.
Whether it's the weekend or a holiday season, promotions are a surefire way to encourage customers to purchase more. Consider offering mix and match promotions, such as buying six assorted local brews for a discounted price. Loyal customers could be rewarded with unique loyalty programs, like points that can be redeemed against future purchases. Remember: An industry-specific POS solution should allow you to implement and track these deals directly from the point of sale.
You never want to turn away a paying customer, so it’s important to offer multiple, easy payment options at your local package store. This can significantly improve your customers' experience. Your POS system should ideally accept cash, credit cards, mobile and contactless payments, and partial tenders — the more convenient the payment process, the higher the chances of attracting repeat customers.
Customers value convenience, and purchasing alcohol is no exception. Consider opening up a webstore, so buyers can browse your collection online, place orders for pickup, or even choose delivery right to their doorstep. You’ll boost sales by reaching customers beyond store hours, and even outside city limits, so make sure your point of sale system comes with an e-commerce integration to streamline setup.
To be successful, every business needs to grow — and that means you need to make smart business decisions. Make the most of your sales reports to understand which products are flying off the shelves, and which are not. This enables you to optimize your product offerings according to customer demand. You can also leverage this data to identify shopping trends, peak purchasing times, and regular customers, allowing you to target your marketing more effectively and to increase customer retention.
If you want to become the go-to local package store in your area, you have to step up your business game — which is why you need an industry-specific point of sale solution to help you streamline operations, improve the customer experience, and ultimately boost sales.
To get started with a POS system designed specifically for local package stores, schedule a demo with one of our Bottle POS specialists today! Or create your custom quote with our build and price tool.