The last year has led to many changes in the liquor industry. With eCommerce sales rising over 200% many liquor stores have been able to grow their business’s success. However, not all storefronts have been so lucky. The liquor industry has a long-standing history but that does not mean that it is an industry without flaws. Bad habits have their way of working into any business type. The industry’s biggest flaw is that the liquor industry pos system of operations has not been updated in over thirty years. So what bad habits have the liquor industry accumulated over the last couple of decades?
Not Knowing Where Your Customers Are
From Gen Z to Boomers, and everyone in between there are hundreds of different kinds of demographics and behavioral habits that can influence your store’s sales trends. Expecting your customers to come to your business because of what you are offering is an old-school line of thought. In order to effectively market to your customers, you need to be able to pull your customer’s buying habit information. Once that data is in your back pocket you will be able to re-market to them through a multitude of advertising channels. This will get them back into your store location again and again. Not using a customer’s purchase history to build a loyalty program to help you achieve growth is a big miss for your business.
Not Accepting A Variety Of Payments
Many merchants get frustrated when it comes to their payment processing systems, and it’s completely understandable. Some payment processors can cause delays and have agreements full of hidden fees, but it doesn’t have to be that way. Dozens of other top payment processing systems have been released since you purchased your first system. The perfect liquor industry POS system is out there that can help you ensure your payments are fast, secure, and easy to understand the process. It is time to let your customers pay for their purchases the way that they want to pay for them. Whether it is with a swipe, tap, or chip reader. Customers will have the convenience of paying how they want to pay. Best of all you get your funds deposited into your accounts more efficiently.
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Not Capturing Your Data
One of the most common mistakes liquor store owners make is avoiding their business data. The information can come off as intimidating when you are looking at your customers, sales, marketing, and inventory all at once. Data is everywhere in a business. There is no avoiding it, but there is no reason to feel lost in any of it. Tracking your website’s conversions and marketing campaigns can help you be proactive with your business. There are many great analytics tracking tools available out there that can help you get all the information you need. You can even partner with the right company to track your reporting capabilities to help ensure you are using the data to its fullest potential. It might take a bit of time and energy to start but it is the first step in becoming a well-rounded business with the best system in the liquor industry.
All these bad habits can be resolved with the right partnership but what really separates good retailers from great ones is the ability to adapt and accept change. Taking the time to look over the possible gaps in your business is never a bad investment. It is time for your liquor store business to take the initiative and gain insight with CobaltConnect. Reach out to one of our support specialists to begin learning more about how CobaltConnect can launch your business forward.