Can your liquor retail business keep up with customer demand for new digital experiences?
Brick-and-mortar sales still dominate the liquor retail sector, with online sales languishing at single-digit percentages of total sales.
However, the move to online is real, with liquor online sales globally estimated to grow 4.5% between 2022 and 2027, reaching nearly US$40 billion by 2027.
This growth in online sales is introducing more complexity into the business, with channels becoming less physical and more digital. And that’s why everyone’s focussed on finding the right systems to rebuild their businesses from the bottom up for omnichannel retail.
But at a time when 2 in 5 retailers (40%) lack in-house expertise to make the most of new technologies, and only 25% of retailers can connect online and store data, they know that working with the right people and the right technologies will make the roll-out of new customer experiences much easier, and deliver results much faster.
So, how do you evaluate a new retail platform provider?
There are four important capabilities they will need to provide:
1. Expertise across all retail, not just liquor
You’ll want a mature retail platform that supports liquor and convenience, rather than a narrow, liquor-specific POS system.
A partner with experience in highly competitive retail industries - like fashion and big-box retail - will have expertise in disrupting the customer experience, with APIs and a retail ecosystem few can match.
They’ll bring best practice ideas and capabilities from other retail sectors - not just liquor retail - and have POS omnichannel expertise distilled into all the essential modules you need to deliver seamless and differentiating experiences in stores, online and on mobile apps.
And with all the core liquor features you need out-of-the-box - plus localised functionality and the ability to customise – you’ll achieve a faster return on investment.
More than 2 in 5 retailers (45%) demand retail industry expertise from their technology partners.
2. Real-world customer experience
A strong track record and referenceable customer base means less risk.
You’ll want a partner with recent and proven success in liquor and convenience retail, with a track record of complex, large-scale deployments across multiple stores, multiple formats and multiple geographies.
They’ll need to understand your environment where fast service is non-negotiable, staff require specialist knowledge and transaction volumes are highly variable. Make sure they have people who can help you plan and implement your projects, so that they deliver now and well into the future.
Their experience in the liquor sector will give them a deep understanding of the trends changing mobility and convenience, and bring you the best of consumer, retail and CX applications and technologies.
42% of retailers demand use cases for technology solutions.
3. Broad product capability and innovation mindset
Choose a partner that can give you a holistic portfolio and expansive retail ecosystem.
Offering a unified customer experience means unifying all the front- and back-end systems that run POS, inventory, ordering, customers and loyalty, pricing and promotions, analytics and fulfilment. You don’t want to be tied to a point player that can only provide segments.
When you choose a partner with a mature platform, they can focus on delivering innovation because the critical functionality you need already exists.
An open architecture and APIs will let you cultivate a modern retail and CX ecosystem that reduces risk and increases flexibility.
And with agile methodologies plus experience working with agile retailers, they’ll have the ability to move to fast and change direction as opportunities develop, competitors act and customer needs evolve.
‘Cutting edge’ technology is expected by 46% of retailers.
4. Local and committed to your success
A local partner means you can have more influence on the product roadmap and expect faster turnaround.
Liquor retailers are creating distinctive omnichannel customer experiences by developing strong brands, offering tailored convenience, expanding the breadth of their product offerings (or moving into specialist categories) and generating new revenue streams.
They recognise the risk that comes with global vendors that have a narrow focus on liquor POS or an indirect model of engagement and support.
A local business means you can enjoy direct engagement with on-the-ground people focussed on your needs, and not distracted by offshore business activity. With direct access to second and third level support and simple processes, you’ll enjoy leaner, faster support services.
Biggest isn’t always best. A mid-sized company will have fewer layers of bureaucracy, giving them more agility and responsiveness.
It also means that you’ll be an important customer of influence to your partner - they will value your business and work hard for it.
48% of retailers want the ability to build long-term partnerships and 50% want accessible solutions.
Want help to deliver a personalised, fast and seamless CX?
Our product and people are supporting award-winning retailers delivering disruptive, world-first customer experiences that build loyalty and grow sales. If you’re experiencing technology challenges that prevent you from unifying your physical and digital channels, get in touch. We’d love to help you digitise your business to create the unified experiences your customers now expect.
