The age of retail sales are always changing and evolving. Customers are expecting more out of businesses. Even as a liquor store owner you have to adapt too. Chances are you have a loyal set of customers at your liquor store. Loyal customers are a great form of dependable revenue, but like all businesses, they simply won’t keep your business afloat alone. In order to continue to grow and draw in new customers, it’s important that you adapt to trends and take steps to boost liquor store sales. Transforming your liquor store into an upscale spirits shop can be a challenge. Here are a few ways you can upgrade your liquor store.
Add Accent Lighting
Flat, consistent lighting can be lackluster and can deter customers from shopping at your store for extended periods of time. Incorporate accent lighting to help customers intuitively know where premium products are and define spaces between various product categories, such as wine and liquors.
Invest in a Beer Cave
Annually, Americans drink 7.6 billion dollars’ worth of beer. Convenience stores have begun to take a big chunk of this business, mostly due to their large selection of cold offerings. An enclosed cooler with easy access for customers to view and select from a variety of cold brews will help you to compete with convenience stores. A beer cave not only helps you to offer a larger selection of cold beer, it provides a unique shopping experience for your customers. Being able to display a wide variety of ready to drink products will make your liquor store a 'go to' destination and provide you with repeat business.
Tasting Parties
Tasting parties have become one of the biggest trends in the liquor store industry. This can come in the form of organized events where people sign up to learn how to mix drinks, or simply having a host or hostess serving up samples of new or featured items. This offers a new experience for patrons and drives customer engagement. It also allows customers to try new products which, in turn, could increase your sales on those products. Tasting parties also offer an opportunity for customers to get to know the owners of the store and become educated on different products. Promoting these parties through different marketing channels such as social media and others is a great way to bring in new customers.
Custom Signage
What better way to advertise your best products than with custom signage? Signage is a great option for liquor store owners who want to give customers a clear understanding of where products are located. It can also be used to highlight well-known names in liquor or even specialty products and services. If you think that custom signage is right for you, create a plan that is sure to boost sales at your liquor store .Enlist the aid of a graphic designer and a qualified sign builder to create signage that enhances your space, makes it easier for customers to shop, and allows you to showcase your most profitable products.
Stand-Alone Product Displays
Stand-alone shelving and display units don’t only provide aesthetic appeal; they give you an opportunity to showcase complementary products and increase sales per transaction. For example, you know that tequila sales increase at the start of the summer season. Use a stand out display case to highlight your best-selling tequila, margarita mix, flavored salts, and even glassware. Your customers will take notice of the tequila that is distinguished from the rest, and will be more inclined to purchase secondary products that are featured with it.
Local Brews and High End Wines
The craft beer industry has exploded over the last decade and liquor stores have started to take advantage of this trend. Developing partnerships with local breweries to distribute their products can be a profitable venture for both sides. Cross promotions where you advertise each other’s businesses can bring in a whole new customer base for each of you. This is particularly effective when it comes to joint events and advertising at industry festivals.
There is an enormous community of wine connoisseur’s and many liquor stores forget to target this market. Updating your wine selection and offering high end imported wines will help you to bring in these customers and can increase revenue dramatically. The profit margins on imported wines can be significant and will also help the image of your liquor store. This also allows you to hold wine tastings and bring in experts on wine pairings to help customers choose the perfect vintage.
Pulling It All Together
Remember, each of these merchandise display tactics are good individually, but if you want to boost sales at your liquor store consider combining them for maximum results. Just think of the impact your stand-alone display cases will have when they are highlighted by strategically placed accent lighting.
If you’ve worked hard to stock your liquor store with great products, don’t stop there. Showcase those products with appealing merchandise display tactics. Your customers will find shopping at your store more enjoyable, and you will have more control over the products that catch their attention.
How To Fund Your Improvements
In order for your liquor store to flourish in the future it will be necessary to make improvements. While coming up with the funds to make these changes can be difficult, you do have options. Quikstone Capital Solutions specializes in helping liquor store owners maintain, improve and expand their businesses. Consider a merchant cash advance to improve the image and appeal of your liquor store.
