See how technology use differs between generations, especially when it comes to managing an alcohol category.
Millennials now make up the largest living generation. The very first generation to grow up with the internet, smartphones, as well as personal A.I., millennials are taking these major advancements and applying them in every aspect of their lives.
Especially when it comes to business, where many millennials are stepping up to take over family-run stores, these technologies have transformed the professional landscape, making day-to-day business procedures more efficient and cost-effective.
Nowadays, it is virtually impossible to go to any place of business and not see the influence of modern technology – whether it be an automated POS, a digital inventory system, or the use of automated invoice payments. Particularly in the alcohol industry, younger generations are working hard to simplify operations and use advancements such as automation to create a more effective business model with better returns than those who use more traditional processes. For convenience store operators, grocers, and other off-premise retailers, adopting technological solutions can streamline daily processes, make it possible to execute business activities from anywhere, and ultimately set a better foundation to build lasting customer relationships.
According to a survey conducted by the Capital One Small Business Index, over half of all millennials are heavily motivated by innovation – so it’s no surprise to see younger business owners adopt tech that creates much more efficient work environments. Specifically, for off-premise retailers, innovations include but are not limited to advanced inventory management software, touchless payment options, market data solutions, as well as automated invoice payments. By implementing these solutions, a business stands to create a system that fosters productivity while reducing manual processes that take time away from their customers.
Younger generations also look for tech that’s flexible and convenient, allowing them to get work done from literally anywhere. Opting for solutions that are mobile-friendly and don’t require manual efforts creates efficiencies that save time and money. Need to review an invoice or set up a new distributor for electronic payment, but you’re stuck at home? With Fintech, for example, retailers can simply log in to their user portal to check invoice details or add new alcohol distributors from the back office, the storage room, or even the ballpark! Plus, many electronic payment providers can also automatically deliver a direct EDI file with line-item details into your back-office or accounting program, so you’ll never need to painstakingly key in another invoice. With this kind of flexibility, operators improve professional efficiency and get more time to focus on other areas that matter.
Building and nurturing relationships have also been significantly improved by modern technology, especially in the realm of digital marketing. Businesses can now reach out and interact with current and potential customers at little to no cost. This marketing nuance allows businesses to also automate their social media posting schedules, giving owners and managers more time to focus on marketing strategy and implementation while also preserving existing customer relationships.
These businesses can also utilize solutions like Fintech to preserve their professional relationships with alcohol distributors. Automated, electronic payments ensure that alcohol invoices are paid on time, every time, so neither party has to worry about regulatory compliance. Plus, through the Fintech user portal, convenience store operators gain access to a network of over 4,500 distributors nationwide, making it easy to build new relationships as they look to expand overall inventory.
With the setbacks created by the COVID-19 pandemic, now is the ideal time for an off-premise retailer to take advantage of all the technological solutions available. By optimizing businesses to perform efficiently and effectively and preserving customer relationships, owners and managers can focus more on other things like tracking down the next big trend and knocking it out of the park.