Ways of bolstering your convenience store, liquor store, or bottle shop’s holiday season inventory to generate increased sales and improved profits.
As the holiday season rapidly approaches, there is one question off-premises store owners should be asking themselves: “Will the alcohol inventory I’m carrying give me the best possible return?” If you are unsure of your answer to this, it is imperative to analyze your alcohol catalog and determine whether you have set yourself up for success this season – or if you will adjust your inventory to keep costs low and sales high. Here are some tips to do just that!
Understand your Current Inventory
Before you can build a reliable inventory, you need to understand the inventory you’re currently carrying; the products and the prices paid for each. While you probably already have a good grasp on the products physically sitting on your shelves or in the storage room, getting a clear picture of pricing can be a daunting task – one that involves digging through paper invoices or searching through your inventory system. But when operators utilize Fintech’s automated alcohol invoice payments, pricing details for each and every product are listed through an easy-to-use digital invoice management portal. Users can break down invoices by line item, and even leverage purchase reports to track price fluctuations and understand when a different price is paid for the same product from the same distributor over time. With this feature, managers can also identify potential discounts or quantity buys, saving their business money.
What’s even better is that Fintech invoice data can be automatically integrated into inventory or back-office systems, bringing alcohol pricing into the perspective of a business’s overall costs. From here, managers can compare their price through the backdoor with the price set for customer purchases and know where they may be missing out on profit. It’s also helpful to review inbound products verse outbound products to determine high-selling items you want to stock for the holidays, verse those that take up valuable shelf space.
Researching Local Trends
Another great way to get a feel for which products will be popular this holiday season is by going out into the local market and identifying what products are being offered by other businesses. If a consumer enjoys a specific drink they had out at dinner or while hanging out with friends, especially those that are seasonal, they will have a stronger inclination to purchase it when they see it on your shelf. Another way to stay up-to-date with popular alcohol trends or discover new seasonal products is to read beer and alcohol publications And follow social media trends and influencers. Knowing viral brands can help you keep up with demand.
By utilizing the tips above, you are putting yourself and your store in the best possible position for forward growth – especially during this holiday season. Interested in learning more about how Fintech can boost your efficiencies and improve your bottom line? Schedule a personal Fintech Payments demo today!