See how your bar or restaurant can leverage can packages this summer for maximized profits.
Alcohol in cans is nothing new – the first canned beer was introduced to consumers in 1935, and since then, the industry hasn’t looked back. Manufacturers of all kinds package their libations in cans, and over the last few years specifically, cans have become a go-to for more than just beer, with seltzers, flavored malt beverages, wine, and even some craft cocktails entering the market in droves. Despite the challenges of 2020, where supply chain complications and import tariffs threatened availability and cost, can packages continued to dominate, averaging 64% of the beer market through the year.
Today, as we round out the first half of 2021 and head into the warmer summer months, can packages continue to hold a significant stake in the market, and it’s no wonder. Cans offer consumers more variety, hold better shelf life than kegs, and are typically more covid-friendly than glassware. And, with the wide range of products available today, cans offer something for everyone at the bar. So, as you build out your bar or restaurant’s summer strategy, how can your business leverage the convenient packaging for a profit advantage?
Know What You’re Moving
Do you know if your location moves more Truly or White Claw? Which canned wine is your best-seller? Is there a particular craft beer that sells better over the summer months? Knowing exactly what your location is moving is half the battle. Especially now, when alcohol margins are potentially tighter than ever, accessing and understanding purchase data can make all the difference. With alcohol management providers like Fintech, retailers gain visibility to the products entering the back door with online invoice access and easy-to-read reporting. Plus, with solutions like Fintech, alcohol purchase data can be integrated directly into accounting or inventory systems, saving hours of manual data entry.
Bring in Variety
One of the biggest advantages of can packages is the diversity in products available. Nearly every alcoholic product is available in cans now, and even within each category, there’s a huge variety of options with thousands of manufacturers canning products. Over the last year, consumers grew accustomed to stocking their fridge with local favorites and market-leading brands – as they return to on-premise locations, they’ll expect the same offerings. Give customers something to gather around with different brands and different varieties or flavors from the same beer, wine, or seltzer producers.
Before 2020, competition for bars and restaurants remained in the on-premise segment, but now competition exists anywhere alcohol is sold – grocery stores, liquor depots, and taprooms. As such, it’s vital to price your products competitively. To do this, you have to understand the price your location pays when alcohol comes through the backdoor and eliminate as many margin-eaters as possible before they impact your bottom line. With Fintech, you can see all your invoices broken down by line item and even access reports showing things like price discrepancies, so you can quickly understand when your location is overpaying or missing out on potential discounts. With this knowledge in hand, you can make the best purchasing decisions to price cans accurately and maybe even pass along savings to your customers in the form of bucket specials or gameday promotions.
Offering cans to your customers this summer isn’t just about boosting your profits; it’s also about offering them something comfortable as they make their return to your location. Hopefully, one day we’ll look back and laugh at how we drank everything out of cans back during the pandemic of the 20s, but for now, maybe those packages can give us something to gather around and lift up to toast summer 2021.