Coming up with pricing strategies and retail store changes for liquor store promotions is a difficult task. But there are dozens of options on how to improve liquor store sales. For some unique liquor store ideas, check out 4 quick suggestions from KORONA!
1. Liquor Store Ideas for Up and Cross-Selling
A great way to increase customer purchases is cross-product promotions. A simple way of doing that is by offering a discount for buying 3 items of the same brand. This will encourage customers to buy more. It’s a common trick that can be found in many retail stores. However, there are ways to be more creative. Another interesting way of running promotions is by steering the customer towards higher priced items. Let’s say a customer buys a medium priced red wine. In this case, it can be useful to offer a promotion for a higher priced white wine. Often customers will buy both red and white for parties or events. Chances are that they will buy both options in a similar price range. This encourages the customer to start shopping in a higher category. Promotions that can increase sale in your liquor store should be easy to configure with your liquor POS system.
2. Liquor Store Promotional Ideas Can Increase Customer Return Rates
Loyalty programs are a common practice to encourage customers to shop exclusively in your liquor stores. However, many customers find the benefits insignificant and not worth the hassle. You can get those customers coming back with receipt coupons. Coupons have a unique advantage over point-loyalty programs. They give the merchant the option to control when you would like the customer to return. For example, when a customer buys a certain item you can issue a coupon for the exact same item that is valid for only 5 days. This means a customer who would like to take advantage of the offer will have to return sooner than normal.
See Related: How to Increase Customer Retention Rates & 5 Simple Ways to Improve Your Customers’ In-Store Experience
3. Product Bundles and Liquor Store Promotions
Bundling products is another great way to increase customer spending. Many people will purchase a boxed cocktail set instead of looking for all the individual products. This gives you a nice opportunity to include brands that result in a higher profit margin. In addition, product bundles also make very nice gifts. People also like the opportunity to try new products. If you recently got a new product in your liquor store, try offering it at a discounted rate paired with a popular product. Customers will be much more likely to give it a try.
4. Events Can Improve Liquor Store Sales
Shopping in brick and mortar stores has a lot to do with the shopping experience. Competing with online shops and delivery services is difficult, but something that is hard to replace is the experience of actually walking through a store. A great way of taking the shopping experience to another level is by hosting events or showcasing certain products. Obviously, this requires more planning and advertising which will come with higher upfront costs. However, you might want to contact some of your vendors. Liquor vendors and distributors are always interested in advertising opportunities. Suppliers are interested in promoting their brands and you are interested in promoting your store. This will lower your investment, improve your relationship with your brands, and, most importantly, get more people into your store!
5. Use Liquor Store Impulse Items
You can boost your sales by strategically placing liquor store impulse items around your store. Impulse items increase your total sales while helping your shoppers leave with a more complete purchase. Many times, they just forget they are actually needing those items or they end up leaving happier with the added items. Examples of impulse items include gifts, party supplies, mixers, samplers, bar tools, and brewing kits.
Increase Sales at Your Liquor Store with KORONA
As you can see, there are a lot of ways that you can increase sales with minimal effort. Once you start experimenting with these methods, you’ll probably come up with some great ideas of your own. And check out KORONA if you’re interested in a new liquor POS system. We’re always happy to talk about ways to improve your business from the point of sale and beyond. Click below for a free trial of our software.