For any liquor retailer, the importance of data and insights into customer shopping habits is integral to their business’ success.
Consumer preferences are constantly changing and retailers who are best able to understand and adapt to these changes will have a significant advantage over their competitors in the market.
Retail Drinks is cognisant of its members’ need to have access to the most up-to-date data and insights available to help run their businesses both sustainably and effectively. This is why it has partnered with its members to deliver several informative sessions at the upcoming Liquor Retail Summit on 19 May, where attendees will have the opportunity to hear from a range of data and insight experts.
As part of the action-packed agenda, Retail Drinks’ newest member Five Growth will be presenting its new Growth Scope liquor insights platform, which a powerful, integrated, consumer-driven shopping, usage and attitude insights platform designed especially for the retail liquor industry. This session is aimed at helping Summit attendees gain critical data insights into their businesses, including around the biggest consumer cohorts and consumption occasions.
“Growth Scope has been tracking consumer and shopper behaviour daily since June 2020, giving unique insight through the COVID-19 lockdowns and into the recovery. It has the data which unlocks the unique insight into new consumer and shopper behaviours and needs since the pandemic beset,” said Five Growth Director Andrew Nowicki.
At the Summit, Nowicki said: “We’re going to really delve into the fastest growing demographic in Australia which is retirees; we’ll delve into the most important consumption occasion which is ‘me time’ at home alone or with your partner; and we’re going to take a look into shopper behaviour and understand the importance of promotion to different types of shoppers.
“We bring new truth to the marketplace, especially from a retailer perspective. Retailers have great data about what they sell and who they sell to, but their line of sight is closed because they actually don’t know why their shoppers buy what they buy and how it’s consumed. What we’re bringing to the table is the data set that closes the loop, and we’re hoping to demonstrate that being able to close the loop, from an insights perspective, makes you more informed to unlock bigger and better growth opportunities.”
In another separate, standalone session, Summit attendees will also hear from Retail Drinks’ partner IRI Australia who will deliver a presentation covering key projections from its State of the Industry report. This presentation will cover a range of high-level topics, such as category performance trends (including insights from both a local and international perspective), cross category influences and changing shopper behaviours and influences.
“The IRI State of the Industry explores the impact of the economic outlook and channel switching during Covid. We will share insights into what the key drivers have been in the off-premise and how the Australian liquor shopper has shifted within categories. We will look at trends including premiumisation, flavour and styles that are driving category growth,” said IRI’s Mark McCaffrey.
Lastly, Summit attendees can also look forward to hearing from Retail Drinks partner Invigor Group, who will share how retailers can grow revenue, margin, share of wallet, and customer lifetime value with accurate real-time data and analytics.
“Today’s customer behaviour is drastically changing, product cycles are faster, and online pricing is becoming more dynamic. Retailers need accurate real-time pricing, sales and customer behaviour data combined with relevant analytics to better understand the environment they sell in and make profitable decisions,” said Rohan Dhowan, Sales Director at Invigor Group.
For any liquor retailers interesting in gaining a greater understanding of how to best leverage data and insights to help their business succeed, the Retail Drinks Liquor Retail Summit is an unmissable event. Register today at the Summit website here.