How to retain market share in a 'Covid-normal' world

How to retain market share in a 'Covid-normal' world

How to retain market share in a 'Covid-normal' world

September 10, 2021
Fiona Russell

We’re living in times of a ‘new normal’. The pandemic has caused consumers to move online as lockdowns and other restrictions limit in-store sales. In what has become the most significant change in liquor purchasing behaviour in recent times, customers are replacing purchase decisions made from on-premise browsing with information gathered online. Brands not keeping up with this trend will soon see sales and market share decline.

Recent reports show revenue in the Online Beer, Wine and Liquor industry rose 27 per cent in 2020-21 in response to the closure of pubs and bars[1]. Most of this activity has been online - and even brands with limited product content have benefited from the unprecedented surge in liquor e-purchasing. However, as an industry, it’s important to realise this phase won’t continue indefinitely. As restrictions ease and the hospitality sector re-opens, consumers will have increased retail opportunities, and brands with limited online product content will suffer.

“It’s an abnormal period for online sales,” SKUvantage CEO Daniel Roberts says, “This window of opportunity gives liquor brands the chance to upgrade online product content to better engage with consumers in all channels. Investing in quality product content during a time of strong growth, means brands can future-proof sales when in-store purchasing missions return to normal.”

So what is good product content? Essentially, it’s information and imagery that focuses on engaging or educating consumers. This can include images showing alternative product angles, such as 360 degree rotation or back of pack images. It can also include lifestyle photography, short videos, bottle spritzing, product renders, and hero images. Richer content is not limited to just imagery. Investing in well-written copy such as tasting notes and enhanced descriptions (which also improves search engine optimisation), also positively impacts sales. In essence, rich content is all about extending the product experience for consumers to help them visualise what it would be like to hold and taste your beverage.

One hurdle suppliers and retailers face is how to generate rich content on the scale required for tens, hundreds or even thousands of online liquor products. This is where specialised providers such as SKUvantage can assist.

As long-term commercial partners with the Drinks Association, SKUvantage are experienced in helping members and associates generate high quality, low cost, rich product content to drive online sales. SKUvantage also provides the technology that supports product content delivery to the leading retailers’ online platforms.

SKUvantage invites you to get in touch and find how your brand can take advantage of this window of opportunity to future-proof sales. Call 02 8484 0345 or email the team at SKUvantage for more information.

SKUvantage is a Commercial Partner of the Drinks Association.

 

 



[1] https://www.ibisworld.com/au/industry/online-beer-wine-liquor-sales/4087/

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