Liquor stores are unlike any other kind of retail operation in some significant ways. For example:
- They are subject to federal, state, and local regulations, including various permits and licenses.
- The field is highly competitive, so profitability depends on efficiency.
- Marketing, branding, and quality customer service are imperative for success.
Point of sale software for liquor stores facilitates critical operations of the businesses, including inventory management, record keeping, marketing, and customer relationship management. When choosing a POS system for a liquor store, look for a solution that can meet your store’s needs in all of these areas.
Meeting the Stringent Record-Keeping Requirements for Liquor Stores
All states and many localities regulate the sale and consumption of alcohol. While the federal government gives states much leeway in the regulation of alcohol, it uses tax incentives and federal funding to influence state policies, such as having a uniform legal drinking age of 21.
Liquor stores and other establishments licensed to sell alcoholic beverages must confirm that they abide by all pertinent regulations. A liquor store POS system requires the ability to support localization to ensure the tax rates and other requirements that apply in their area are being fulfilled.
In particular, to avoid running afoul of laws prohibiting the sale of alcohol to people under the legal age limit, the POS system’s reporting function should help identify transactions that didn’t include the proper ID check. States also limit purchases of alcoholic beverages using an Electronic Benefits Transfer (EBT) card, so the system must identify and prevent such sales.
Accurate, Timely Inventory Management Boosts Liquor Store Profitability
All retailers depend on their inventory, but for liquor stores, inventory is their livelihood. Point of sale software for liquor stores helps prevent stores from running out of items while avoiding excessive and costly storage of slow-moving (or no-moving) items. Predictive inventory management provides liquor store managers with the information they need to make product ordering as efficient as possible.
Data from transactions is combined with readings from barcode scanners to provide up-to-the-minute counts of all inventory items. The POS system lets managers set minimum stock levels that trigger automatic alerts when they’re reached. The systems can also be configured to place reorders automatically when specified conditions are met.
A unique aspect of liquor store inventory management is the requirement to indicate the vendor that supplied each bottle in stock. By integrating inventory systems with those of the store’s distributors, stores can receive advance shipment notice (ASN), which improves the accuracy of its inventory count and helps reduce product shrinkage.
Encourage Repeat Business by Learning More About Your Customers
A truism of the retail industry is that sales to existing customers are more profitable than spending a bundle on marketing to attract new customers. Point of sale software for liquor stores lets businesses create customer profiles by collecting their contact information, birthdays, and other personal information. The systems also track the customers’ purchase histories, including which products they bought, when they bought them, and any other products they purchased at the same time.
By combining customer relationship management with marketing and promotions, the POS systems allow liquor stores to implement omnichannel marketing that delivers a consistent personalized experience whether customers are shopping online or in the establishment. Promotions and special offers can be tailored to customers for specific products, bundles of products, or sales at certain times, such as during holidays, summer barbecues, or autumn tailgating.
Few tools are more effective at encouraging repeat business than customer loyalty programs. The liquor store’s POS system can be used to enroll customers, manage their collection of points toward rewards, and deliver a personalized customer experience For example, IPA lovers can be offered a “build your own six pack” promotion that lets them choose from the store’s beer selection, or aficionados of single-malt scotch could be alerted to distilleries whose products they haven’t yet sampled.
POS Helps Put a Fine Point on Liquor Store Marketing Efforts
The best way for a business to get more out of its marketing strategies is to base them on relevant, up-to-date, and accurate data. Point of sale software for liquor stores collects many types of information that can enhance marketing plans and promotions. The data serves as the foundation for marketing plans by reporting on sales at a granular level. This allows stores to measure the effectiveness of their marketing efforts. Access to more data can help you answer these questions about your store:
- Which items are customers viewing on the store’s website?
- Which brands are most popular at various times of the year?
- Do customers prefer digital gift cards over physical ones?
- What are the “in” alcohol products today, and which products are likely to be hot in the future?
- Which product bundles are customers responding to, and how likely are they to go for other bundles or combinations?
A POS system for liquor stores should generate sales reports and analytics that provide insight into all aspects of the business’s operation while being customizable in terms of the data it collects and maintains. Based on these reports and analyses, liquor stores can establish reasonable goals more precisely. This ties directly to inventory management and customer relationship management, which are the two areas in which liquor stores can boost profitability most easily.
With so much on the line, choosing the best point of sale software for a liquor store becomes one of the most important decisions the business will make. That’s why it’s important to tap the expertise of a knowledgeable partner who can tailor a POS solution to the business’s unique needs. Just as important as having the right POS features is ensuring that the system isn’t loaded with functionality the business doesn’t need.
POS systems now serve as the technology foundation for retailers of all types. Finding a system that integrates all business processes, is accessible and easy to use, and is affordable can be the difference between a liquor store’s success or failure. Make sure your store’s POS system promotes efficient operations and keeps your customers happy.
When you partner with talech for your retail technology needs, we devote our time to identifying your business challenges and working with you to apply an innovative POS solution that levels the playing field. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.