How The Drink Exchange Technology Influences Consumers, Markets Distributors And Benefits Bars
In recognition of National Beer Lover's Day (September 7), Benzinga researched The Drink Exchange technology, which relies on consumer behavior to price alcoholic drinks at a bar or restaurant establishment. Essentially, drink prices fluctuate based on real-time demand. Like the stock market, high demand causes prices to rise and low demand triggers prices to drop.
Not only does the technology provide a unique experience for patrons, but it also allows the client establishment to analyze consumer behavior. By linking the algorithm-based technology with a point-of-sale system, The Drink Exchange equips the establishment with valuable data specific to customer preferences and trends. Additionally, the technology also serves as a marketing tool for drink distributors, as the price alteration derived from the concept of supply and demand naturally promotes certain products.
“The Drink Exchange provides an unprecedented method for directing customer purchase behavior and pushing inventory,” Drink Exchange CEO Todd Schram said in a recent interview with Benzinga. “Patrons want to participate in the market and tend to purchase the items that are part of The Drink Exchange.”
Those establishments that use the technology display the fluctuating prices on TV screens or on a scrolling LED light board. The Drink Exchange also offers a mobile app.
To date, more than 20 bars and restaurants have adopted the technology, including an establishment in Hong Kong. Recently, The Drink Exchange gained a client in India and is working with them to implement the product.
So, in honor of Beer Lover's Day, let’s raise a glass … quickly, before the price rises again.
A Few Brewy Names ...
- Anheuser Busch Inbev SA (ADR) (NYSE: BUD).
- Boston Beer Co Inc (NYSE: SAM).
- Constellation Brands, Inc. (NYSE: STZ).
- Molson Coors Brewing Company (NYSE: TAP).
- SABMiller plc (ADR) (OTC: SBMRY).
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