Consumers may be feeling a little better about the economy, but they haven’t returned to the free-spending ways that marked the boom years. For wine retailers, the new economic reality has meant stocking more inventory in the $10-$20 a bottle range. Nearly 6 in 10 wine merchants report that consumers have cut back their wine budget. But creative marketing tactics can help to boost sales.
One of the biggest concerns consumers have about purchasing wine is taste. Wine shoppers know more about the industry these days. They are also open to purchasing a new variety of wine. At least 84% of surveyed retailers agree that shoppers have become ‘adventurous’. But according to a Napa Technology survey, consumers want to try before they buy. As a result, retailers are using the following strategies to entice consumers to try the higher-priced products:
- Loyalty programs
- Daily wine tastings
- Formal events
Nearly ½ of surveyed retailers noted that consumers will spend between 5–15% more on wine after they taste a sample of a variety that is new to them. Merchants also note that events such as wine tastings increase customer loyalty. As customers spend more time in the store, they are also likely to spend more. Promoting loyalty programs and wine tasting events will work to improve both short and long-term sales.
[Source: Study Looks at what Motivates Wine Shoppers. GourmetRetailer.com. 10 Nov. 2011. Web. 10 Nov. 2011]