The wine industry has an annual $220 billion economic impact in the United States. The Big Data Analytics Market is worth $203 billion. Yet the terms "big data" and "wine industry" are rarely used in the same paragraphs, let alone the same sentences. Why is that? This is the question that Don White and John Lawlor set out to answer when they founded Label Analytics. In just three short years they've done something seemingly impossible; brought big data to wine.
We've all been there. 'One drink' turned in to one-too-many drinks and now your pounding headache is a constant reminder of why you tried to limit yourself in the first place. After taking Advil, chugging Pedialyte, and eating the greasiest possible food, your hangover is still raging on. Thankfully, we found 5 lesser known, science-backed hangover cures to help you get back on your feet! We can all drink to that.
In the alcohol industry, new and innovative companies are popping up daily. From brilliant apps, to smarter software programs, and game-changing websites, there's never been a more exciting time for the industry. Below are seven companies shaking up the way we learn about, purchase, and consume alcohol!
Here's a mind-blowing statistic: the average supermarket carries 5 products per category, except in the wine category, where supermarkets carry roughly 900 different products. Let that sink in for a moment; a consumer who wants to purchase eggs has five options, but a consumer wanting to purchase wine must choose from nearly one thousand different options.
"...Research now shows that there can be too much choice; when there is, consumers are less likely to buy anything at all, and if they do buy, they are less satisfied with their selection."
- Barry Schwartz, Harvard Business Review
Since delighting customers should be the number one goal of every retailer, it may be time to re-evaluate your wine section. Here are the 10 things retailers should keep in mind when buying wholesale wine.
The retail landscape is rapidly evolving as more consumers seek new and convenient ways to make purchases. On the other hand, how most retailers buy wholesale wine hasn't changed since 1933...until recently.
In the age of supermarket price wars, retailers are searching for new ways to gain competitive advantage and earn higher margins. In the wine category, this often translates to private labels and brand exclusives.
What do Airbnb, Uber, and Etsy have in common? All three are online platforms that revolutionized their industry. With web technology advancing as quickly as it is, one has to ask, why is alcohol still being sold the same way it was in 1933?