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Bar trends 2024
Bar trends that help fight inflation 2024
The bar industry in 2023 grappled with significant economic pressures due to rising inflation, challenging their financial stability. To thrive in such a landscape, bars must adopt forward-thinking strategies. This white paper, titled “Bar trends 2024 that help fight inflation” outlines actionable strategies such as smart use of ingredients, unique service concepts, embracing technology, and effective cost management. These methods aim to draw in and maintain a loyal customer base while maximizing profitability. Key areas of focus include:
Use ingredients smartly
Adopting measures to reduce waste can lower supply expenses. For example, a multi-purpose plant can be used differently across various drinks – as a garnish in one, a key ingredient in another, and its remnants for infusions. By using Menu Optimization you may start to evaluate the current menu, analyzing each drink’s profitability and popularity.
Unique concept offerings
Stand out from competitors by offering unique experiences. This could include special after-work concepts, family-friendly settings, locally brewed beers, or signature beverages to attract a varied clientele.
Customer expansion strategies
Drive traffic during slower hours with attractive promotions like happy hours, discounted rates, or exclusive drink specials. Enhancing customer experience during these times is crucial.
Adaptive pricing techniques
In times of inflation, strategically offering lower-priced items while still maintaining profits can be effective. Introduce budget-friendly options or daily specials with higher profit margins to cater to cost-conscious customers.
Digital ordering and home delivery
Acknowledge the growing demand for home delivery services. Consider adding drink delivery options in 2024.
QR code ordering system
Incorporate QR codes to streamline ordering and payment processes, allowing guests to use their smartphones for a seamless experience.
Advanced technology integration
Adopt mobile payment solutions for in-bar payments, facilitating quicker service and increased sales. Mobile payments often lead to higher tips due to pre-set tipping options. Integrate bar automation technologies like self-serve beer systems with POS for better sales tracking, efficiency, and reduced wastage and spillage.
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