Women are buying and drinking more wine than ever, with 57% of total wine volume being purchased by women, according to Nielsen. The survey showed that overall more women are buying wine and drinking it more frequently — and at larger quantities than their male counterparts.
With women dominating such a large market share of wine purchases, wine labels are wise to use data on women’s purchasing behaviors to their favor.
You may have already noticed the change in your local liquor store. Eye-catching labels on cans of wine surround the checkout line and there’s more sparkling wine to buy.
The change sparked because there’s a new consumer in the liquor store—and it is a buyer who was not 21 years old 10 years ago. This consumer wants the wine they purchase to match their values and lifestyle, and it’s forcing some brands to rethink their strategy.
By using data to analyze this new customer, you’ll be able to help your brand adapt to the changing market. (more…)
We live in a world of data. If you pay close attention, you will see everything around us is composed of numbers. Digits appear in their own patterns and sequences, creating something of a larger value. But how are we to know what it all means?
A data analytics tool will make sense of the mystery. For some, integrating an analytics tool may sound intimidating, but it doesn’t have to be. Analytics is vital towards understanding why your organization behaves the way it does and where your future is headed. (more…)
Dimensional Insight’s European team recently attended the World Bulk Wine Exhibition in Amsterdam. During the exhibition, we attended a round table of wine industry experts including Cyril Penn, Deborah Parker Wong, and Liza Zimmerman. At this event, these experts spoke about the latest trends in wine consumption in the United States and shared their insights for producers who are considering to export bulk to the U.S. (more…)
“The wine industry doesn’t like change. The wine industry doesn’t like innovation. The wine industry thinks that things should be the way it was, or the way they were.” For Robert Joseph, wine writer and connoisseur, this idea holds true. At this year’s World Bulk Wine Exhibition, an international event where wine industry professionals come together to celebrate a good bottle, Joseph challenged the attitudes that many hold towards the unorthodox approaches of doing business.
Like many others, Joseph questions what it takes to sell a bottle of wine heading into 2019. In a landscape with ripe opportunities for innovation, it is becoming more apparent that risks need to be taken. So what is the future of wine beginning to look like? (more…)
You know what’s inside of your glass of wine. But do you know how it was made? Vineyards have been a part of human history since as early as 6000 BC. With this vintage, we should have been expected to master the art. But in 2018, we are still striving towards excellence.
A recent survey from Wine Business Monthly asked multiple growers from different regions about the top challenges they experienced in 2018. Among them, production challenges such as labor shortages, wine quality, and sustainability were the most prominent. So how are we able to improve production with modern technology? (more…)
The ever-increasing digitization of the distribution business is generating ever-increasing amounts of data – and making it harder to discern which metrics are the most important for profitability and growth. For distributors, inventory is one of the most important drivers of success, thus underlining the need for insightful and actionable inventory analytics.
In my last blog, I presented key metrics that track inventory alone and the interplay of inventory and employees. Today I will focus on inventory and sales numbers. Here are four metrics related to inventory and sales that will help distributors up their game. (more…)
Distribution is an intensely competitive business and inventory is key to determining profitability. Applying advanced analytics to inventory management is a savvy way for distributors to track their performance and gain insights that can fuel profitability and growth.
There now are more than 30 metrics distributors can use to gauge their performance. I like to group inventory metrics into three sets: those concerned with inventory only, those that focus on the interplay of inventory and people, and those that track inventory with sales. Let’s take a closer look at the first two categories and how they can improve distributors’ performance. (more…)
Tasting rooms are the first handshake that many prospective consumers have with a brand. Wineries look to tasting rooms as an opportunity towards a more hospitable approach at making their next sale. For many, tasting rooms prove to be successful. With an inviting atmosphere, engaging ambassadors, and a great product portfolio, it is easy to get right.
However, many brands still struggle with fine-tuning their approach. Does this mean that prospecting clients is a game they’ve already lost? Here’s how wineries are using analytics to help them with their efforts. (more…)
Any business understands the power of data. Hard numbers lay the groundwork for the organization, holding up and supporting every wall and beam. Just as with an actual building, it’s important to put thought into the foundation. If you don’t properly consider this “design” phase, how do you know how your foundation will hold up?
One critical data piece for a business to track from the start is its inventory. What’s moving? What isn’t? How long are products in inventory for? It’s important to understand these pieces of information in order to control costs and capture revenue. Here’s how organizations can use inventory analytics as a tool to meet and design their end goals. (more…)