For many, alcohol plays a significant role in social interaction and bonding throughout society and continues to do so today. Many people enjoy social drinking. Today’s society depends on factors like success, competitiveness, and perfection for its progress, which leads to an increasing amount of stress for the people. This has again led to increasing amounts of alcohol being consumed. Drinking on the weekends has now become a part of corporate work culture. As an effect, the alcohol industry has become one of the largest globally and keeps growing due to its profitability. Quality and ease of purchasing have seen a rapid increase, pleasing consumers around the world. Retail companies like Bevmart have become more popular due to their variety of stock and home delivery.
Technology and alcohol
New technology has an influence on trade in all industries, including the alcohol industry. Before refrigeration enabled new major brands to distribute their goods globally, local breweries were the sole source of drink for buyers. Nowadays, most people have access to the internet through smartphones. This aids in marketing through digital platforms and social media. Additionally, consumers can search and select their favourite product from a selection of competitively priced retailers and get it delivered without even stepping out of their homes.
With companies facing more pressure to increase production and maintain quality as time passes, technology integration is the primary way to increase efficiency by managing manufacturing and supply chains. Again, there are companies like Bevmart who are an excellent example where such integration has been carried out. Having an online platform that users can effortlessly navigate and use is an added advantage in their case.
Changing consumer demands
The alcohol industry has also recently seen itself adapting to the more specific needs of consumers. A large percentage of consumers, especially millennials, are becoming more devoted to good health. A large market exists for healthy alternatives in alcoholic drinks. The fact that bottled water crossed soft drinks in terms of sales in 2016 stands as proof of this shift to a more health-conscious lifestyle.
There is also great demand for expensive drinks as exclusivity is very appealing. Everything from unique blends from across the world to wines aged just right is being sold at high prices. With more and more rare drinks being bottled, the collection of such rare drinks is also gaining popularity.
Convenience has also been a great factor in the evolution of the industry. Wine and cocktails, and other mixes are now being canned and sold. This lets the consumers buy their favourite mixes off the shelf of their local retailer. Door delivery and online platforms for placing orders are also examples where changes were made to increase convenience.
Eco-friendliness and alcohol
Being eco friendly is proving to be an impactful factor when it comes to alcohol sales. Issues like the use of more packaging material and single-use plastic are raising concerns. Some companies have started responding to these concerns, and switching to more efficient and sustainable sources of power like wind or solar has been one response. Packaging materials are also being changed to more eco-friendly options.
As in any industry, changes in consumers’ lifestyle and decision-making have led the alcohol industry on its journey from household manufacturing to international shipping and will continue helping in its evolution.