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1、2024 BAR TRENDS THAT HELP FIGHT INFLATION n 2023,bars faced a major economic challenge:inflation.Product prices have continued to rise,putting margins and profitability to the test.To remain competitive and successful,bars need to explore different strategies to deal with this growing financial real

2、ity.In this paper,we explore innovative strategies to achieve these goals simultaneously.From the intelligent use of ingredients and the development of unique concepts to the use of new technologies and cost management,we will guide you through practical solutions to navigate this challenging enviro

3、nment.With these thoughtful approaches,youll be able to attract new customers,retain your existing ones and maximise your bars profitability.IHappy Reading,Your friends at Trivec1|Simplicity digital check-in and voice controlBe smarter with ingredientsBe smarter with ingredients|4Go for zero waste E

4、nvironmental responsibility and waste reduction have become doubly important in the hospitality industry,combining both environmental and financial concerns.Consumers are increasingly concerned about the environmental impact of their food choices,which is prompting restaurateurs and bar managers to

5、rethink practices to meet this demand while improving their profitability.The financial aspect plays a key role in this equation,as reducing waste is also equates to significant savings.By adopting waste minimisation practices,you can reduce supply costs.For example,a popular plant can be used in a

6、variety of ways in the drinks you offer.Some of it can be used as garnish in one cocktail,some as an ingredient in another,while all the waste can be used to make an infusion.This example also works with a very popular soda that can be bought in large packs and used in different drink categories,eve

7、n replacing a standard drink.This approach maximises the use of each ingredient,making better use of the budget,while reducing waste and giving customers a more varied experience.In addition,by reinventing your processes to include eco-friendly solutions,you can also benefit from a better brand imag

8、e,attracting more environmentally conscious customers.This can translate into more customers and additional revenue.Be smarter with ingredients|5Choose local or homemade drinks or ingredients Opting for local sourcing and favouring homemade preparations is a winning strategy for bars,for lots of rea

9、sons.Firstly,it allows you to control costs.By sourcing locally,you reduce the costs associated with transport and complex supply chains,which is also an argument in favour of sustainability,an aspect that is increasingly important to customers.Local products are increasingly more stable in price to

10、o,making it easier to plan ahead.In terms of quality,local ingredients are often better and will this ensure the quality of your food and drinks which will,in turn,enhance the bars reputation and build customer loyalty.By producing certain items,such as lemonade,infusions,cordials or condiments,on s

11、ite you can personalise your offer,for example by adapting it to local expectations or culture,for example.This can create a unique experience for customers and keep them coming back for more.By using local suppliers and preparing ingredients on site,you can significantly reduce the pressure of out-

12、of-stock or shortages,while offering a tailored service that meets your customers expectations.Be smarter with ingredients|6Use surpluses and offer special deals Another sensible approach is to use the surplus ingredients or drinks to offer special deals that appeal to customers.Creative use of surp

13、lus ingredients or drinks creatively can reduce waste and the associated costs.Special offers are an excellent way of reducing waste and offering customers original options.They also allow you to diversify your menu without compromising overall consistency,which can attract curious customers looking

14、 for something new.Finally,they give you the opportunity to strategically adjust prices to mitigate the impact of inflation,as promotions tend to boost sales.1|Simplicity digital check-in and voice controlMenu engineering Menu engineering|8 Analysing and optimise the menuLike restaurants,bars can us

15、e the menu engineering approach to maximise the profitability of a menu while satisfying customers.The first step is to analyse the current menu and evaluate each drink category in terms of profitability and popularity.Next plot the popularity metric against the profitability metric to produce a cha

16、rt with 4 quarters:stars,plowhorses,riddles and dogs(see illustration).STARSHigh profit,high popularityPUZZLESHigh profit,low popularity DOGSLow profit,low popularity PLOWHORSESLow profit,high popularity Once drink categories are identified,it will be easy to make optimisations:”Stars”should be high

17、lighted on the menu,as they generate significant sales and profits.Consider adjustments to make”Plowhorses”more profitable.”Riddles”should be highlighted on the menu,both visually and in their presentation,to increase interest.Finally,remove,improve or replace the”Dogs”.Optimising your menu doesnt e

18、nd there.You can also limit the number of choices per category to avoid overwhelming the customer and revise the presentation of all your drinks to make them irresistible.In terms of pricing,we recommend offering a range of prices within each drink category to create different perceptions of value.Y

19、ou can also offer special offers that result in a higher spend per customer.Menu engineering|9 Visual presentation Customers spend an average of 90 seconds reading a menu,so it is important to highlight the most profitable drinks.This can be achieved by placing these drinks or categories of drinks i

20、n strategic locations such as the top of the page,by accompanying them with photos or graphics,or by offering QR codes,which generally increase sales.As a general rule,we advise you to remove monetary symbols and decimals numbers,so as not to put too much emphasis on the price.Inventory management B

21、y monitoring past trends and forecasting future sales,it is possible to manage stock and labour costs effectively.This data-driven approach means that the menu can be adapted to suit customer preferences at different times,reducing waste,costs and resources.For example,you could plan the menu based

22、on demand alone.Similarly,dont hesitate to evaluate and look for alternative solutions to better control expenditure.1|Simplicity digital check-in and voice controlCreate new concepts1|Simplicity digital check-in and voice controlOffering a well-thought-out concept for a bar can have a number of adv

23、antages,including standing out from the competition,attracting a specific clientele,optimising operations and enabling higher prices to be charged.However,the choice of a concept needs to be carefully considered to match market demand and available resources.Making the wrong choice or implementing i

24、t incorrectly can have negative consequences.Standing out from the competition will attract the attention of customers looking for a new and memorable experience,while helping to retain existing customers.For example,a sports-themed bar may attract sports fans,while a trendy cocktail bar may appeal

25、to a more sophisticated clientele.Having a well-defined concept means you can better understand your customers needs and tailor your products accordingly.Whats more,knowing your customer base makes it easier to target communication and advertising.Another major benefit of having a well-defined conce

26、pt is that customers are generally more willing to pay higher prices if their expectations are precisely met.Finally,concept bars can offer special experiences such as theme nights,tastings,musical evenings,mixology workshops and so on.These experiences attract customers who are looking for an exper

27、ience,rather than a drink,which increasing the bars appeal and contributing to greater profitability.1|Simplicity digital check-in and voice controlReaching new customers Reaching new customers|13Offer trendy drinks Another effective way to fight inflation is to maintain a flourishing customer base,

28、particularly by attracting and retaining new customers.Creativity and attention to the customer experience then become essential.The beverage market is constantly evolving.2024 will see a search for healthier drinks,and diversifying your menu in this direction can attract new customers.Consider addi

29、ng and/or highlighting non-alcoholic drinks,sugar-free cocktails or drinks made from natural ingredients.Vegan beverages:the vegan movement is growing in popularity,with more and more people choosing a lifestyle free of animal products.This means avoiding ingredients such as honey,milk,eggs and anim

30、al-based clarifiers.Eco-friendly and green drinks:environmental responsibility is at the heart of todays consumer concerns.Customers increasingly appreciate establishments that are committed to environmentally friendly practices,and this can translate into a loyal clientele.Low alcohol content:the t

31、rend towards more moderate,health-conscious drinking is on the rise.Artisanal spirits:whether its whisky,gin or vodka,handmade spirits are becoming increasingly popular for they offer authentic and unique flavours.Reaching new customers|14Personalised cocktails:offering personalised cocktails allows

32、 your customers to choose the ingredients and flavours they prefer.This creates a unique and memorable experience.Creative cocktails and mixology:todays customers are looking for unique and memorable experiences.Creating visually surprising and delicious cocktails can add to the appeal of your estab

33、lishment.Using trendy spirits and making your venue Instagrammable are effective ways to draw attention to your business.Collaborations and ephemeral bars:collaborations with other establishments or brands can enhance your offering.You can create a temporary concept for special occasions.Blending th

34、e flavours of the world:by blending flavours and ingredients from different cultures,you can create unique and surprising drinks that will captivate your customers.CBD-infused drinks:CBD has been a key trend in recent years,offering a relaxing and calming experience.Adding CBD to cocktails or simple

35、 drinks can attract an enthusiastic or innovative clientele.Reaching new customers|15Exploit social media Platforms such as TikTok and Instagram are powerful tools for promoting your drinks and your establishment.Theres no shortage of ideas and examples of how to use them to your advantage.All you n

36、eed is a big dose of creativity,a pinch of dynamism and a dash of rhythm.Here are a few ideas:publish creative videos showing how to make your most original drinks,showcase each area of your venue in detail and at different times to make people want to discover them all,propose challenges that inclu

37、de a visit to your establishment,make a drinking outing an event with a prize at the end,and so on.Shared with popular hashtags and combined with an engaged and growing community,these publications can help you reach a wider audience.Special offers To encourage traffic during off-peak hours,we invit

38、e you to offer special offers during these times.This could be anything from a“happy hours”price reduction to the availability of a specific drink or a special offer for that time of day.The aim is to make the customer experience more attractive and special at this time of day.Offering a range of ch

39、oices can boost sales and loyalty.Make sure your offer is clearly differentiated from your best sellers,to attract new customers who dont normally come to see you.Youll be able to attract new customers or bring in mixed groups.Building customer loyalty Dont worry,we havent forgotten about your custo

40、mers!Your concern for them is vital.To protect them,its important to incorporate a customer loyalty approach into your marketing strategy.To do this,favour a simple approach and time-limited offers to create a sense of urgency and the desire not to miss out on anything.If you are considering a loyal

41、ty card,opt for a mobile application rather than a paper card,for a more practical solution that is always to hand.Surprise your customers,by rewarding them with extra benefits,small touches or special gestures.Feeling of being special and pampered,that a special bond has been created,is the key to

42、building customer loyalty.1|Simplicity digital check-in and voice controlDevelop a well-thought-out pricing strategyDevelop a well-thought-out pricing strategy|17In the fight against inflation,price increases can often be seen as the only way to maintain a bars profitability.However,it is important

43、to adopt a reasoned and strategic approach to minimise the impact on customers.Before implementing a price increases,it is vital to communicate transparently with your customers.Explain the reasons behind the decision,such as the impact of inflation on operating costs.If customers understand the rea

44、sons,they are more likely to accept price changes.Price changes should not be random but should form part of an overall pricing strategy.Analyse your menu,costs and margins to determine where and how to adjust prices.Paradoxically,during periods of inflation,it can make sense to offer items at lower

45、 prices while maintaining profitability.Include lower priced items or drinks of the day,that offer higher margins while still satisfying the demand for affordable prices.With the rise of small local distilleries,you may be able to source quality products at more affordable prices.This can help you i

46、ncrease your margins while offering your customers trendy and attractive options.1|Simplicity digital check-in and voice controlNew activities New activities|19 The battle to remain competitive can also involve developing new activities to improve the overall profitability of your business.This dive

47、rsification is an area where you will certainly need to experiment to find those that best suit your market and your customers.Home delivery&Online ordering Home delivery has become a must for customers in the wake of the health crisis.So why shouldnt bars be deliver drinks in 2024?You can also inno

48、vate and offer a kit for making professional cocktails at home,for evenings out with friends.Note,that you will need to work hard on your packaging and instructions to ensure a successful customer experience.Set up an online ordering or table reservation system,for customers who still prefer to come

49、 to the bar but want to place their order in advance or make sure they are seated comfortably.This can reduce waiting times and improve the customer experience.Afternoon workshops Organise themed workshops in the afternoons to diversify your income streams.You could offer mixology classes,wine tasti

50、ngs,learning sessions about local spirits,or even food and drink pairing classes.These activities can attract a different crowd and increase your customer base during off-peak hours.Snacks If your licence allows,offer a small menu of gourmet snacks to accompany the drinks in your bar,such as cheese

51、and/or charcuterie boards,chips with a variety of sauces,nachos with melted cheese,mini burgers,potato croquettes or assorted tapas.Offering food will encourage your customers to extend their stay at the bar while enjoying the conviviality of your establishment.Catering serviceIf you have a well-equ

52、ipped kitchen,offer a catering service for private events,company parties or meetings.This diversification can generate additional income and strengthen your presence in the city.1|Simplicity digital check-in and voice controlImprove efficiency with new technologyDevelop a well-thought-out pricing s

53、trategy|21New technology is also proving to be an ideal ally in maintaining the profitability of your bar while offering a quality service.There are many smart solutions available,and well show you some of them.However,we advise you to train your staff with the appropriate training so that they feel

54、 comfortable with the tools and so that the teams can work efficiently.Simplify payment to save timeMobile payments directly at the table allow customers to pay as they go.This means you can acquire new customers faster and increase your sales.Its worth noting that customers tend to tip more generou

55、sly when paying with a mobile device that allows them to select a pre-defined tip percentage.An example of an all-in-one tool to consider is HandyPay,which allows you to take orders and manage payments.Using HandyPay means a significant improvement in the quality of service while simplifying the wor

56、k of your staff.By sending orders directly to the bar and kitchen,HandyPay eliminates the unnecessary trips for staff,allowing them to spend more time with customers.QR-solutions and self-service Another innovative,staff-and timesaving solution is QR-codes.QR-codes increase service as guests can ord

57、er and pay more quickly.QR-solutions allows your customers to order and pay directly from their smartphone by scanning a QR-code.Both QR-solutons and self ordering kiosks are easy to integrate with your POS system.Eliminate queues and reduce staff stress with the Beer Wall.This system allows your cu

58、stomers to serve themselves,thanks to a prepaid card and a system connected to your Trivec POS for real-time monitoring.Find all the Trivec solutions that can help you at the end of this document.Connecting your restaurant POS Make sure your POS is connected to other restaurant management software s

59、uch as staff management,accounting and stock management.This integration ensures a more responsive,efficient and profitable operation.A wide range of integrations are available to help you better understand your business.They can help you identify the most profitable drinks,analyse supply costs,staf

60、f costs and track sales figures.1|Simplicity digital check-in and voice controlGet an overview of your restaurantGet an overview of your restaurant|23Explore our ecosystem of partner integrations Trivec offers a comprehensive platform of bespoke integrations designed specifically for restaurants,bar

61、s and hotels.These solutions cover various aspects,from staff management to customer loyalty,to optimise day-to-day operations and improve profitability.Here are just a few examples:Simplified stock management:your stock is linked directly to your POS and is automatically updated in line with your s

62、ales,making it easier to manage.Loyalty programmes,for personalised,engaging and profitable experiences.Accounting&finance:Automate your processes and reduce the time you spend on your accounts.The primary goal of the partner portal is to help restaurant industry professionals find the integrations

63、that best meet their specific needs.This initiative aims to stimulate technological innovation in the industry and shape the future of the foodservice experience.Cost reduction&performance monitoringSome of these integrations allow you to reduce your costs by optimising inventory.With real-time data

64、,they give you greater control and reduce waste.Similarly,there are integrations that automate timesheets and schedules,making staff management more efficient and reducing labour costs.Use the data you collect to regularly analyse the performanceof your beverages,taking into account seasonality and

65、market adjustments on an ongoing basis.In an ever-changing world,the hospitality industry is no exception to the growing demands for environmental responsibility,quality and economy.But with every challenge comes opportunity.By adapting your approach with the right strategy and embracing new trends

66、and technologies,you can thrive in this competitive landscape.Streamline your processes,offer unique experiences and maintain a balance between profitability with responsibility.With these innovative practices,your bar can not only survive,but thrive.Remember,change is the key to success,so dont be

67、afraid to explore new strategies and constantly adapt to stay ahead of the game!How can we help you?Reduce waste and(re)take control of your inventoryMake more sales without rushing your staffAn automatic draught beer dispenser reduces waste and generates sales for every centilitre served,while offe

68、ring a better-quality service.The automated beer wall with touch screen allows your customers to serve themselves,in a user-friendly area that builds loyalty,using a rechargeable card.You can compare the drinks served in real time,and stock control is simpleA bar dispenser guarantees consistent cock

69、tail quality because a programmed dose is served and provides an immediate overview of your service.Minimise your staffs mileageIncrease the efficiency and profitability of your nightclub HandyPay is Trivecs all-in-one payment terminal and ordering pad for restaurants.With HandyPay,you can bring in

70、new customers faster and increase your turnover.Alcohol gun for bars,offer up to 6 different alcohols.The ultra-fast alcohol dispenser is directly connected to the alcohol tanks,enabling fast,accurate dispensing.Your customers can order via a QR code displayed on the table.They obtain the menu and o

71、rder themselves using their phone.At check-out,they scan the QR code displayed on their receipt and can pay directly online.Improve the quality of your service and your profits with precise dosing due to the speed rail bar.The solution also enables real-time comparison of drinks served and cashed.1|Simplicity digital check-in and voice control You can reach us at:inhousesalestrivec.se+46(0)10-150 23 00 Thank you!Book a Demo