» Does the Bar Stock Exchange Concept Effectively Increase Revenue?

The beginning of the last decade saw a shift toward patrons rating restaurants based on the ambiance, variety, and quality of their menu items and the service they received. In recent years, our country's business has grown tremendously, and customers are now searching for a unique experience every time they visit a BAR. Having the correct BAR Concept in place helps to create the BAR's USP (unique selling proposition).

The idea of an actual stock exchange in a bar, where the pricing of beverages varies in real-time, is known as bar exchange. This shift in pricing is influenced by several interrelated factors, including changes in supply and demand. Increased Customer Involvement resulted in a 40% boost in ROI and an increase in efficiency as well.

What's the deal with the bar stock exchange?

You can check the prices of all the products on the menu using your iOS or Android phone at the Bar stock exchange. Because of the fluctuating supply and demand for alcoholic beverages, these prices will rise regularly. So, just like a stock exchange, the price of a particular drink will increase as more people order it. The cost of a specific beverage is influenced by the demand and supply of the product. As a result, customers can experience the thrill of trading on a stock exchange while enjoying a good time with their loved ones.

When the bartenders need to increase excitement, they implement elements like Market Crash (a steady decline in the price of chosen beverages). Customers can order the drink directly, or the employees can also take orders using the phones they have been issued with. Customers will be alerted to a market crash by a loud siren played on TV displays that showcase the menu and its constantly changing pricing.

All of these additions were made to pique the interest of patrons and make their time spent in a bar more pleasurable and fuller of action. Furthermore, making the appropriate choices will enable them to save substantial money.

How was the Bar Stock Exchange made a reality by using analytics?

If you have a lot of data, you'll need a lot of storage and processing space. Appropriate analysis of the obtained data would aid in improving the app and, by extension, customer satisfaction.

Analytics improved the app's functionality and made several tasks simpler. For example, at the beginning of the day, the bartenders/staff had to manually re-set each drink's price, but with the help of analytics, it was possible to automate this procedure.

In addition, bar operators can use data analytics to determine the demand for specific drinks and stock their shelves accordingly. Bar owners and patrons benefit from smarter cost decisions, creating a win-win situation. To improve the entire experience, analytics were also used to speed up the loading of orders and cut down on the waiter's serving time.

The difficulties that have to be overcome

The success of the bar stock market was largely dependent on the ability of the employees to do their duties. The personnel needed to be well-versed in trading alcohol and utilizing the app to guide clients and convey the notion clearly and concisely.

Second, the trading activity created so much data that the Romio Technologies team had to build various layers of servers in their network design to accommodate and process the sheer bulk of data.

Fast service is also critical in a notion like this, as otherwise, the entire buzz would fizzle out. As a result, data analytics needed to be used correctly to speed up service.

In the future, the company plans to implement this concept in bars across the country and around the world.

What are the advantages of implementing these ideas?

• For one, Billing software for Bar Stock exchange eliminates the need for manual discounting, reducing the negative consequences of uncontrolled Discounts on the Bar's profit margin.
• A 40% increase in current sales efficiency results in a 40% increase in Bar Sales efficiency
• You get a 65 percent larger ROI when you buy and sell bars than when you buy and sell conventional bars.
• As a result of the bar exchange, customers spend more time with the company, which leads to more good evaluations and feedback.
• This means the owner has total control over the pricing.

As long as you keep in mind that the client is king and that drinking should be an experience rather than just a means to satisfy one's hunger, concepts like Bar Stock Exchange are highly recommended for increasing the number of customers that visit your Bar by 40%. Romio Technologies can help you attract more customers to your Bar.