A Liv-ex report on how wine businesses can take advantage of ongoing market conditions and technology
Tuesday 9th March 2021: Today, Liv-ex published its latest report, The Wine Business of Tomorrow. In the report, Liv-ex looks at three of the most common business models in the wine trade and examines how technology is making them more efficient and profitable.
Overview
The Covid-19 pandemic has transformed consumer buying behaviours: people are no longer anxious about buying online and Amazon Prime has become the new benchmark. Wherever you look, news about wine tech start-ups, digital wine apps, soaring online sales and virtual tastings, point to the level of technological disruption that the wine industry is undergoing as a result of this changing behaviour. Innovation is everywhere and a digital revolution is sweeping through traditional wine businesses.
As postponed events and celebrations recommence after lockdown, many experts are predicting spikes in wine consumption like those of the post-war years. Considering these technological changes and the predicted boom in sales, today’s report has been published to help wine businesses make the most of these opportunities.
Several industry experts have contributed, including Richard Siddle (The Buyer), Robert Joseph (Wine Consultant), Nick Martin (Wine Owners), James Miles (Liv-ex) and a CEO at a leading fine wine retailer who wanted to remain anonymous. With their expertise and input, it covers:
- How wine businesses can keep up with changes without becoming overwhelmed
- Which technologies are available and best suited to specific business models
- How current business models can be re-imagined online to be more efficient and profitable
- Case studies on wine businesses who have adapted and found success
Key findings
Innovations in technology are enabling businesses to become more profitable and efficient. However, they are also allowing companies to improve their narratives and generate better user experiences around their products, increasing customer engagement.
The wine trade may never become fully digital, but these new hybrid business models, which combine the core essence of the wine trade with “the wine business of tomorrow” is helping shape an industry that is more connected and more efficient than ever before.
About Liv-ex
Liv-ex is the global marketplace for the wine trade. Along with a comprehensive database of real-time transaction prices, Liv-ex offers the wine trade smarter ways to do business. Liv-ex offers access to £81m worth of wine and the ability to trade with 500 other wine businesses worldwide. They also organise payment and delivery through their storage, transportation and support services. Wine businesses can find out how to price, buy and sell wine smarter at www.liv-ex.com.
