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The last industry for digitisation

by uma
Editorial & Advertiser disclosure

 

By Jimmy Metta, CEO, Spiritrade

 

The drinks business is doing exceptionally well. According to forecasts made by market analysts, sales of beverages are expected to increase from $257 billion in 2021 to $284 billion in 2026, representing an annual growth rate of 1.7%. 

Taking into account the fact that many regions of the world and their respective businesses are about to undergo a recession, it is evident that the drinks industry is thriving despite the challenging circumstances.

Permit me to ask you something: what would you say if I told you that, despite the success of the industry as a whole, we have been overlooking an opportunity the whole time? In addition, if companies in the drinks business were to invest in cutting-edge technology, there is a good chance that their yearly growth rate would be significantly higher than 1.7%.

The proliferation of digital technologies is to blame for the emergence of this problem. However, at least on the surface, it would appear that many working in the food and beverage industry are reticent to totally digitalise their operations. 

In point of fact, I would say that it is the very final industry to do so. The old practices are still in place, including antiquated stock management and ordering procedures, and there is no secondary market that is genuinely global and digital.

While some corporations in the drinks industry have set up their own digital platforms for keeping stock and price information, other corporations in the drinks industry have not done so. For even those that have, they are closed circuits, which allow only one brand at a time to access the data, and frequently only provide access to employees of the brand that is being used.

Nevertheless, in order to satisfy the requirements of the market, there must be objectivity as well as a freely accessible marketplace in which a variety of brands may be listed and in which all categories of investors and customers may take part.

A digital platform that had this potential would constitute an authentic kind of digitisation for the sector. This would make it feasible for prices in the digital marketplace to be determined according to supply and demand, in addition to breaking down data silos, which would be a significant benefit. As a result, it is possible that the drinks business may discover an opportunity here to significantly accelerate growth above the levels that are currently seen.

The most recent market information would be accessible in a market that operated in such a neutral manner. How valuable it would be to know where in the world particular brands sell best and for how much, as well as which regions have the highest and lowest demand for certain products and which regions have the greatest and lowest demand for certain brands.

Because, as the proverb goes, “knowledge is power,” businesses, investors, and other types of traders might stand to gain a great deal from the availability of so much information. There will inevitably be more rivalry, but everyone will gain from the rising tides in the long run.

We are prepared to solve this, having developed a platform that resolvesall of the issues raised thus far. As a result, Spiritrade is the first worldwide drinks exchange platform and the industry standard for selling and purchasing alcoholic beverages online. 

Because our platform is impartial, it enables buyers and sellers in this industry to comparison shop, haggle over costs, and easily promote their stock. This feature is the driving force behind the digital disruption that our platform is causing in this industry. Not only is the software offered by Spiritrade simple to use, but it also incorporates the most recent advancements in financial trading technology. 

The process of digitalizing the drinks trading business is still in its early stages. Still, progress is being made as more and more discover the benefits of platforms such as our sand as brand owners learn from the experiences of other industries that have already successfully implemented similar digital transformations. 

Let’s ensure we enter 2023 with a clear goal to fully digitise this last industry to do so. It’s about time. 

 

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