Smart ways bars can fight inflation 2024

In 2023, bars faced economic challenges stemming from escalating inflation, putting their profit margins to the test. To flourish in such conditions, bars need to embrace innovative strategies. This white paper ‘Trend report bar 2024’ proposes practical solutions, including intelligent ingredient utilization, distinctive concepts, technology integration and efficient cost management. The goal of these approaches is to attract and retain customers, ensuring optimal profitability.

Explore the following topics:

Smart Ingredient Use

Implementing practices to minimize waste enables a reduction in supply costs. For instance, a versatile plant can serve various purposes in drinks, acting as garnish in one cocktail, an ingredient in another, and its waste can be used for infusion.

Menu Engineering

Begin by analyzing the current menu and assessing each drink category in terms of profitability and popularity.

Offering Well-Thought-Out Concepts

Differentiate from the competition to attract customers seeking a new and memorable experience. Consider offering after-work options, family concepts, local produced beer or special drinks to appeal to diverse target groups.

Reaching New Customers

Encourage traffic during off-peak hours by providing special offers, such as "happy hours", price reductions or exclusive deals on specific drinks for that time of day. The goal is to enhance the customer experience during these periods.

Pricing Strategy

Paradoxically, during periods of inflation, offering items at lower prices while maintaining profitability can be strategic. Include lower-priced items or daily specials with higher profit margins to meet the demand for affordable prices.

Online Ordering and Delivery

Recognize the importance of home delivery for customers. Consider implementing drink delivery services in 2024.

Innovative Order with QR

Utilize QR codes as an innovative, staff-saving solution. Enable customers to order and pay directly from their smartphones by scanning a QR code.

Pre-defined tip percentages

Implement mobile payments at the table or in the bar, allowing customers to pay as they go. This not only facilitates faster table turnover but also boosts sales. Additionally, customers tend to tip more generously when using a mobile device that allows them to select a pre-defined tip percentage. Bar automation solutions like self-serving beer walls integrated to the POS will help you keep track of sales and margins. You will also increase efficiency and reduce waste and spillage.

• Download: Bartrends 2024 that help fight inflation.