Looking for ways to drive more revenue at your Food and Beverage Business?
EasyVend has put together 5 ways your Food and Beverage Business Can Increase Revenue in 2022.
Whether you are a B2B Wholesaler, Vendor, Distributor or anything in-between, this article will help you find new ways to drive revenue in 2022.
Let’s get started.
1. Online Ordering
It’s no secret that Online Ordering has completely changed the Food and Beverage Industry. With the changes brought on by the Covid-19 pandemic, Online Ordering has become the go-to ordering method for customers. To highlight the sudden shift, research shows that Food and Beverage Online Ordering has grown 20% in 2022 alone, with businesses reporting up-to 40% of their revenues are being generated from Online Ordering.
To put it simply, if your business doesn’t have an Online Ordering Website you are missing out on a massive, potential revenue stream. The biggest benefit of having an Online Ordering website is it simplifies your customers ordering process. Customers can place and pay for their order online at a time that suits them best. Customers want ease, offering a standard phone or SMS ordering process is dire and won’t cut it anymore. Online Ordering is by far the best way Food and Beverage Businesses can increase revenue in 2022.
2. Recurring Ordering
For many Food and Beverage businesses, recurring customers make up a significant part of their entire customer base. A great way to generate fast revenue is to implement a recurring order and payment solution for your regular customers.
Using an Automatic Credit Card Payment Solution, businesses can set up automatic payments from regular customers. By allocating a regular order/payment date for a customer, payments will automatically debit at an agreed time, every week. The benefit of implementing a system like this is it saves both your customers and your business time! Customers will no longer need to manually pay their invoices week after week. On the flip side, your business won’t need to manually create invoices or chase customers for payment week after week.
Related Article: How Automatic Credit Card Payments Help Food and Beverage Businesses.
3. Assess your Pricing Strategy
All Food and Beverage businesses should make assessing your current pricing strategy a regular habit. Not only does assessing your pricing strategy tell you if you are profitable or not, but it also gives you an opportunity to drive greater revenue.
Think about it, if you assess your pricing strategy and see something is not selling at the current price point, you are able to quickly adjust the price in an effort to sell the product before it’s expiration date. On the flip side, if something is so in demand, you may be able to slightly increase the price to generate a better margin for your business.
It is highly recommended that your business consults with all relevant parties including your accountant/bookkeeper before adjusting any price points. Businesses also need to consider the impact a price change will have on the customer.
Related Article: 5 Factors That Affect Profitability For Food and Beverage Businesses.
4. Up Selling
Up Selling is a popular, fast and effective way to generate greater revenue in the Food and Beverage industry. The benefit of up selling is the costs to your business are relatively low. You have already acquired a customer, they want to purchase from you, all you need to do is try to convince them to buy something extra.
Before a customer confirms their order, whether it be online or in person, try to give them an incentive to buy more products. You may offer a product half it’s regular price or any other incentive you may want to give. Get creative, the better your upselling offer is for customers, the harder it will be for them to refuse. The more your business upsells, the more revenue you will generate, it’s that simple.
Related Article: 5 Opportunities for Food & Beverage Businesses in 2022.
5. Offer 5-Star Customer Service
Customer Service is arguably the most important part of running a Food and Beverage business, even more so than price. If your business doesn’t offer a warm, and welcoming customer service experience, customers will go elsewhere.
To generate more revenue for your business you need to offer customer service that is second to none. Fulfill your promise, ensure you are completing orders on time and most importantly look out for the customers best interests. The more a customer feels welcomed and valuable, the more likely they will be to return.
Tip: Use Business Data to your advantage
To generate greater revenue, it is important that your business reports and analyses data. The reason why your business needs to accurately report, is it gives you the opportunity to see what is working and what isn’t. Based on the data, your business can then make strong, strategic decisions that push your business further.
As a Food and Beverage Business, your biggest priority is to generate as much revenue as possible. There is only a certain amount of revenue you can generate from a regular sales process. The 5 tips mentioned above are a few great ways your Food and Beverage business can increase revenue in 2022.
We hope you enjoyed reading this article. To read more articles like this, please visit the EasyVend latest news page here.
For food and beverage businesses, EasyVend supports and automates every part of your business, freeing you up to grow your sales simply unlike other ERP systems.
EasyVend features include Stock Management, Online Ordering, Invoicing, Receipting, Automatic Credit Card Payments, Xero Accounting Integration, Route Management, Business reporting and more.
To learn more about EasyVend or to arrange a no obligation free demo of the software, contact us today on 1300 473 744 or submit the form below.