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Think Indie: Indies from across the UK collaborate on how to build their businesses

Published:  12 July, 2016

At today's Think Indie Drink Indie event held at M Restaurant Threadneedle in London, independent merchants heard panellists from across the trade discuss four key topics on how owners could help diversify and grow their businesses.

At today's ThinkIndie DrinkIndie event held at M Restaurant Threadneedle in London, independent merchants heard panellists from across the trade discuss four key topics on how owners could help diversify and grow their businesses.

The four topics that were covered included how independents can maximise the online opportunity, what to consider if a business is looking at implementing the hybrid on/off-trade model, why wholesaling might be a good opportunity for shop owners and how events can help expand your customer base.

When looking at selling wine online for Moez Seraly of the Perfect Cellar said it is important to have metrics to measure how well the website is performing. "There are two major metrics that you need be tracking on your website if you are looking at selling wine online. You need to be tracking traffic and your conversion rate is critical." He said that a conversion rate between 1-3% is standard.

Ruth Yates of Corks Out also added that it is important to consider the costs. She said: "You have to update the site regularly and keep it fresh.  That all adds costs.  And to be competitive online you will not get as high of a gross profit.  It is important to look at online similar to that of another shop."

When considering whether or not to introduce a hybrid model into your business, Stephen Finch of Vagabond Wines, said that the days of just having a shop are long gone and shop owners need to adapt.  "Traditional wine retail is dead. For us it was a no brainer."  Finch offered 100 wines to try when he opened his first shop as way to get people in the shop and support the retail side of the business.  "What we found is that people came to drink at the shop and they liked the experience. People were willing to pay a premium for that experience." And so he changed the model of the shop which now has a predominately on-trade feel but people can buy wines to take home as well.

Wholesaling for Matthew Hennings from Hennings Wines points out that wholesaling is complementary to many retail businesses. He said: "Getting into the wholesale side of the business is more complementary than you might think.  Retail can help to provide cash flow while you are growing that side of the business.  Often if you can get some of your wholesale customers into your shop it resonates with them far more than just a list might."

Ruth Spivey, of Wine Car Boots events, which brings merchants together to host consumer events, said it is imperative to have an idea of what as a business is the goal of participating or hosting an event prior to committing to doing one. "Have a strategy for events that you do and know who you want to attract. In the end for us it is about trying to get new customers," said Spivey.  Having an idea of what the end goal is helps to weigh whether or not certain types of events or partners are actually the right fit.

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