Due to the popularity of my previous post about how liquor stores can instantly increase profits by using Dual Pricing, I have reached out to a couple of liquor stores who have agreed to provide data and feedback as they start using Dual Pricing in their stores.
The key metrics that we will be tracking are:
- Net decrease in merchant services fees paid (processing fees)
- Net change in monthly gross sales
- Net change in average transaction amount
- Customer complaints/customer loss
All of these stores will be using Dual Pricing as part of the Cloud Retailer liquor store point of sale software.
It will likely take a good 30-45 days to gather all the data but initial feedback is that Dual Pricing is covering around 90% of their merchant services fees resulting in a monthly increased profit of $2400 to $2800/month.
Some customers have complained but these are:
- Customers who only buy loss leaders
- Many of the customers who complained came back the next week which matches industry data that 98% or more of customers won't change their buying habits
If you have a beer, wine, or liquor store in the United States and have questions or feedback on Dual Pricing, please contact me at kevinantosh@gmail.com or 208-340-5632.
