The Trader Bar in Melbourne, Australia is a bit different from your normal drinking establishment. Above the bar is a row of TV screens which show the price of drinks, which fluctuate as shares would in a stock exchange. Each drink is listed next to a neat little graph illustrating if your drink price is on the rise or fall.
Should your drink drop, it's time to get to the bar asap, as it's not going to stay too low too long. That is unless the staff purposely 'crash' the 'bar market', the background music being replaced with an enormous crashing sound and all drink prices plummet to their lowest.
What's Driving This Trend
- Interactive Drink Pricing
- Opportunity for establishments to engage customers and create a unique experience by implementing interactive drink pricing based on market trends.
- Gamification of Bar Experience
- Potential in turning the act of ordering drinks into a gamified experience, where customers can try to time their orders based on fluctuating prices.
- Dynamic Pricing in Hospitality
- Application of dynamic pricing strategies in the hospitality industry, allowing businesses to adjust prices in response to demand and market conditions.
Who This Affects Most
- Hospitality
- Disruptive innovation opportunity for bars and restaurants to introduce dynamic pricing mechanisms, similar to stock markets, to create excitement and increase customer engagement.
- Retail Technology
- Opportunity for companies in the retail technology sector to develop software or platforms that enable businesses to implement interactive and dynamic pricing systems for beverages.
- Entertainment
- Integration of interactive drink pricing and gamification concepts into entertainment venues like clubs, casinos, or theme parks, offering patrons a unique and engaging experience.
