The Blind Burro is a bar in Southern California that draws inspiration from the stock market. While the policy of dynamic pricing is common for sporting events, airline tickets and even Uber rides, now the same approach is being used for tequila.
Just like the real stock market, the Blind Burro continually adjusts its prices based on supply and demand. The bar uses a special type of software from a company called The Drink Exchange in order to determine the price each customer will pay. The technology links all of the drink prices so that certain drinks will decrease in price when other increase. All of these prices are displayed on large TV screens that show customers the prices as they change. With more than 24 varieties of tequila available, customers can try and beat the system by grabbing lower priced drinks when the value drops.
Stock Exchange-Style Bars
'The Blind Burro' is a Bar That Continually Adjusts Its Prices
Trend Themes
1. Dynamic Pricing - Opportunity for businesses to implement dynamic pricing strategies based on supply and demand.
2. Technology Integration in Bars - Potential for bars to adopt technology solutions like The Drink Exchange software to enhance customer experience and automate pricing.
3. Gamification in Hospitality - The application of gamification principles to create an interactive and engaging experience for bar patrons.
Industry Implications
1. Hospitality - Hospitality industry can explore implementing dynamic pricing strategies and integrating technology solutions to enhance customer satisfaction.
2. Alcohol and Beverage - Opportunity for alcohol and beverage companies to create software solutions tailored for dynamic pricing and gamified bar experiences.
3. Technology and Software - Technology companies can develop innovative software solutions for bars and restaurants to implement dynamic pricing and gamification.