Business intelligence company Overproof has rolled out BarInsights, which will give bars and restaurants the option to monetize their point of sale (POS) data and add more insights for suppliers, Overproof said in a press release.
The release says the solution works via companies enrolling and then uploading their menus, setting pricing for the performance insights related to the items on the menu.
Popular items tend to generate larger data sets and the insights are more valuable, the company said. BarInsights gives merchants “full flexibility” on pricing, according to the release.
“BarInsights facilitates strategic partnerships between on-premises accounts and beverage alcohol suppliers,” said Marc De Kuyper, CEO of Overproof. “For beverage alcohol brands, the lack of on-premises performance data is a fundamental issue to determine ROI or ‘return on effort.’ The platform opens a new revenue stream that offers consistent, monthly profit to merchants, while giving suppliers the insights they need to make data-backed decisions that drive brand strategy, product development, and marketing and sales efforts.”
Merchants will be able to connect with supplier partners or use BarInsights to make new supplier relationships, the company said. They will also have the ability to purchase brand trend insights.
Once a supplier accepts, Overproof's Data Science team will pull the data and then clean, enhance and enrich it to deliver the monthly reports. The company also handles payment collection from supplier partners, delivering an all-in-one monthly payment to the merchant.
In other news about the world of alcohol suppliers, an executive from Provi this spring talked with PYMNTS about the nuances of dealing with B2B challenges in that sector. Provi Vice President of Product Ashley Phillips noted that alcohol is regulated at the state level and has rules governing both the consumer and B2B operations.
Read more: The Beverages Sector Toasts B2B Payments Digitization
Phillips said there are myriad differences like different payment terms depending on the type of beverage in question.
