For the first time, more than a third of transactions on Liv-ex involved automation in April.
These are trades that are initiated from a merchant’s website or stock system, rather than on the Liv-ex website.
For instance, a merchant might offer stock from Liv-ex on its website. When a customer comes along to buy the wine, the transaction is automated. The customer pays the merchant, and the merchant’s system automatically purchases the wine from Liv-ex.
This is how one US retailer that we interviewed has increased sales by 25% in a year while reducing costs.
Alternatively, a merchant might list its stock on Liv-ex automatically, maximising the opportunity to sell by making it available to businesses and customers around the world. This led to exponential sales growth for one early adopter.
Merchants with a robust online offering are well positioned to benefit as shoppers head online. This, along with the increasing number of businesses making use of automation, explains the rising number of automated transactions.
Last week Liv-ex hosted a webinar for its members entitled ‘The challenges facing the wine market in a global lockdown’. In answer to a question from a Liv-ex member, Product Lead Nick Palmer discussed this trend:
To find out more about this important trend in the market, download our simple guide to automation. You can access a link to it using the short form below.
