Here’s a fun promotional product that’s creating many a lively night in pubs, bars and clubs across the globe, that may well work for retailers too. It’s called The Exchange from JPD Worldwide and reports to be an unrivalled tool for driving sales and changing customer buying behaviour by turning it into a drinks-based stock exchange for a night.

Vendors running the system are finding that approximately 90% of sales on the night are made up of featured products and that gross profit is unaffected. Overall bar revenue has been known to significantly increase in just four weeks, and the interactive activity is both attracting customers to and keeping them in the bar.

Chris Dunkley, Managing Director at JDP Worldwide explains how it works:

“The promotional software runs locally on the vendor’s existing PC and EPoS system, and is installed and configured in approximately fifteen minutes by JPD Worldwide. We then schedule a telephone training session, which takes about 30 minutes. The only additional thing the client needs to do is link their PC to their TV system – a fairly straightforward process and something we can also assist with”.

Following installation, a set-up wizard takes just five minutes to create each promotional event, which can be done remotely, and is then displayed on multiple TV screens throughout the venue. Installation is free of charge; the client only pays when they run an event at a cost of £50 plus VAT, and there is no minimum use or contract.

Chris continues: “Real-time trading screens display prices rising and falling depending on what is being bought. A customer goes to the bar and looks at the TV screens to get an idea of how the market is looking (aka drinks prices). They make their selection and order at the bar, paying the price displayed on the TV. The bar tender rings it through and the price automatically matches the price on the screen. Now, because a specific item has sold, it will rise in price so the next customer pays a little more. If over time a product is not sold it will begin to drop in price – working in exactly the same way as the global stock markets do. In addition, market crashes also feature on occasion through out the night where selected products drop massively in price, causing a surge at the bar”.

Not just for hospitality

There’s no reason why this same system can’t work for retailers looking for a one off promotional in store event. Picture the scene: Prices of clothing are rising and falling on screens all around the store based on what it being bought and not bought.

The vendor is in control at all times, selecting the products that it wishes to ‘float’ on the stock market in advance as well as the minimum and maximum prices, and scheduling any market crashes around pre determined quiet shopping periods. It’s a great way to get rid of last seasons clothes as well as introducing new lines, and will work well for new store openings as well as seasonal sales events.

What the vendors say…

The system is so popular that it’s already operating in bars from North America to South Africa, from Canada to Kuala Lumpur, from Malta to Mexico, from Ireland to The Caribbean, from Dubai to Spain, and of course the UK.

Bar Help & Beach Night Club, two prominent venues in Newquay, Cornwall and saw a 40% uplift in sales.

Jane Hawkey, Director at SGP Leisure Ltd who owns the venues commented: “I can fully endorse The Exchange as a cost effective means to enhance an otherwise struggling night. I have invested in it at a pre-club bar and a night club, and I have seen a positive uplift in takings of approximately 40% in both venues! And I’ve saved the cost of a DJ in the pre-club bar as well”.

Jane was also pleased to see that The Exchange worked with their current EPoS system: “Furthermore we had a rather unusual Epos system, and I was really impressed with the lengths that Chris and his team went to, to ensure that our tills worked with their software, and then the training of the managers, which was absolutely excellent. Both managers are now very confident, and find the working of the system very easy, convenient and a really fun way to keep the customers interested in the bar promotions,” she said.

The Five Bells, a high street pub in Oswestry reports a quadruple increase in sales:

Richard Hurst, Managing Director, Pub & Retail Consultants said: “We started to look at a business turnaround for a client and analysed business growth tools to spike turnover and profitability. We contacted Chris at JDP UK and within a week they had installed The Exchange system and a compatible till into the clients business. The pub had an average Saturday night turnover of £400, but on opening night of The Exchange with very little marketing the turnover spiked at £1500 and while it dropped back to around £1000 it grew again and has remained around the £1600 – £2100 range”.

He added: “The night has been running for almost a year now and in that time the night has remained the best night in the pubs week and placed it amongst the three must go to pubs in the town. The Exchange has played a huge role in saving the business and Chris and the team have been second to none for customer service. We now offer it nationwide and would recommend both the company and the service to other companies without hesitation”.