Alcohol Stock Exchange is an iPad application, developed by Aurus IT Solution that allows lounge bars to transforms their paper based menu to a tablet based menu with dynamic pricing. Prices increase as more customers order the same drink and decrease as the orders reduce. This creates a stock exchange environment with prices governed by demand and supply.
How does Alcohol Stock Exchange works?
Customers are provided a iPad menu which shows the MRP and a current price. The current price shows green and red prices every few seconds like a stock market. The current price at the start of the session can be as low as Cost price. For example, a Kingfisher mug can begin with 52 rupees and a Absolut Peg can cost only Rs. 110/. As more customers begin ordering the same drink, demand for the drink increases and the prices of that drink alone shoot up. As people stop ordering that drink, demand decreases and the costs reduce over decrementally in a few minutes and over an hour. This way people always get a discount on MRP as the MRP is the highest amount allowed to be reached after which prices have to decrement. Also the bar manager can CRASH the market from time to time where prices can suddenly drop by upto 50%.
An interesting concept, the team monetizes the app by selling the Stock Exchange Application consisting of: iphone / Android application (not on appstore, direct distribution only) + Projector / LCD TV display software + CMS (Controls the environment ie. menu, prices, market crashes, intervals of price decreases, etc.).
What’s really cool is that the price of drinks will never exceed the restaurant’s actual price of the menu, i.e. assured discount.
However, the concept differs from Touche’ Diner we profiled earlier, which gives you discounts when more people start ordering the same drinks.
So why is that?
“Prices being at MRP and several people ordering to lower it has lower instances so until the place is really crowded u dont get deals. This is the concept of happy hours. Prices begin at upto 25% of MRP ie. early birds enjoy really low prices so the bar owners start accumulating crowds at 6:30 PM instead of the 9:00 PM walkins. By the time more crowd enters prices rise and fall. Some people wait to order, some people do it anyway and regret seeing a crash. “ mentions AlcoholStockExchange team.
The application is already live in Mumbai (Bistro Grill, Juhu) – so if you are around, do participate in the alcohol stock exchange game and share your experience.