IN its latest move to engage consumers, Red Stripe has partnered with Usain Bolt’s Tracks and Records to launch the Drinks Exchange. The Drinks Exchange mimics the stock exchange where selected Red Stripe brands are ‘traded’ in the market based on consumer purchase.

The Exchange uses a Stock Market software system designed to create an exciting and dynamic environment that attracts consumers. The drink prices change based on demand and the bar owner has complete control of the price change parameters. That means that as more consumers bid or purchase a certain item, the cost of that item increases and as the bids or purchases for other items go down, the cost of those items decrease.

Tracks and Records, through the multiple HDscreens in the venue, are able to display this exchange and easily configure features such as the maximum and minimum prices, the increase and decrease percentages and the duration of the price change.

In the competition for customers, the Exchange is the bar’s advantage. It adds an element of sophistication, excitement and an interactive environment where bar patrons play a role in the experience.

According to Andre Boswell, key account manager — On Trade at Red Stripe, the activity is great for happy hour, as a nightly special.

“We wanted to create a drinking occasion for our consumers that would result in savings and added excitement. The Drinks Exchange is a happy hour with a bit more style and structure,” Boswell said.

“This unique concept has never been delivered in this particular way in Jamaica. It is an interactive drinking occasion and consumers play a major role in determining the price of their drink. Consumers can monitor price changes with the exchange chart display,” Boswell added.

The system works with Tracks and Records’ current POS system and has an intuitive, user-friendly interface. It is completely customisable and uses advanced technology to display the changing drink prices throughout the bar. The system incorporates an array of ‘bells and whistles’ specifically designed to attract and entertain customers.

This system also allows the bar owner to monitor sales and revenue data for the bar and each employee.

“Demand-based drink prices are the order of the day as prices of drinks of the moment rise, while the prices of drinks experiencing lesser demand, fall. It uses a stock market pricing model to provide a unique approach to buying drinks. Patrons wait until the countdown timer hits zero and watch the selected drink prices plummet. Then they jump in and grab these coveted items at this all-time low price. It’s fun and cost-efficient all at the same time,” Boswell ended.