2 min read
We now live in a time when the internet has disrupted virtually every industry, from retail, to music, publishing, and travel, many agree that the internet has forever changed the way the world works.
Yet there remains a relatively untouched industry.
The Wine Space has yet to see the disruption that other industries have faced.
Only 5% of wine in the United States is currently sold online. Considering we live in a world driven by the internet, this is a strikingly low number.
That may be set to change.
What we are now seeing in this industry are some massive shifts primarily driven by Millennials.
Millennials tend to be at the forefront of new technologies and are responsible for driving a large number of sales. They tend to be much more digital, and their buying habits reflect that, even when it comes to alcohol.
Another trend the wine space is currently seeing is due to the seismic shift we’ve experienced because of COVID-19.
The pandemic has caused a massive fundamental change in buying habits across all demographics, which spells good news for the industry and points to the potential of having a tremendous social impact.
Within the wine space, vineyards and wine stores are predominantly owned and run by immigrants.
According to the data provided by Yahyn, a platform that brings together retailers and vineyards with a focus on Amazon-like convenience to purchasing, 60% of both wine stores and vineyards are owned and operated by immigrants. In certain cities that have a higher concentration of immigrants, that number jumps up to 90%.
As the industry continues to evolve and more purchases happen online, we’re likely to see an increase in business for these shops and vineyards.
While the economic impact is a positive for the industry, the potential social implications could mean great things for these immigrant operated businesses.
Hall T. Martin is the founder and CEO of the TEN Capital Network.TEN Capital has been connecting startups with investors for over ten years. You can connect with Hall about fundraising, business growth, and emerging technologies via LinkedIn or email: email@example.com