WEBVTT - ReserveBar CEO on Growing On-Demand Alcohol Delivery Service

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Tim Stenebek on Bloomberg Radio.

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<v Speaker 2>We're wandering. It's Friday. Can you tell it? It's five

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<v Speaker 2>twenty three to gym?

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<v Speaker 3>I need to drink.

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<v Speaker 2>I need a drink. Well, speaking of that, I don't

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<v Speaker 2>know if you saw this news earlier this week, did you, Tim?

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<v Speaker 1>I did, Yeah, axios recording that Uber was shutting down Drizzly.

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<v Speaker 1>You remember Drizzly. It's the alcohol delivery service it shelled

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<v Speaker 1>out more than a billion dollars for back in twenty

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<v Speaker 1>twenty one. You can still order alcohol using the Uber app,

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<v Speaker 1>but Drizzly will stop taking orders in March.

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<v Speaker 2>Ah done, that's it all right, Well, don despair. There

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<v Speaker 2>are other ways to get alcohol deliveredy if you're over

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<v Speaker 2>twenty one. Of course, one of those ways is using

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<v Speaker 2>Reserve Bars Mini bar Delivery, which has been delivering booze

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<v Speaker 2>for more than a decade.

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<v Speaker 1>We've got Derek Correa on with us. He's CEO of

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<v Speaker 1>Reserve Bar. It's an e commerce company specializing in rare

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<v Speaker 1>and high end spirits and also, of course the company

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<v Speaker 1>that runs Mini Bar Delivery. Derek joins us on Zoom

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<v Speaker 1>from Bedford, New York. Derek, good to have you with

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<v Speaker 1>us this afternoon. We made a joke earlier in the

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<v Speaker 1>day about dry January giving up your phone for January,

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<v Speaker 1>but of course, drive January is when people tend to

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<v Speaker 1>give up booze. How is business? Do you notice a

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<v Speaker 1>drop off when it comes to January as a result

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<v Speaker 1>of dry January?

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<v Speaker 3>Hi? Tim? Yeah, thanks for having me on. Yeah, definitely.

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<v Speaker 3>In fact, starting about five or six years ago, it

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<v Speaker 3>started to be a noticeable thing. And I would actually

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<v Speaker 3>say that it seems that dry January is becoming more popular,

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<v Speaker 3>which is a great thing. There's a lot more beverages

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<v Speaker 3>available to satisfy, you know, a not drinking situation where

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<v Speaker 3>you can still drink a quality non alcohol beer or

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<v Speaker 3>a mocktail. So there's a lot better options in the

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<v Speaker 3>market now.

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<v Speaker 2>So how much of that you're Tim? You're into mocktails.

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<v Speaker 1>Oh yeah, And I'm all about the acoholocolic beer, the mocktails.

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<v Speaker 1>It's like, yeah, it's kind of funny. I mean I

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<v Speaker 1>drink more of that than the actual real stuff.

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<v Speaker 2>So Derek, you tell that as well, correct.

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<v Speaker 3>Yeah, we do, and increasingly so. So we have those

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<v Speaker 3>products on our platform as well, and in fact, you know,

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<v Speaker 3>even on an everyday basis, if you're using our platform

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<v Speaker 3>to provision because you're having a party or you're getting

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<v Speaker 3>stuff for your own home, we always encourage people to

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<v Speaker 3>buy non alcohol product as well. If you're a host,

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<v Speaker 3>that's the way to be a good host is to

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<v Speaker 3>serve a great variety of beer, wine, and spirits and cocktails,

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<v Speaker 3>but also have non olk drinks available for your guests,

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<v Speaker 3>many of them who don't drink even when it's not January.

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<v Speaker 1>I see this at restaurants all over the city. Kill

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<v Speaker 1>do you see this where you look at the wine

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<v Speaker 1>list or you look at the beer list and it

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<v Speaker 1>always includes in this in twenty twenty three, twenty twenty four,

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<v Speaker 1>a list of mocktails or non alcoholic options.

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<v Speaker 3>Totally see.

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<v Speaker 1>It hasn't always been like.

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<v Speaker 2>That, No, it hasn't. So this is where I want

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<v Speaker 2>to go. Derek, you guys correct me if I'm wrong.

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<v Speaker 2>I think you started back in twenty thirteen, Is that correct?

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<v Speaker 3>Yeah? Pretty much right around the same time as Drizzly.

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<v Speaker 2>All right, all right, so tell us about that. That's

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<v Speaker 2>a good look at kind of this market. So a

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<v Speaker 2>decade in how has the market changed and what are

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<v Speaker 2>the trends that we were seeing today when it comes

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<v Speaker 2>to ordering this way.

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<v Speaker 3>Yeah, so the market grew pretty steadily and you know,

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<v Speaker 3>relatively conservative, conservatively for a lot of that time. Then,

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<v Speaker 3>of course, COVID came along and shut down bars and

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<v Speaker 3>restaurants and to a certain extent even shut down retail

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<v Speaker 3>because people weren't out, and that really accelerated the e

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<v Speaker 3>commerce adoption rate. When you know, for the most part,

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<v Speaker 3>it was the only way to get beveridge alcohol, So

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<v Speaker 3>that accelerated all the businesses, including Reserve Bar and Drizzly

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<v Speaker 3>and Mini Bar at the time was not owned by us,

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<v Speaker 3>and we acquired Mini Bar Delivery during the midst of

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<v Speaker 3>the pandemic. And since then, you know, now the restaurants

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<v Speaker 3>and bars are open, there's been a little bit of

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<v Speaker 3>a cooling off. People are going back out and enjoying

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<v Speaker 3>restaurants and bars and their favorite contails and drinks out.

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<v Speaker 3>But e commerce, in addition to the platforms, is happening

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<v Speaker 3>in a lot of new ways. So when we saw

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<v Speaker 3>that Uber acquired Drizzly, we fully expected them at some

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<v Speaker 3>point to ingested into the Uber EAT's platform. That makes sense.

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<v Speaker 3>But people are buying on platforms like Minibar Delivery, which

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<v Speaker 3>can get you most products you could ever want in

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<v Speaker 3>an hour. On Reserve Bar, where we offer a little

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<v Speaker 3>bit more curated, higher end information rich experience. That's better

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<v Speaker 3>for people who are enthusiasts and want to explore new

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<v Speaker 3>bourbons and scotches and so forth. But increasingly people are buying,

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<v Speaker 3>you know, they're not just shopping intentionally. That only happens

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<v Speaker 3>about fifteen or twenty minutes a day. That's when you

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<v Speaker 3>end up on a platform like reserve Bar and mini

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<v Speaker 3>Bar Delivery. But when you're reading an article about great spirits,

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<v Speaker 3>or you're out and you're watching a video and it

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<v Speaker 3>includes a great cocktail. We're creating shoppable moments in all

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<v Speaker 3>of those instances, because even though you weren't shopping, if

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<v Speaker 3>you're exposed to the right product at the right moment

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<v Speaker 3>and you can buy it right, then people are and

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<v Speaker 3>that's really the future of e commerce.

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<v Speaker 1>Hey, Derek, So I want to go back to this

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<v Speaker 1>idea of what Carol was talking about in the trend

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<v Speaker 1>of what you're just seeing on the platform. I was

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<v Speaker 1>doing some research ahead of this, and it turns out

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<v Speaker 1>that I'm not alone Carol when it comes to you know,

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<v Speaker 1>not drinking alcohol anymore. So, Gallup says that younger adults

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<v Speaker 1>these days, oh, I don't know if I'm considered younger

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<v Speaker 1>adult anymore. Anyway, are less likely to drink than those

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<v Speaker 1>of the same age two decades ago. So that's happening. However,

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<v Speaker 1>older adults are drinking more. So is there this shift

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<v Speaker 1>happening where young people aren't drinking as much and they're

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<v Speaker 1>going to continue not drinking as much, or they're going

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<v Speaker 1>to actually start to drink more as they get older.

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<v Speaker 3>You know, that's a really interesting question. What we're seeing

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<v Speaker 3>is people are drinking differently. I think the older people

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<v Speaker 3>who have more disposable income are drinking better. And especially

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<v Speaker 3>during the pandemic, we saw a lot of premiumization of

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<v Speaker 3>you know, people weren't spending money at restaurants or bars,

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<v Speaker 3>they were not going on vacation. They had more money,

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<v Speaker 3>so they started to explore higher marks. If they liked scotch,

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<v Speaker 3>they started drinking nicer scotches, drank gin, they drank nicer ones.

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<v Speaker 3>The younger people, I think, when I say they're drinking differently,

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<v Speaker 3>they're drinking more mindfully, They're thinking more about how and

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<v Speaker 3>when they drink. They're more dialed into calories and wellness

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<v Speaker 3>in general. They actually drink cocktails more frequently than younger

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<v Speaker 3>people did, even as recently as four or five years ago,

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<v Speaker 3>when young people mostly drank beer and wine. So the

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<v Speaker 3>things are changing, and you know, the nice thing about

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<v Speaker 3>our platforms is we have an immediate view, literally day

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<v Speaker 3>by day, minute by minute, as to what the consumer

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<v Speaker 3>is doing and can constantly adapt our product assortment and

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<v Speaker 3>our tactics to those those changes.

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<v Speaker 2>You know, we do a beach house typically we have

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<v Speaker 2>with kind of our family and extended family, so it's

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<v Speaker 2>you know, the kids have grown up. They're all teenagers

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<v Speaker 2>or in their twenties and thirties, and it's just interesting.

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<v Speaker 2>It's not beer. It's a lot of wine, but it's

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<v Speaker 2>also a lot of cocktails that we increasingly are making

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<v Speaker 2>and that's what they want to make as well. Having

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<v Speaker 2>said that, is there a core consumer that is doing

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<v Speaker 2>the most business on your platform?

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<v Speaker 3>Derek? Yeah, So you know, we have different platforms and

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<v Speaker 3>different people use them for different occasions and for different things. Right,

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<v Speaker 3>Mini bar delivery is perfect for provisioning your everyday products.

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<v Speaker 3>You have some friends coming over you realize you're out

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<v Speaker 3>of beer or you need some vodka, you can get

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<v Speaker 3>that brought to your house in an hour. Reserve Bar

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<v Speaker 3>is more you know, you're maybe sort of just kind

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<v Speaker 3>of flexing yourself into knowing about bourbon, and so you're

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<v Speaker 3>coming because you can learn more about bourbon. You can

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<v Speaker 3>you know, immerse yourself in deep information about distillation methods

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<v Speaker 3>and ingredients, and that becomes, especially for the younger consumer,

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<v Speaker 3>not only valuable on that path to purchase and that

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<v Speaker 3>customer journey and providing that, but increasingly, you know, beverage

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<v Speaker 3>alcoo is a very social thing and there's kind of

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<v Speaker 3>social currency and knowing about knowing about bourbon and knowing

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<v Speaker 3>how to make a great Manhattan or boulevardier. So younger

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<v Speaker 3>people are often coming to our platform not just to buy,

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<v Speaker 3>but also because it has the content they need to

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<v Speaker 3>continue their journey of education and knowledge.

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<v Speaker 1>Are you seeing more growth on Mini Bar Delivery or

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<v Speaker 1>on Reserve Bar?

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<v Speaker 3>You know, they both again because they serve as different customers,

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<v Speaker 3>they grow differently at different times. Reserve Bar does a

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<v Speaker 3>lot of gifting business and corporate gifting, so it has

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<v Speaker 3>a tremendous you know, October November December. Mini Bar actually

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<v Speaker 3>pops other times a lot of times for parties like

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<v Speaker 3>Halloween for instance. Is not a big deal for Reserve Bar,

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<v Speaker 3>but it is a big deal for Mini Bar. So

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<v Speaker 3>they both grow, and they grow in different ways at

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<v Speaker 3>different times for different occasions.

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<v Speaker 2>And needs time to pop the cork, which I just did.

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<v Speaker 2>And continue with Derek Correa. He is the CEO of

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<v Speaker 2>Reserve Bar, at e commerce company specializing in rare and

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<v Speaker 2>high spirits. As you know, we've just been talking with him.

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<v Speaker 2>He's also the company and it is the company that

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<v Speaker 2>runs minibar delivery. Derek continues with us on Zoom from Bedford,

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<v Speaker 2>New York. I do have a terrible record, Derek, of

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<v Speaker 2>breaking quirks here at home.

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<v Speaker 1>It's just I gotta as long as you're good at

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<v Speaker 1>drinking the wine that.

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<v Speaker 2>It's okay drinking. Yeah, we're going to pour some wine

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<v Speaker 2>that you have been kind enough to share with us.

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<v Speaker 2>But I want to get to some of the brands

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<v Speaker 2>because Tim and I have been kind of all over

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<v Speaker 2>your platforms, both Mini Bar and Reserve Bar, and it's

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<v Speaker 2>really quite a range and quite a variety. So talk

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<v Speaker 2>to us about some of what you want to make

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<v Speaker 2>sure is out there for customers.

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<v Speaker 3>Yeah. So the great thing about these two platforms is

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<v Speaker 3>another difference as Mini Bar Delivery as over thirty five

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<v Speaker 3>hundred retailers and you can buy essentially all of the

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<v Speaker 3>products that are available from those retailers. So that's kind

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<v Speaker 3>of a max assortment, which is great. You can search

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<v Speaker 3>for and find anything. Products are merchandise within categories. The

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<v Speaker 3>shopping ees are easy. All of your favorite brands are

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<v Speaker 3>going to be there, whether it's Teto's vodka or Bullet Bourbon,

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<v Speaker 3>and you can find some unique stuff too. Reserve Bar

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<v Speaker 3>is more curated, so we've actually spent the time with

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<v Speaker 3>our experts to find really the best stuff to have

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<v Speaker 3>a lot more information and education and intrigue and those

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<v Speaker 3>shopping journeys for people who are more passionate to find

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<v Speaker 3>rare and limited products. We are the main platform in

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<v Speaker 3>this industry for launching new products, which includes new products

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<v Speaker 3>from all of the brands and the companies that create

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<v Speaker 3>new brands, as well as a lot of celebrity. We

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<v Speaker 3>just launched the Rolling Stones have a new rum called

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<v Speaker 3>Crossfire Hurricane Cool and that was just launched on our platform.

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<v Speaker 3>So oftentimes you can get products on Reserve Bar that

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<v Speaker 3>really aren't available anywhere else, and including our own cask

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<v Speaker 3>selections for those of you who are really into bourbon

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<v Speaker 3>and tequila, we go to distilleries and pick tasks specifically

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<v Speaker 3>for us that we bottle off and have very limited quantity.

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<v Speaker 1>Derek, how does how does fulfillment work with with Reserve Bar?

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<v Speaker 1>Do you actually have the inventory and you guys are

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<v Speaker 1>responsible for shipping it out or do you do you

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<v Speaker 1>outsource that like you do with Mini bar delivery.

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<v Speaker 3>Yeah, that's a good question. Tim. None of our platforms

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<v Speaker 3>and we as a company do not hold a license,

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<v Speaker 3>so we never touch any bottles of alcohol. We don't

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<v Speaker 3>have any inventory. We're really a technology company that has

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<v Speaker 3>very deep technology to comply with beverage alcohol laws and

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<v Speaker 3>to connect with our network of retailers to match you

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<v Speaker 3>as a as a customer who's interested in buying something

0:11:37.160 --> 0:11:40.120
<v Speaker 3>with a retailer that as that product that a good price.

0:11:40.200 --> 0:11:43.080
<v Speaker 1>So if that overhead, yeah, so if you. But if

0:11:43.080 --> 0:11:45.400
<v Speaker 1>you want to buy something that is exclusively available on

0:11:45.400 --> 0:11:47.800
<v Speaker 1>your platform, who then ends up fulfilling that order?

0:11:48.640 --> 0:11:52.160
<v Speaker 3>Yeah, there's certain retailers in our network that benefit from

0:11:52.280 --> 0:11:55.559
<v Speaker 3>being associated with us and our relationships with the distributors

0:11:55.559 --> 0:11:57.880
<v Speaker 3>and the brands, so we know that they're going to

0:11:57.920 --> 0:12:00.640
<v Speaker 3>be the ones that are getting that prim and were

0:12:00.679 --> 0:12:02.760
<v Speaker 3>then able to route the orders or.

0:12:02.720 --> 0:12:05.440
<v Speaker 1>These But are these retailers like mom and pop liquor stores.

0:12:05.480 --> 0:12:08.079
<v Speaker 1>I mean I remember ordering a bottle of bourbon from

0:12:08.080 --> 0:12:09.600
<v Speaker 1>my mom that she really liked and the only the

0:12:09.679 --> 0:12:12.720
<v Speaker 1>closest place it was available was somewhere in Long Island.

0:12:13.080 --> 0:12:13.280
<v Speaker 3>Nice.

0:12:14.320 --> 0:12:19.600
<v Speaker 4>Yeah, she liked it, but it was it was it

0:12:19.640 --> 0:12:21.640
<v Speaker 4>was something that was kind of hard to find, but

0:12:21.679 --> 0:12:24.600
<v Speaker 4>it came from essentially a local store on Long Island

0:12:24.600 --> 0:12:25.040
<v Speaker 4>that just had it.

0:12:25.040 --> 0:12:26.559
<v Speaker 1>I don't even know. Maybe I used reserve bar, I

0:12:26.559 --> 0:12:29.160
<v Speaker 1>don't remember. But is that how it works? Like they're

0:12:29.200 --> 0:12:31.400
<v Speaker 1>the ones who then ship it and you guys don't

0:12:31.480 --> 0:12:32.520
<v Speaker 1>you guys don't ever touch it.

0:12:33.559 --> 0:12:37.000
<v Speaker 3>Yeah, right, So for widely available products that were available

0:12:37.080 --> 0:12:39.200
<v Speaker 3>near you, if you were wanting it for yourself or

0:12:39.600 --> 0:12:42.760
<v Speaker 3>near your mom, it would come from that local retailer

0:12:42.800 --> 0:12:46.160
<v Speaker 3>and be delivered locally. But you get to shop a

0:12:46.200 --> 0:12:49.320
<v Speaker 3>more interesting assortment that might not be available near you

0:12:49.440 --> 0:12:52.440
<v Speaker 3>or a gift recipient, and will then ship that product

0:12:52.440 --> 0:12:56.680
<v Speaker 3>to them in a compliant fashion, very packaged, very nicely

0:12:56.720 --> 0:12:59.839
<v Speaker 3>and safely. So that's how you can access a more

0:13:00.200 --> 0:13:02.960
<v Speaker 3>compelling product assortment that you might otherwise be able to

0:13:02.960 --> 0:13:03.560
<v Speaker 3>get locally.

0:13:03.679 --> 0:13:05.760
<v Speaker 2>So then for as the business model, we're Bloomberg and

0:13:05.760 --> 0:13:07.640
<v Speaker 2>we're always interested in this kind of stuff, so kind

0:13:07.640 --> 0:13:09.960
<v Speaker 2>of getting in the weeds. So do you guys just

0:13:10.040 --> 0:13:12.880
<v Speaker 2>get a percentage of the order or do you just

0:13:12.920 --> 0:13:15.480
<v Speaker 2>get a set fee on every order that's made? How

0:13:15.480 --> 0:13:16.040
<v Speaker 2>does it work?

0:13:16.880 --> 0:13:20.079
<v Speaker 3>Yeah, that's exactly right. So we're basically a marketing service

0:13:20.120 --> 0:13:22.760
<v Speaker 3>for the retailers in our network, and the reason they

0:13:22.760 --> 0:13:26.080
<v Speaker 3>sign up with us is because we're sending them incremental orders.

0:13:26.480 --> 0:13:29.400
<v Speaker 3>So in exchange for that, they give us a small

0:13:29.480 --> 0:13:33.080
<v Speaker 3>fee associated with sourcing that order because it's incremental to

0:13:33.120 --> 0:13:36.080
<v Speaker 3>their business and they wouldn't have otherwise. Got it, all right?

0:13:36.120 --> 0:13:37.959
<v Speaker 2>Tell us two about pricing strategy, and I'm going to

0:13:38.000 --> 0:13:39.760
<v Speaker 2>pour a little bit of wine. You guys have been

0:13:39.840 --> 0:13:40.960
<v Speaker 2>kind enough to send.

0:13:41.000 --> 0:13:43.000
<v Speaker 3>What's got new? I would have had my own wine

0:13:43.000 --> 0:13:43.400
<v Speaker 3>as well.

0:13:43.520 --> 0:13:46.680
<v Speaker 2>I wish you had. I feel terrible. I'm not quite

0:13:46.760 --> 0:13:48.319
<v Speaker 2>drinking alone, but it would be nice to have you

0:13:48.360 --> 0:13:50.640
<v Speaker 2>as a part of this. You shared with us a

0:13:50.640 --> 0:13:54.360
<v Speaker 2>bottle of Josh Seller's legacy red Bland, Red Bland. Excuse me,

0:13:54.880 --> 0:13:58.920
<v Speaker 2>looking on the website Mini Bar Delivery, it's about fourteen

0:13:58.960 --> 0:14:02.120
<v Speaker 2>dollars a bottle. But you guys have quite a range

0:14:02.840 --> 0:14:06.240
<v Speaker 2>of stuff that's out there. How do you think about

0:14:06.440 --> 0:14:08.760
<v Speaker 2>price point in terms of I'm going to share it,

0:14:09.120 --> 0:14:09.360
<v Speaker 2>this is.

0:14:09.520 --> 0:14:11.040
<v Speaker 1>This, I'm going to share this one is a meme?

0:14:11.120 --> 0:14:13.320
<v Speaker 2>Now did you know that? I know it is a meme?

0:14:13.440 --> 0:14:16.000
<v Speaker 2>Our producer was talking about one of our producers. How

0:14:16.040 --> 0:14:18.319
<v Speaker 2>do you think about price point? Is there any strategy

0:14:18.360 --> 0:14:20.480
<v Speaker 2>behind that? Yeah?

0:14:20.520 --> 0:14:23.160
<v Speaker 3>So, you know, one of the hardest things about operating

0:14:23.200 --> 0:14:27.480
<v Speaker 3>in this industry is the regulations federal, state, county, city,

0:14:28.080 --> 0:14:31.560
<v Speaker 3>and one of those that's very clear is that retailers

0:14:31.600 --> 0:14:35.880
<v Speaker 3>have to be the ones that sell you beverage alcohol, wine, spirits, beer,

0:14:35.920 --> 0:14:37.680
<v Speaker 3>and they have to set the price for it. That

0:14:37.840 --> 0:14:41.800
<v Speaker 3>is a universal regulatory situation. So the prices that you

0:14:41.920 --> 0:14:45.360
<v Speaker 3>see on our platforms are actually the prices from the

0:14:45.400 --> 0:14:48.960
<v Speaker 3>retailers in our network, and so our technology is seeing

0:14:49.480 --> 0:14:52.920
<v Speaker 3>is the product you want available, which retailer has the

0:14:52.960 --> 0:14:55.800
<v Speaker 3>best price, which one is closest to you, and kind

0:14:55.800 --> 0:14:58.400
<v Speaker 3>of doing all of that hard work for you as

0:14:58.400 --> 0:15:01.360
<v Speaker 3>a shopper to match you with a retailer and a

0:15:01.400 --> 0:15:03.560
<v Speaker 3>product that can get to you quickly at a good price.

0:15:03.680 --> 0:15:06.040
<v Speaker 1>Derek, what was the strategy of getting all these retailers

0:15:06.040 --> 0:15:08.480
<v Speaker 1>on the platform? Was it old fashioned shoe leather? Was

0:15:08.520 --> 0:15:10.520
<v Speaker 1>it picking up the phones like it's it's a one

0:15:10.560 --> 0:15:12.160
<v Speaker 1>off thing, it's I mean, this is tough to do.

0:15:13.640 --> 0:15:16.160
<v Speaker 3>Yeah, it's all of those things. And in the early

0:15:16.280 --> 0:15:18.520
<v Speaker 3>days it was a slog you know, when you were

0:15:18.560 --> 0:15:21.040
<v Speaker 3>calling you were telling me you were calling from reserve

0:15:21.080 --> 0:15:24.320
<v Speaker 3>bar and they'd say, who what, and you'd have to

0:15:24.360 --> 0:15:28.400
<v Speaker 3>explain the entire concept of e commerce. Nowadays, I think

0:15:28.440 --> 0:15:33.240
<v Speaker 3>it's pretty universally understood and the retailers. We are still

0:15:33.280 --> 0:15:35.600
<v Speaker 3>you know, reaching out to retailers, but many are coming

0:15:35.640 --> 0:15:38.600
<v Speaker 3>to us curious about the benefits to them and the

0:15:38.600 --> 0:15:41.600
<v Speaker 3>commercial terms of joining our platform. And it is open

0:15:41.680 --> 0:15:44.280
<v Speaker 3>to you know, expansion, and we are still in the

0:15:44.320 --> 0:15:46.480
<v Speaker 3>process of adding more throughout the country.

0:15:46.560 --> 0:15:48.760
<v Speaker 2>Hey, Derek, just got about twenty seconds left here, twenty

0:15:48.760 --> 0:15:51.720
<v Speaker 2>five seconds. What's next for you guys? As we are

0:15:51.760 --> 0:15:53.720
<v Speaker 2>going to sample the wine and because it is Josha

0:15:53.760 --> 0:15:57.080
<v Speaker 2>clock somewhere, but what's next for you guys?

0:15:57.160 --> 0:15:59.840
<v Speaker 3>Well, what's next is what's right now? Actually, which is

0:15:59.840 --> 0:16:03.040
<v Speaker 3>because we don't hold license a license, we're able to

0:16:03.080 --> 0:16:06.280
<v Speaker 3>syndicate our technology in all kinds of interesting places, like

0:16:06.600 --> 0:16:08.800
<v Speaker 3>if you were to read an article on Whiskey Advocate

0:16:08.840 --> 0:16:11.920
<v Speaker 3>about the twenty best scotches, you could buy any of

0:16:11.960 --> 0:16:16.400
<v Speaker 3>those scotches right there without leaving Whiskey Advocate and continue

0:16:16.640 --> 0:16:20.040
<v Speaker 3>consuming that content and also buy whatever you wanted. And

0:16:20.080 --> 0:16:23.360
<v Speaker 3>we're also powering the websites of brands because lots of

0:16:23.400 --> 0:16:26.320
<v Speaker 3>people go to visit sites like Tennessee dot com or

0:16:26.320 --> 0:16:29.200
<v Speaker 3>the McAllen dot com and they can't sell you about

0:16:29.240 --> 0:16:32.040
<v Speaker 3>of alcohol directly because of the three tier system. But

0:16:32.120 --> 0:16:35.320
<v Speaker 3>our technology enables you to shop and buy because you

0:16:35.480 --> 0:16:38.400
<v Speaker 3>actually are buying from a license retailer, You're going to

0:16:38.440 --> 0:16:40.240
<v Speaker 3>take a lot more innovation of that kind.

0:16:40.360 --> 0:16:42.440
<v Speaker 2>Yeah, it's interesting you guys are doing. Hey listen, come

0:16:42.480 --> 0:16:45.040
<v Speaker 2>back soon and hopefully then we can share a drink together.

0:16:45.160 --> 0:16:47.960
<v Speaker 2>But I'd love to kind of hear as you continue

0:16:48.000 --> 0:16:51.240
<v Speaker 2>on in this business. Derek Correa, who's CEO Reserve Bar

0:16:52.200 --> 0:16:53.880
<v Speaker 2>and also of course to the company that runs many

0:16:53.920 --> 0:16:54.480
<v Speaker 2>bar delivery