FOMO Market Analysis
The United States bar market has approximately 45,000 establishments and drives over 20 billion dollars annually. The industry is very fragmented because of varying state liquor laws. Varying liquor laws makes it harder for chains to dominate this space. In 2015, the National Restaurant Association predicted that there would be 20.5 billion dollars spent at bars, but the actual number exceeded 24 billion dollars.
FOMO will sell directly to bars, nightclubs, restaurants, and event organizers. There are approximately 74 bars, nightclubs and restaurants that serve alcohol within a 10-mile radius of the UF Campus.
According to IBISWorld the average yearly revenue for a location is $270,000. Also according …show more content…
First, more people are using mobile applications to find local bars and restaurants around them. Bars are able to capitalize on this trend by having user friendly sites and applications. Second, digital drink boards are becoming more popular to display prices. FOMO offers similar advantages by allowing users to see the daily specials for each bar. Effectively incorporating these trends will be important for the success of FOMO.
Gainesville Market Size:
There are approximately 52,000 people located in Gainesville, Florida ages 18-24. According to a recent UF survey, approximately 62% of them attend events and/or visit bars twice a month. This equates to approximately 32,240 college-aged students located in Gainesville that attend bars and/or events at least twice a month. Of those, about 70% of them attend events and/or bars twice a month and also consume an alcoholic beverage at least once a week.
Gainesville was used for a proof of concept city. Gainesville is an ideal city for proof of concept because the University of Florida is the fourth largest university in the United States. FOMO is targeting college towns and students with smartphones. This market has shown that FOMO has a viable business if it is able to …show more content…
Users are able to discover which restaurants have deals nearby and how long before it expires. Hooked is pioneering a new food and drink scene for college students.
Party Tutor was created to enhance the college experience. The app provides you with instant access to all the best events, specials, and deals happening around campus so that you can experience more of what your college town has to offer.
Uber Promotions is a bar promoting and party services in Gainesville, FL. The company promotes individual bars on certain nights of the week to increase traffic. The company also offers limo and shuttle services. Uber Promotions is a local company which gives discounts to consumers to attract them to certain bars.
Data analytics in bars have seen recent growth because it allows bar owners to track inventory and allows for liquor and beer distributors to understand their sales. First, allowing bars to track inventory allows the owner to see what needs to be reordered. Second, the owner is able to see how much is being poured in each drink. Over pouring is a major problem that takes away from bars profits and before analytics they did not have a reliable way to track this data. Finally, the owner is able to see how much of their inventory is being stolen by employees and given