Beginning a series on the Future of Retail, we chat with Dave Parker, CEO of Benchmark Wine Group, on how he segments the retail wine market, the unique issues of rare wine, and emerging trends in the space.  Listen in to learn about what regions are selling well, the importance of email marketing, a mobile-first mindset, and many other topics that will shape wine retail for the coming decade.  2021 Year-End Episode Live on Clubhouse - Mark your calendars for December 9th at 12 pm Pacific time!Detailed Show Notes: Dave’s backgroundWas in high tech, bought a vineyard to be in the wine business originally1998 - started Brentwood Wine Company in Oregon, the internet’s 1st online auction house (had challenges as Oregon requires ownership of product before auctioning it)2002 -He started Benchmark Wine Group in California - CA allows someone to hold both retail and wholesale licensesWine Retail LandscapePopular Wines - sold in grocery stores, consumers want something to have with dinnerFine Wine - mostly current releases sold, buyers knowledge of wine and have brand loyaltyRare Wine (where Benchmark specializes) is not generally available, either back vintages of fine wine or ultra scarce products sold only to allocation lists. The wines need to be able to age and often cost $100+/bottle.Collectors and investors have deep knowledge of the wines, understand how they appreciate in value, and how well they age, but are  also  concerned about condition and authenticityRare Wine TrendsUsed to be classified Bordeaux dominated the marketBurgundy has emerged and appreciated in valueChampagne has also solidified its spotDuring US-EU wine tariffs on many EU wines (25%) - Champagne and Italy increased in demand (did not have tariffs)Rhone and Spanish wines emerging over timeLargest rare wine markets in the USCA and Tri-State area (NY, NJ, CT)FL, TX, and IL are also largeCollectors in every state in the countrySustainability becoming an essential topic across all consumer categoriesBenchmark Wine Group - focuses on the rare wine marketLargest selection of rare wines, ~13,000 wines with ~100,000 bottles at any given time (~70-80% of wines come from private collections)Provenance Guarantee - meticulous on how wines are inspected, and Benchmark handles all the transportationHave on-staff sommeliers and salespeople to work with clientsMargins look more like a distributor than a retailer - have to take more risk around the ability to sell the wines and more specialized labor for inspectionCan ship to 45 states - transactions take place in CA, buyer technically ships wines to themselvesBenchmark vs. auction housesBenchmark advantages - price certainty, immediate payment, prices often on the high end of auction pricesAuction disadvantages - no guarantee of sale, sale and payment could take monthsRare wine pricingAlso owns the Wine Market Journal - expert source for auction information, data from 1986, provides a baseline for selling priceTracks sales from some large retailersWine-Searcher shows asking prices vs. selling pricesTechnology & wine retailEmerging trends - leveraging AI for label scanning and wine recommendationsIn-person tastings to come back but still have virtual and hybrid experiencesBenchmark does “Raid Your Cellar” - where a sommelier talks to a winemakerNYC Wine Spectator’s Wine Experience in 2021 - hybrid event - Masterclass instructors were sometimes in person, sometimes remoteEmail marketingWill continue to be the most efficient and effectiveMore than one email/day from a retailer can be overwhelmingBenchmark does some email segmentation to reduce “spam”Segment by region - e.g., only get emails for Bordeaux, Burgundy, etc.Segment by wine age - e.g., only last 20 years of wines, not older vintagesRare wine collectors older (mostly Gen X, Baby Boomers) - still prefer emailSome younger customers (Millennials) prefer instant messaging, textUse of mobile is more important than native apps (don’t provide that much more functionality vs.