A stock exchange walks into a bar. The result…is a bar stock exchange.
While the attention of the country is focussed on Ola and Uber, who are locked in a battle with state governments over a crackdown on dynamic pricing, here’s a bar in Mumbai where price of liquor fluctuates based on demand and supply – and no, it’s not banned by the government.
Named simply the “Bar Stock Exchange”, this chain of bars located at 3 locations in Mumbai, charges dynamic pricing on its menu according to the demand and supply. Much like in a stock exchange, there are tickers that display prices of the drinks on offer, with arrows helpfully showing the current trend. The standard rules of shares trading apply between between 12pm-4pm on weekdays and the base price of the alcohol is the MRP. However, come 6pm, and the bar turns into dalal street. Prices of alcohol go up as the demand rises, and they go down with a lowering of demand. In a way, you’ll be rewarded if you have a unique taste that isn’t popular with the masses.
— TheBarStockExchange (@TheBarStockExch) September 17, 2015
The dynamic pricing is managed by an app developed by a California-based company. “Customers order by themselves using our proprietary Bar Stock Exchange iPhone or Android Phone app. Waiting staff can alternately book orders via android apps provided to them. TV screens display the menu, prices, announce orders and play a loud siren and alert customers when the market crashes.”, says the management.
And the format seems to be working. The novelty of the concept is getting people in droves. “I like the idea of a bar where you get to lock down the price of your drink at the bottom of a curve, and then spend the rest of your evening chasing down other drinks, thoroughly mixing whatever you can get at the bottom.” says a Zomato reviewer. It’s a recipe for a good bender.”
The app makers claim that the Bar Stock Exchange brings in more revenue by bringing in customers at odd hours and allows increase in sales of alcohol of your choice. Customers too seem happy to be able to pay cheaper prices for unpopular drinks. Maybe that’s a thought for state governments to ponder over.