Business

The technology your events business needs before going global

According to Event MB 2020, almost 73.6 percent of event planners have improved their technical skills as a result of the pandemic’s experiences. However, event professionals must continue to make the most of existing and developing technologies to react to customer demands and enhance the industry’s growth. Traditional gatherings are being phased out in favor of unique venues, interactive activities, Virtual Reality (VR), applications, and customized food and beverage offerings. As an event planner, you must be proactive to keep ahead of the competition. To do so, you must first understand current market trends and how to use technology to stay current and develop your firm.

With that expansion comes a demand for technology that matches consumer expectations and simplifies event production, and an inflow of startups, entrepreneurs, and venture capitalists are collaborating to build solutions for the events sector. While this new technology benefits eventgoers all across the world, it’s also crucial to consider how it affects the industry. The following are four of the most significant updates:

Tickets are now available on mobile devices:

Every business is being swept up by mobile, and the events industry is no different. Ticket purchasing systems were the initial wave of mobile innovation.” Ticketing is increasingly about building a higher contact point with your followers — it’s about being accessible to everyone, everywhere,” ecommerce planners add. Vendors can also do a lot more with mobile tickets. “Clients can access and administer the ticketing back-end in a lot simpler manner than the traditional terminal-based systems, and now anyone with a mobile smartphone can become a ticketing point-of-sale.” Consumers desire completely integrated mobile experiences during events, according to research, which reveals that mobile app usage rates at some events may reach 94 percent. As a result, venues, promoters, and planners must collaborate with vendors that can deliver mobile-friendly experiences. The good news is that consumer uptake is typically quick: according to Guidebook research, 88 percent of event professionals believe that using event apps improves attendee engagement.

Reduced costs and increased revenue:

The usage of event technology can improve event attendance by 20% while lowering associated expenses by up to 30%. Despite this, multiple studies show that one of the main reasons event planners do not include new technology is the expense. Companies and vendors will have to work harder to compete in an industry that is becoming increasingly cost-conscious. We think of ourselves as profit and loss producers for our clients. This is accomplished through the use of predictive analytics to enable and drive purchase decisions, as well as algorithms to improve the in-seat experience with real-time notifications to encourage subsequent purchases. Providers have previously attempted to be low-cost solutions, but the industry’s future may need them to be free or deliver more value.

Attendee information:

In most businesses, big data reigns supreme, but its promise in the events industry has yet to be exploited. “Event tech that gathers data, both during live events and presentations, and digging into social media profiles to understand event communities, will be a must-have rather than a nice to have,” says event tech specialist Mike Piddock. Event professionals can gather data from attendees who are actively scanning different things during a live event using technologies like scan-able QR codes, which are similar to those used for online ticketing. Companies like Google employ Near Field Communication (NFC) and other location-based tracking to help consumers get more out of living events. Google already records and publishes information about high-traffic hours at entertainment venues, and it’s simple to drill down into more detailed information about the kind of queries that come from a live event. Similarly, NFC-enabled phones might let event organizers identify where customers are more likely to buy concessions or items, allowing for split testing of live marketing methods.

Trends that are still developing:

Though not yet widespread, it’s crucial to keep an eye on emerging trends that might have an influence on the business in the future. Cashless events are the most likely development in the foreseeable future. Cash is becoming obsolete at events because of mobile payments like Apple Pay and social payment networks like Venmo. This might save money for venues that have to deal with all of the expenses that come with cash handling. Another transition might be in the employment of virtual reality technologies. Virtual attendance can give low-cost alternatives for persons who might otherwise refuse to pay for tickets. Although the industry is quickly investing in new technology, barriers such as cost and worries about how tech integration may affect the event experience continue to deter some event planners from exploring new solutions.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button