The next big transformation
ExpoPlatform ’ s new ‘ Future of Events ’ research suggests that we are only at the tip of the digitisation iceberg , and that online marketplaces are the crucial next step
vent technology company ExpoPlatform has released a new guide to creating online marketplaces , as the latest in its ‘ Future of Events ’ series .
The research looks to provide a guide through the changing world of online events . The landscape of the events industry looks very different now than before the pandemic , which ExpoPlatform says exposed a “ huge lack of resilience in the ‘ events first ’ strategy ”. Instead , the focus for organisers should be on supporting their community .
However , the research also suggests that many existing online event platforms come up short in regards to trading – one of any exhibitor ’ s key goals for an event : “ It ’ s clear that including exhibitor profiles as part of a virtual event package is not the full answer to the more fundamental changes needed to drive exhibitor value through digital channels .”
Instead , ExpoPlatform believes this fundamental change can come about by empowering buyers to choose when and how they transact with exhibitors .
Luke Bilton , chief growth officer at ExpoPlatform , says : “ Over the last decade , retail has evolved from relying on the in-store channel to an omnichannel model , where the buyer has control of how and when they want to buy , whether shopping online from a mobile device , a laptop or in a bricks-and-mortar store . This shows the real transformation that is required for an exhibition brand to become a true hybrid of digital and physical . “ A first step to delivering this kind of omnichannel experience , is to have an ‘ ever-available ’ digital marketplace that can directly effectively connect buyers and sellers throughout the year .”
When dealing with online marketplaces , ExpoPlatform recommends starting small : focusing on one or two specific markets rather than scaling the same technology across multiple markets too quickly . It also recommends establishing clear value propositions for both buyer and seller personas .
Another key point is to establish a monetisation model for the online marketplace . The marketplace could mirror the model of most events by making the initial business connection and focusing on lead generation , or it could deliver the entire order using ecommerce .
ExpoPlatform also recommends focusing on the KPIs that really matter : specifically liquidity – the efficiency with which a marketplace matches buyers and sellers on its platform . KPIs should be established , measured and reviewed weekly to ensure that all team efforts are aligned .
Sophie Holt , managing director of Explori , commented : “ Omni-channel is a term that has been bounced around in the events industry , but for retailers it truly means meeting the customer where they are .
“ A customer can begin their journey in one channel , purchase through another , then receive customer service through a third . All with a consistency of brand and the opportunity to create value . They don ’ t put their customers in boxes or see their online customers as being ‘ less than ’ those who visit the store in person .
“ This is a really powerful concept for events ; allowing attendees to flow seamlessly between digital and in-person experiences at their own convenience to meet their own unique goals .”
28 Issue 2 2021 www . exhibitionworld . co . uk