Monday 5 June 2023
The evolution of technology has had a significant impact on many aspects of our lives, including the way we do business. Traditional business events, such as trade fairs and exhibitions, have been disrupted by the emergence of their virtual version. Virtual trade fairs have become increasingly popular in recent years and have attracted the attention of many professionals and companies. In this article, we will take a closer look at the rise of virtual trade fairs and why they have become a must. We will also discuss the advantages they offer over traditional events and their impact on the business industry.
The rise of virtual trade fairs has been largely driven by technological advances and the COVID-19 pandemic. Businesses had to adapt quickly to changes due to health restrictions, including the cancellation of in-person events. Virtual fairs became an alternative solution for companies seeking to reach their audience and maintain a presence in the market.
Virtual fairs offer many practical advantages, including flexibility, availability and ease of use. Participants can connect remotely, eliminating geographical constraints and reducing travel and accommodation costs. Companies can also reach a wider audience, as virtual events are not limited by the physical size of the exhibition space. According to a study by Grand View Research, the global virtual trade fair market is expected to reach $18.6 billion by 2027, with a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027.
In addition, virtual fairs are also more environmentally friendly than in-person events, as they require less travel and materials, such as posters and brochures, which are often thrown away after the event. This allows companies to reduce their carbon footprint and help protect the environment. For example, when a stand is created on the Ultiplace platform, the exhibitor has the possibility to put his logo, kakemono, video, documents in digital format.
Finally, virtual trade fairs offer an immersive experience for participants. Companies can create customised virtual stands with 3D tours, videos, presentations and live chats with visitors. Visitors can interact with exhibitors and ask questions in real time, creating a sense of engagement and community. Indeed, Ultiplace allows for the exchange of business cards between exhibitors and visitors, and exchanges via messages or video conferencing, when the exhibitor is connected. Virtual fairs also provide opportunities for networking and collaboration between participants. A study by ON24 found that participants spend an average of 54 minutes at a virtual fair, compared to 17 minutes at a physical stand.
In conclusion, virtual trade fairs have grown by leaps and bounds in recent years, and this phenomenon is not likely to stop. With the advantages they offer, virtual trade fairs have become an indispensable alternative for companies wishing to reach their audience and maintain a presence in the market. Virtual trade fairs have proven to be an effective marketing and communication tool, offering practical and ecological benefits for companies, as well as an immersive experience for participants.
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Virtual trade shows offer many advantages over traditional trade events.
Reduced costs associated with attending an in-person event
They allow companies to significantly reduce the costs associated with attending an in-person event, such as travel, accommodation and shipping costs. Companies can save thousands of dollars by attending virtual trade shows rather than in person. According to a study conducted by the consulting firm PwC, the production costs of a virtual trade fair are on average 75% lower than those of an in-person event.
Greater flexibility for companies
Virtual fairs offer greater flexibility for companies. In-person events are often limited in time and space, with fixed opening and closing times and geographical constraints. Virtual fairs, on the other hand, are available 24 hours a day, 7 days a week, meaning that attendees can access them at any time, from anywhere in the world. This offers greater flexibility for companies to reach a wider audience without being limited by time or location. Indeed, this is also the case for conferences, which can be broadcast during the show on the Ultiplace interface. According to a survey conducted by the consultancy firm BCG, companies that have adopted a 'phygital' approach (a mix of face-to-face and virtual events) have seen a reduction in costs of between 30 and 50%.
Easily track and analyse attendance data
Virtual fairs allow companies to easily track and analyse attendance and visitor tracking data. Event organisers can collect valuable data on visitor behaviour, such as the number of visitors, the length of their visit and interactions with the stands. All of this data can be found in the organiser and exhibitor back office of the Ultiplace platform. This information can be used to improve the visitor experience and to evaluate the return on investment for exhibitors. According to a study conducted by virtual event research firm Swapcard, virtual trade fairs can generate up to 8 times more leads than in-person events.
An immersive experience for participants
Virtual fairs offer an immersive experience for participants. Visitors can explore exhibitors' virtual stands in 3D, watch videos and presentations, and chat live with company representatives. Visitors can also participate in games, competitions and quizzes to win prizes, creating a fun and interactive experience for visitors. According to a survey conducted by digital marketing agency Exhibitus, 90% of visitors to virtual fairs said their experience was as good as or better than that of in-person events.
In conclusion, virtual trade fairs offer many advantages over traditional trade events. They allow companies to reduce costs, reach a wider audience, easily track and analyse data, and provide an immersive experience for visitors. With the evolution of technology and changes in consumer behaviour, it is likely that virtual trade shows will continue to grow in popularity and become an integral part of the trade event landscape. To find out more about the Ultiplace platform and its metaverse offering, please read the following article : https://www.ultiplace.com/actualite/platform-ultiplace
The rise of virtual trade fairs is having a significant impact on the business industry.
Significantly reducing participation costs
It allows companies to significantly reduce the costs of attending face-to-face events, which can have a positive impact on their profitability. It also allows companies to allocate more resources to other business initiatives, such as new product development or market expansion.
Connect with potential customers from around the world
Virtual fairs offer a unique opportunity for companies to connect with potential customers from around the world. Virtual fairs can attract a much wider audience than in-person events, as visitors can access them from anywhere in the world. This can help companies to expand internationally, connect with new customers and increase their turnover. It is this openness to the world that virtual exhibition platforms, such as 6connex, EasyVirtualFair and Ultiplace, are emphasising. According to a survey by virtual events research firm Swapcard, 93% of event organisers plan to hold virtual events in the future, while 85% of attendees plan to attend virtual events in the future.
Strengthen brand image and improve corporate reputation
Virtual fairs can also help companies to strengthen their brand image and improve their online reputation. Companies can use well-designed virtual booths to present their brand and business in a professional and attractive way. Visitors can interact with company representatives, learn more about their product and service offering, and get answers to their questions in real time. This can help build customer trust in the company and strengthen their long-term loyalty. According to a survey conducted by ON24, virtual fairs have a positive impact on brand awareness, with a 48% increase in the number of visitors who said they had a more positive opinion of the brand after attending a virtual fair.
Important sustainability benefits
Virtual fairs can offer significant sustainability benefits. In-person events often generate a great deal of waste, greenhouse gases and travel-related pollution. Virtual fairs can help reduce the environmental impact of trade events by eliminating the need to travel and minimising the waste associated with physical stands and printed materials.
In conclusion, the rise of virtual trade fairs has transformed the way companies interact with their audiences and participate in trade events. The benefits they offer, such as cost reduction, market expansion, brand enhancement and sustainability, have enabled companies to connect with potential customers from around the world, enhance their online reputation and improve profitability. As technology continues to improve, it is likely that virtual fairs will continue to grow and become an integral part of many companies' business strategies. Companies that embrace this new approach will have a competitive advantage in an ever-changing world.
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