Answer to Question #168367 in Management for Julianna

Question

four current trends in ticketing

Answer 1

Ticketing has experienced a remarkable evolution in recent years, from once camping out for tickets to see favourite bands to today, where a single click via social media is all it takes to make a purchase. The global online event ticketing industry is poised to reach nearly $68 billion by 2025. This growth is driven by a variety of factors, from increased internet access around the globe and a convenient purchasing experience to increased levels of disposable income.

The trends include;

·        Increased adoption of RFID tags. Embedded into tickets, radio-frequency identification RFID tags offer a variety of benefits — from shorter lines and enhanced security to serving up key data insights for more effective marketing. And because they’re difficult to replicate, they can also help prevent online ticket fraud.

·        Wider use of the distributed commerce model. Allowing customers to purchase tickets wherever they find your event — Facebook, Instagram, and more — without needing to click to another site is what distributed commerce is all about. Increased adoption of the model could enhance the likelihood of purchase, as each extra step in a checkout process leads to a 10% decrease in transactions.

·        Smarter — and more personal — ticketing. Using mobile data (from previous purchases, social media posts, and more) tickets will become more personalized, with offers like customized event suggestions. As a result, smart ticket adoption is expected to increase 7% by 2023, a digital assets-focused blockchain-based protocol.

·        Continued demand for chatbots. In the last few years, online shoppers have gotten used to interacting with chatbots, which communicate via AI — to the point that they’ve begun to expect them. This is good news for ticketing, because while they might not need help buying tickets, many customers have questions about the payment process or want more event or venue information, and chatbots can help keep them informed and increase the odds of a completed purchase