If you’re an event organiser, you’ve probably heard that taking your event cashless can save you time and increase your profits. It’s true – the benefits of a cashless system include faster transactions (by 80% on average), increased takings (by 22%), shorter queues, and a reduction in fraud and theft – just to name a few.
But these benefits only skim the surface of the potential impacts that going cashless can have on your event. The real benefits come from the data and insights you’ll have access to by using this system – you won’t find that with cash, credit cards or tokens.
Here, we’ve broken down 14 cool things you can do with this data to save on cost, increase profit and get closer to your customers. Realistically, there is no limit to the way you’ll be able to use this data, but this list provides a snapshot.
Saving on Cost
- Reduce overheads: Make your event lean and efficient by reducing and streamlining queues, vendors and entry. See where the “hot spots” of your event naturally occur, and use this data to make logistics changes and improve customer flow.
- See which kiosks are most popular: Adjust staff and point-of-sale handheld devices accordingly to reduce queues and avoid scheduling too many staff with not enough to do.
- Inventory stock level reports: Use collated reports to identify purchasing patterns (WiFi dependent during the event).
- Reconciliation reports: Make end-of-day reporting faster and simpler to ease time constraints on staff.
- Boost profitable vendors: Identify vendors that sell the most versus those that don’t and alter your event to suit.
- Evaluate your contracts: Determine if you can charge more for vendors to pitch based on transparent figures.
- Shake up the crowds: See the busiest purchasing times at your event and change behaviour by rewarding people who purchase at a different time.
- Burn through your inventory: Identify items that are stocked heavily that aren’t selling as well as you projected – send a promotion to spur the sale of that item. Here’s an example showing how Last Stand World Cup Football Fan Park in Dubai did just that.
Engaging Your Customers
- Capitalise on buyer behaviour: Send promotional offers based on previous purchasing behaviour.
- Identify your best customers: Reward top customers and incentivise them to spend more through special offers and promotions.
- Find next year’s VIPs: See who spends the most and send them custom offers for next year (like a VIP upgrade).
- Learn more about your customers: By seeing who spends what where, you may be able to discover more about individual customers and market to them based on this knowledge. For example, at a large music festival, customers who only make purchases at the kiosk near the Rock stage as compared to the EDM stage can be segmented and communicated to differently for next year’s ticket sales.
- Engage at entry: See who enters your event, and send them a push message via your event app.
- Refine your messaging: Correlate top-up data with marketing activity to see what messaging is working and what isn’t.
Clearly, you can use the data collected by using a cashless system creatively to shape your event logistics and marketing for the better.
What are you waiting for? To learn more about taking your event cashless, contact us.