Northstar

TECHNOLOGY www.travelweeklyweb.com Industry Trade Fairs: Is going online a viable alternative? Trade fairs have traditionally been a converging point for industry buyers and sellers and travel companies desirous of showcasing new products and services with the view to finding opportunities to negotiate deals and strengthen networking. By Rohizam Md Yusoff CEO & founder of SOTA Editorial Advisory Board Member, Technology Trade fairs also provide an avenue for learning with seminars or workshops conducted in conjunction with these events. Many industry players believe that trade shows are instrumental in closing important business deals. This is especially true in situations where face-to-face communication is a crucial component in negotiations. That said, many industries are coming to terms with the fact that technology has changed the competitive business landscape. Technology, for one, enhances many aspects of businesses that were traditionally done face-to-face. The use of web technology; ranging from email, Skype and video conferencing to webinars, has transformed and redefined business interaction. Activities such as contracting, trading, sourcing of information and exploration of new products and services have shifted online. This has enabled business dealings to be more dynamic and expeditious, leading to vastlyimproved cost efficiency and productivity. With activities that are normally conducted at trade fairs being gradually phased out by technology, is there a need for trade fairs to reinvent themselves in order to continue attracting exhibitors and attendees? In the light of the prohibitive cost of running physical trade fairs and the cost involved for participants to attend, is there a pressing need for the adoption of online trade fairs? Will an online trade fair offer the same benefits as a physical trade fair without sacrificing face-to-face human interaction and networking that the travel industry has always thrived on? Can online trade fairs provide the same level of business dynamism in such areas as negotiation of rates, product updates and finding of new partnership opportunities? Does meeting face-to-face ensure that business transactions proceed smoothly and seamlessly in the travel industry? Far-Reaching The potential reach of a online trade fair is limitless, so to speak. Once you're over the Internet, the whole world is your oyster. You could reach out to buyers or suppliers you might not have imagined connecting to. Even a regional trade fair has the potential of reaching a global audience once it goes online. In short, going online means spreading your wings to tap new market opportunities. No Duration Limitation Physical trade fairs are usually limited from a few days to a week at best. That's understandable because of the high overhead expenses involved. Some industry players might not be able to attend a physical trade fair due to other commitments. Missing out on a trade fair may mean lost business opportunities. With a online trade fair, you have more leeway to interact with your potential market over a longer period of time. Real-Time Interaction An online trade fair provides real-time interaction with a business prospect. For instance, if deals are subjected to changing rates as in the case currency exchange and hotel room rates, you can get the best available rates at the time of transaction instead of paying a higher, fixed rate at the time of negotiation. The Digital Generation Online Trade Fair Benefits It goes without saying that the main advantage of an online trade fair is cost reduction. It's much more economical to participate in a online travel fair compared to a physical trade fair. There's no travel involved, no accommodation costs, no printing of brochures, banners, buntings and so on. 18 | ■ The digital generation is technologically driven, comfortable in building virtual social relationships that cut through geographical boundaries. For this generation of web-savvy businessmen, is there really a need for physical interaction? All said and done, will trade fairs continue to remain an annual occasion for physical interaction limited to networking and relationship building, or will technology eventually make them irrelevant paving the way for transactional activities that are purely based on business needs and expediency? Rohizam Md Yusoff sits on TravelWeekly Asia's Editorial Advisory Board and is the chief executive officer and founder of SOTA – Smart Online Travel Assistant. In addition to his various roles, he also serves the PATA Industry Council as a member of PATA Future Travel Technology Committee. TRAVELWEEKLY ASIA | SEPTEMBER 2013 www.travelweeklyweb.com

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