How to increase your event’s revenue overnight

Is your event still using tokens? Or even worse, cash? There are ways to remove the annoying problems caused by cash and tokens such as long queue lines and inefficient money handling. These tend to be the main pain points of the customer journey in this scenarios, deteriorating and even ruining the overall event experience. With Radio (R) Frequency (F) Identification (ID) technologies being implemented on a mass scale, from metro cards, passports to cell phones, there is no excuse your event should not be using RFID technologies. The following are the benefits that RFID cashless systems can offer to your events.

Benefits of RFID Cashless Systems

RFID cashless technologies have greatly increased the customer experience by making the average customer journey a smoother process. The typical customer who is interested in a festival will purchase their ticket online, get his ticket redeemed for a RFID wristband or card at the festival entrance. He/she will proceed to top-up his RFID wearable with cash or credit card and then proceed to purchase anything that they wish simply by tapping their RFID device with the reader at the bar or merchandising store. At the end of the festival, the customer can get a refund of any currency that was left unused in their RFID chip. That’s it. RFID technology is able to speed up transactions twice as fast as there is no need anymore of wasting time either getting the correct change out of the cashier or waiting for the POS system to receive wireless connection. Customers on average spend up to 15-40% more translating into a substantial increase in revenue for the festival. Lastly, another indirect benefit of RFID technologies for customers is the elimination of the risk of theft of wallets and cards making a better and safer experience.

RFID cashless systems bring transparency and accountability to businesses. All cash is handled in a single place eliminating the possibility of money being mishandled or stolen. One of the most powerful benefits RFID technologies bring to the cashless system are the tools given to event organizers to manage their inventory in real-time. Given that there is an active WiFi connection, and your RFID provider has the appropriate software, data obtained from the RFID chips can be instantly generated into real-time intelligent reports. These reports bring smart information to event organizers about which are the best selling products or which point of sale systems are the most efficient ones. With this information, organizers can make quick-decisions regarding stock management instantly and prepare better for the next few days of the event or the next year.  

These are few of the benefits RFID technologies bring to cashless systems. It is highly anticipated that in the future not only most events will implement RFID cashless systems in their events, but also new technologies will develop that will bring cashless systems to a new topic. With the current mass use of bio metric scanners of fingerprints from offices to mobile phones and the penetration of facial recognition software into mass markets, who knows what the future developments of this area will bring. Regardless, it can only be expected that futuristic cashless technologies will improve the live event industry and many of the others who opt to adopt this aspect into their business models.  

 

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Do you think your business can benefit from RFID technologies? Email us and we will find a way to help you.