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Convergence India 2024

Promoting Globalisation: The exhibitions industry brings businesses together

The Exhibitions Industry is critical in creating a business environment that’s vital to bridging gaps in international markets.

In the last decade, the exhibitions industry has evolved like never before! With the extensive inclusion of technology, the way of doing business and production patterns have changed. Increased digitisation supported by tech-literate management and workforce is helping companies boost efficiencies, cut costs, and expand to newer markets. This has helped to build a relationship between the industry and global economies.

Today, the exhibitions industry has created an association of interdependency with businesses across borders. Globalisation, or the integration of individuals, businesses, and governments worldwide, has created shared economies. This relationship has significantly impacted the exhibitions industry and helped to boost its contribution towards the growth and diversification of businesses. The industry is a critical player in shaping the global economy, encompassing various activities that bring together people from across nations and regions to conduct business, build professional relationships, and collaborate internationally.

Impact of the Exhibition Industry on Economies
Trade events are like magnets, attracting people worldwide to interact and engage in cultural exchange. Notably, the business-to-business exhibitions segment has a far-reaching impact on societies by providing a platform for businesses, organisations, and individuals to connect, share ideas, and celebrate.

Some ways in which the industry has proven its importance to economies are:

  • Trade shows and exhibitions offer a powerful platform for international cooperation and economic diplomacy and are messengers of global peace.
  • The industry generates significant economic activity, creates jobs, drives tourism, and boosts local businesses by attracting visitors from around the world.
  • It facilitates cultural exchange and fosters social connections.
  • It provides a platform for networking and collaboration among businesses and organisations.
  • It creates an environment for discussion and debate, besides promoting research and innovation.

New behavioural conventions and expectations have emerged, transforming industrial activity and business operations. Outside-the-box ideas and tech-savvy employees are in high demand. Organisations are looking to unlock the value of innovation and technology to transform their businesses and even adopt a hybrid functioning system to boost efficiency and achieve cost-cutting. Today, virtual business meetings, online schooling and health consultations are the ‘new normal’. Therefore, it’s not surprising that companies organising exhibitions and conferences are leveraging the latest technologies to optimise the effectiveness of their platforms.

The event and exhibitions industry has also innovated to go beyond the traditional methods to provide different experiences to its clients. Increased digital activity is now closely aligned with the physical event, and exhibitors are gradually maturing to understand what works online. The industry can now leverage technology to enhance on-ground events by connecting virtually with speakers from around the world, providing apps to facilitate buyer-seller meets, etc.

Meanwhile, globalisation has increased the need for multilingual support and innovative communication tools to bridge language barriers. It is no wonder that event organisers are increasingly adopting digital technology and social media to promote their events, attract clients, connect with visitors, etc.

Virtual industry events – Integration of digital technology is now facilitating the online conduct of exhibitions, conferences, seminars/webinars, and meetings focused across sectors. Multiple online platforms have emerged with features such as live sessions, virtual presentations, one-to-one interactions, and pre-recorded content to give the participants and audience a wholesome experience.

Global connectivity – Virtual events also allow businesses and customers from across nations to connect, showcase product lines, share ideas, and successfully conduct business online.

Networking and marketing – Social media facilitates networking among attendees and industry professionals. Such platforms reach a global audience more effectively to enable the sharing of event details, attract a broader audience, and promote globalisation.

However, nothing can replace a physical platform that enables people to engage in person and for brands/companies to showcase their technologies and solutions in a physical format. Businesses must physically participate in an expo to experience quality engagement and get the best results!

Conclusion
The event and exhibition market was valued at $44 billion in 2022 and is projected to grow to $52.7 billion by 2028. Exhibitions are among the key enablers of global trade and economic growth as nations use them as business platforms to propel their economic development, showcase industry-friendly policies, and attract investments. Meanwhile, businesses are shunning traditional marketing strategies for trade shows to showcase their products and network with other companies, clients, and potential partners in the industry. Such shows and events also help increase company brand awareness and sales. As a result, the demand for business exhibitions is ever-growing and generating outstanding results.

It’s no wonder that every sector now boasts of exclusive exhibitions and business events. These are organised at a domestic level, on an international scale, or even targeting a region or sub-continent. As more-and-more companies participate to capture a bigger market, it’s not surprising that the business-to-business and business-to-consumer segments continue gaining popularity.

For link, www.convergenceindia.org

CT Bureau

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