If you’re reading this you have probably either just heard of cashless events, think they are a pile of %^& or think they are the way of the future. I think it is important to break it down to understand exactly what making your event cashless would entail so that you can decide whether you want to join us here in 2017. Now truth be told many new technologies that are supposed to better our lives come across as more of a hassle than a benefit, however we all know in time as you become more comfortable with the change, your life does indeed improve. Things are faster, easier, more convenient, where do you think this generation of instant gratification came from? Definitely not from old school ways of doing things.
I believe NFC technology can not only make life as a user better and more convenient, but could sky rocket your sales, ROI and help your business organize any kind of event, festival, night club or conference. An important thing to understand before we jump in is that you do not have to run a cashless event in order to reap the oh so many beautiful benefits of NFC and RFID technology. NFC technology surpasses far beyond the capability to ring up items on a POS and pay for them with a card/bracelet etc. With NFC technology you can minimize stock and cash loss with ultimate control, receive in depth reporting and analytics on so many aspects of your event, from top sales, to demographics, right down to peak times at a particular vendor, bar, or stall to help manage your future events.
What is NFC?
NFC (Near Field Communication) is a term for short-range wireless connectivity that uses a magnetic field to enable communication between devices when they’re touched together.Currently, this technology is being used in logistics and supply chains, airlines, pharmaceutical companies, banks, sports, access control, schools, marketing and advertising and now in live events and festivals.
What is Cashless?
Cash handling is limited to certain “top-up” stations within the event so that money is secured. Your entire experience is controlled using a card or bracelet, or whatever instrument you wish to be NFC enabled really. With a single tap users can purchase anything from entrance and drinks right down to merchandise and special offers all while giving each vendor ultimate stock control and relieving the threat of theft and cash loss.
Is NFC Cashless for my business?
Undoubtedly. I truly believe this technology belongs in every industry out there. Does your company deal with schools? Make campus safe and secure. Retail? Offer the coolest and easiest loyalty program on the market to your customers. Events? Do both! NFC is more than a cashless platform. It is a payement method, a data collector, and an administration reliever. NFC is the bomb.
How can NFC Cashless help my business?
- Increased spend per customer (15-40%)
- Full control and transparency
- Get visibility into everyone who’s touching money
- Know what is selling and when
- Know exactly who is buying what
- Eliminate theft – No cash/tokens in the bars/vendors
- Information – Inventory management, insights about what products are selling out fastest and where. Think about what this information provides you. You can now plan for your next event more effectively than ever before from what stock to increase or decrease right down to how many bartenders you need at particular times based on peak hours during your event.
And the customer?
- Faster transactions, less queues – Eliminate the need of change and human error. Maths is hard.
- Security – Don’t worry anymore about losing your cash or outdated paper and plastic tokens, now your money will be safe in your wristband with an extra hand to hold your beer.
- Enhanced and personalised customer experience – Receive amazing special offers and loyalty opportunities from the event organizers or individual sponsors in an effortless experience.
Let’s talk about cost
As with anything, technology costs money. But as any businessman knows, you have to spend money to make money. Now having said this, cashless systems are extremely low on costs and usually charge based on your revenues and how they can help increase them. Cashless systems promise to increase your revenue and it is in their best interests to do so. And I can guarantee that the money spent on this technology is covered by a long shot by the increase in spending from your customers, the decrease of cash lost or mishandled by your employers, as well as future margins with the ultimate tool in controlling your resources.
Change is scary, and that’s okay. But give it a shot, technology is here to stay and here to improve inefficiencies not increase headaches. Your service providers are here to streamline your company, and you won’t be disappointed.