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Agro Tech Bangladesh, ICCB, Dhaka (Left) & Pure London (Right). File Photo[/caption]
The principle of what trade fairs offer, bringing buyers and sellers together in one place, has been in existence in some form for thousands of years.
Early examples of trade fairs would have seen merchants traveling, from far and wide, to markets to sell their products to local communities.
Fast forward to today, this same form of trading still exists in the form of ‘farmer’s markets’, however, trade fairs have evolved considerably since their conception.
In 2019 it was estimated that there were 32,000 exhibitions across the globe, over 4.5 million exhibitors, and that collectively delivered revenues of more than 137 billion USD. The importance of trade fairs to both regional and the world economy are vast.
Trade Fairs Are Not Just About Selling
Ultimately, most participants of trade fairs are there to sell, and buyers visit to find a solution that meets their business needs. However, trade fairs offer more than just a platform to buy and sell.
They provide an opportunity to assess opinions from clients and to determine market potential, conduct research and evaluate competition, develop commercial structures by identifying new agents and distributors, and initiating joint ventures and project partnerships.
Through educational content in the form of workshops, seminars and conferences, visitors can learn, gain real world insights, and obtain professional accreditation points in some cases.
Trade Fairs Support Other Parts of the Economy
There is a whole ecosystem that exists and that benefits from trade fairs. From airlines, hotels, contracting services, and hospitality, trade fairs significantly contributes to other parts of the economy.
There are many examples around the globe where trade fairs are the key component of a regional economy, with whole towns and cities dependant on the peripheral business that they generate.
The Fastest Way to Market
Good trade fairs provide the opportunity to meet with a large group of qualified individuals in one place. For a typical company to achieve the same results as by attending a trade fair would require substantial time and money to be invested. There is no faster way to take products and services to market.
Breaking Down Barriers
In a world that continues to see regional and global conflict, trade fairs provide the opportunity to break down barriers by bringing together like-minded individuals.
Trade fairs also provide the ability to build bridges where geographical barriers exist and to enable conducting business on a truly global scale, face to face, far much easier than would have otherwise been possible.
Evolving Sectors
Trade fairs stimulate change within industries. They provide the opportunity to showcase new products, services, and techniques, often being the first time that such offerings are introduced to regions or countries. Through bringing together like-minded professionals, trade fairs foster the need for change and improvement, which can result in having a positive tangible impact across industries.
The Power of Face to Face
The Power of face to face cannot be underestimated. It provides the opportunity to engage with qualified individuals who have dedicated time to find a solution for a business need. Being able to engage, in-person, provides a natural environment to conduct business, unhindered by distractions, and the potential glitches of technology.
Why Trade Fairs Are More Relevant Than Ever
As digitalization continues to change the ways in which we work and communicate, paired with the pace in which the world moves, the opportunity to meet in-person at an event, that brings sellers and buyers together, provides an opportunity to dedicate time to meet a business need.
Trade Fairs Are Essential to Regional and the World Economy
The importance of trade fairs can of course be measured in many ways; from monetary benefits to exhibition organizers, airlines, hotels, contractors through to business generated in the specific industry that the trade fair is aimed at.
There is much that goes beyond that which easily measurable. Trade Fairs stimulate trade between companies and countries, which in turn, builds confidence not only within the immediate industry but it can carry through to other sectors, stock markets and all the way through to increasing consumer spending.
Trade fairs are a catalyst for economies to grow and recover in times of adversity, and they are now more important than ever before. –By Ashley Roberts, General Manager at Omanexpo
Source: Online/SZK
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