The Premium Ticketing Industry Overhaul: How E-Commerce Innovations Raised the Bar for Fan Experience


As we speed through 2023, with Beyonce selling out in seconds and sports records being broken across the 6 nations, it might be considered a little, well… dated to stand up and say that technology is changing the game.

However, with media focusing on the live events themselves and social media amplifying the aftermath, there is still very little attention paid to the set-up of the experience, its impact on evolving customer behavior, and the potential it offers to unlock new audiences and give an even wider reach of people access to the most coveted games, concerts and more.

The traditional perception of premium ticketing resembled “stuffy” corporate boxes, risky, high-value purchases and often unattainable experiences for many fans, either faced with general admission that sold out in seconds or in search of a more luxurious experience. These boxes still exist and the experience within them continues to delight, but the luxury ticket category is now much broader and, importantly, more accessible. And that’s because of the way venues and rights holders have opened up their premium buying options to e-commerce.

Technology is revolutionizing the way fans can buy tickets for live events, especially when it comes to premium experiences. Online ticketing platforms can now streamline the buying process by providing a user-friendly, frictionless, and most importantly, trusted buying experience. This has led to significant growth in the premium ticketing industry, as fans can now buy high-end tickets from the comfort of their own homes, without the inconvenience of long phone calls during office hours and the increasing risk of third-party resale fraud. According to a recent study by Mordor Intelligence, the global premium ticketing market is expected to grow at a compound annual growth rate of over 6% from 2021 to 2028. According to a recent Mintel report, spending on live events increased by 20 in the last year alone %. With this shift now in place, consumers and rights holders need a platform designed to build trust and eliminate friction in the buying process, shortening the buying cycle and reducing the number of clicks in the buying journey to just four.

It’s no surprise that friction in the checkout process can greatly impact the customer experience and is often the key driver of customer churn on ecommerce platforms. This is not only due to the inherent lack of trust in online commerce, particularly given the rise of phishing attempts, malware and illegitimate resellers, but also because the bar has been set so high in terms of the experience itself. Time-poor consumers focus on a quick, easy and efficient transaction, which is often missing when buying premium tickets online. In many cases, it has only recently become possible to conduct transactions for this category online, bringing these previously unattainable experiences to a whole new audience. From limited availability of customer contact and support to cumbersome online travel, these challenges can leave customers frustrated and deterred from making a purchase. This is especially true when purchasing premium experiences, where customers expect a seamless, hassle-free process. In fact, a Cloudways study found that 53% of consumers abandoned a purchase due to a complicated checkout process. Furthermore, it is estimated that traffic attrition due to friction in the customer journey can reach up to 80%, underscoring the need for technology platforms like Seat Unique to prioritize a seamless and transparent buying process, providing customers with the best possible experience and ensuring this You feel compelled to come back for more.

Opening technology talks with partners, sports clubs and venues has enabled organizations to reach new audiences and opportunities. Many of those facing increasing demand and traffic to their websites as consumption models change have now had the opportunity to improve not only the online experience but also the way offers are positioned.

With the goal of increasing revenue from online sales and providing customers with a superior online experience, Yorkshire Cricket shows tangibly how a technological shift can transform both business and customer experience. By providing a white label platform designed, tested and built to sell hospitality and premium tickets, Yorkshire Cricket has been able to transform the booking process and give fans greater access to premium experiences in just four clicks across different devices offer. Since then, online hospitality sales have grown by 400% and generated £1m in revenue for The Ashes in 2023, representing an 80% increase in new business.

As technology has transformed the customer journey, it has also revolutionized the way clubs and venues can operate in terms of premium seating and hospitality. Bringing premium sales online eliminates the need for manual booking processes and instead provides fans with a secure and seamless customer experience, allowing clubs to capture sales instantly, be it outside of office hours or at weekends. This shift to online sales also creates operational leverage, freeing retail and hospitality teams to focus on other important areas. It has also provided an opportunity to launch new hospitality offerings, such as in Yorkshire, the launch of a new premium ticketing category. This category offers fans the opportunity to access premium seat-only tickets, unlocking a brand new audience and range of experience options.

The growth in premium ticketing will continue to accelerate as premium experiences become more popular and, importantly, more accessible. Post-pandemic consumers in 2023 value time and experience more than ever before, and so we all need to adapt to this trend and have the technological infrastructure to enable those experiences seamlessly and transparently. Technology platforms like Seat Unique have made it easier for consumers to buy tickets to events, but most importantly differentiate between premium experiences. What used to be a multi-step process involving phone calls to hospitality desks and high corporate rates has now been reduced to a few clicks from any mobile or desktop device anywhere.

Technology platforms like Seat Unique not only reduce friction in this process and make it more accessible, but also unlock a greater number of opportunities for consumers as more tickets are available at different prices and more venue options. All of these changes have resulted in a much richer fan experience both before and during the game or concert.

About the author

Phillipa Hicks is Co-Founder and Product Director at Seat Unique. Seat Unique is the premium ticket marketplace that helps fans get VIP access to the best live events. We work directly with venues, clubs and artists to ensure all premium tickets and hospitality packages available on our platform are 100% official. By using our innovative software, our partners can issue premium tickets and hospitality packages exclusively via our website. This allows us to create a safe online space where customers are guaranteed access to the best packages at the best possible price. Our software enables clubs and venues to sell hospitality tickets to fans safely and securely, 24 hours a day, 7 days a week. By driving online hospitality sales in this way, we help clubs and venues maximize their sales channels and increase sales conversions more effectively and efficiently.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *