The exhibition sector is likely to operate as a hybrid model over the long haul, with the parallel existence of both online and offline shows as the new normal following the COVID-19 crisis, according to an industry veteran.
The sector, which was hampered by the raging pandemic, is showing some signs of noticeable recovery in China, said Hu Wei, CEO of Global Sources, a Hong Kong-based international business-to-business sourcing platform connecting 1.5 million monthly active buyers and stable suppliers worldwide.
Sometimes people's reaction tends to be excessive. I would say it's still premature to judge whether the exhibition industry will be largely affected in the long run, said Hu. Global Sources hosted the inaugural Consumer Technology & Innovation Show in Shanghai earlier this month, he said.
The global expo market is projected by consultancy AMR International to rebound to 78 percent of its 2019 size of $29.7 billion by 2022.
As part of a contingency plan, Global Sources launched a Match Express program last year, collecting massive sourcing demand information from global buyers and funneling it to suppliers, after initial screening sped things up.
It also branched out online, hosting three virtual exhibitions in a row last summer, with themes focusing on home and hardware, study and work from home, as well as medical and healthcare. Each of these events garnered millions of page views.
The biggest advantage of online exhibitions, at least from an organizer's perspective, is capturing high traffic. Despite the time difference, we could immediately get real-time local information from all around the world and know what products visitors were interested in, he said.
And the troves of comprehensive information can be distilled to turn into reports and analyses of the latest consumer trends, which can be a key reference for suppliers－with the documents previously being unattainable.
This information is very valuable for trade show organizers like us because this means we now know the latest global demand trends, and it's quantifiable. Of course, strictly within the scope permitted by the rules, we will also share information with these suppliers, Hu said.
To gain an upper hand in the online arena, the company struck the right chord by teaming up with Tencent, a top internet company in China, that can provide cloud-based capabilities to support virtual meeting systems.
It also made attempts in livestreaming, a popular form of real-time online interaction to promote and market products, and is mulling new forms of product launches in an initiative called Private Show Room, which creates a private domain for manufacturers to showcase products to only select buyers.
Hu still bets on a hybrid of online and offline exhibitions, adding that offline meetings are irreplaceable.
For one, he said, the adoption and acceptance rate of digital technologies is uneven across the world. Certain overseas buyers are less willing to embrace the idea of placing orders online due to privacy concerns.
For another, the even subtler dynamism of face-to-face communication could lead to unexpected gains and build trust at a higher level, Hu said.
At an offline expo, when the original sourcing plan is done, the visitor might wander around and explore new concepts or products from peer companies. Also, it's easier to build trust among each other when you see each other in person, he said.
Positive signs of a quick recovery for the exhibition industry this year are visible, with the share of expo companies expecting a return to normal activity growing from 10 percent in January to 37 percent in June, according to UFI, the Global Association of the Exhibition Industry.