The coronavirus pandemic has caused ripples across different global sectors. This also includes the event industry. A recent study says that 67% of businesses use virtual events in addition to in-person events. This means that the popularity of virtual events has grown and is expected to grow at 23.2% from 2020 to 2027. If you want to learn how virtual events are transforming the event industry, check out this guide to make an informed decision.

Eliminating Geographic Barriers

Hosting online events is much more accessible. You can reach a wider audience and eliminate logistical barriers. Whether you are sick or unable to travel, you can participate in virtual events from the comfort of your home. 

With virtual event platforms, you can invite guest speakers and other notable personalities to impart knowledge and engage your audience without worrying about geographical constraints. Your audience can get access to a broad selection of renowned panellists, speakers, and content. Furthermore, you can design 3D immersive environments, such as auditoriums, breakrooms, conference rooms, and more to engage your attendees. 

Cost-Effective & Value-Adding Option

An in-person event requires calculating additional costs, including logistical, travel, booking accommodations, and more. With virtual reality meetings and events, you can eliminate overhead costs and focus more on enriching your content. 

Virtual events also offer more value than physical events. You cannot re-watch the missed glimpses of physical events, but an online event platform provides you with the option of watching pre-recorded sessions to ensure that you do not miss out on critical details. You can also collaborate on many projects and share your insights through breakout rooms and brainstorming sessions. Furthermore, online events are scalable and offer businesses the flexibility to organize the event as per their needs. 

Networking Opportunities With a Global Audience

For any virtual event, networking is one of the most significant reasons why people participate and engage. Online events allow people from all over the globe with diverse backgrounds to collaborate and enhance their professional network. Since geographic boundaries are not a constraint, virtual events help attendees develop a refreshing insight on the topic and stay updated on the recent trends and transformations in the industry.

For marketers and business leaders, virtual events help them create brand awareness and build positive relationships with potential prospects. On a reliable online conference platform, you can organize a networking event that includes various ice-breaking activities to help your attendees grow their business and connect with key people in the industry. 

Better Analytical Insights

While hosting an event, it is critical to keep track of performance metrics to understand how the audience engages with your content. Doing this in an in-person event can be overwhelming. However, virtual event software provides instant feedback and helps you gather essential information to help you evaluate your content performance. 

Since online events provide revenue opportunities to you and the sponsors, you analyze different metrics to understand the people’s experience. Through engagement metrics, you can track how many attendees visited and interacted with the sponsor’s booths. The utilization of analytics and real-time feedback will help you deliver the best content possible for your future events. 

Virtual Events Use Technologically Advanced Platforms

Over the past years, the virtual event industry has seen the introduction of game-changing technologies and tools. From virtual reality, augmented reality, live streaming to social media, organizers can use their creativity to design the best experience for their attendees. For instance, you can conduct your virtual event in a 3D immersive environment where avatar-based attendees can visit, interact, and ask questions.  

The rise of immersive technologies and online event platforms is helping brands add more excitement and create better engagement opportunities for their attendees. Such technological advancements are transforming the event industry by making them move beyond their convention centres.