Textile Trade Shows are Dying
Why are Textile Trade Shows are Dying?
As a buyer, recently I became curious and wanted to learn more about why textile trade shows are struggling to keep up with the times. Well, I did a little digging and found some intriguing points which may begin to explain why textile trade shows are dying.
So, why are textile trade shows dying? Textile trade shows are dying because they are not evolving fast enough to remain competitive. Additionally, textile trade shows are becoming more expensive for attendees to participate in. Finally, management has to account for the hidden cost of sending buyers while experience less returns on investment.
Moving forward, you’ll learn more about why textile trade shows are dying. Then we’ll talk about a solution where you as a manager or decision-maker can begin future-proofing your purchasing model for years to come.
Three Reasons why Textile Trade Shows are Dying.
1. Not evolving fast enough
The behavior of B2B buyers are changing and they are changing fast. Buyers went from taking advice from sales reps to owning their product research and knowing what they want to buy before speaking with a sales rep. This alone makes trade shows an unnecessary as buyers no longer need to speak with sales reps because they’ve done the rep’s job for them. Additionally, no longer need to visit a physical space to get an aggregate amount of vendors when they have the internet.
2. Too expensive
While there is a market of trade shows which offer free attendance, there is a larger market of trade shows which charge attendees to participate. Hard cost to attend can be as little as seventy-five dollars and expand upwards of $600+. Then, if you take hard cost and add them with the hidden attending costs associated like hotel and lodging, food, entertainment, and travel, the cost significantly ramps up quickly past a few thousand dollars.
3. Bad business practice
In the sense of a purchaser, there are several reasons to attend a trade show. However, the most pragmatic reason is to gain the attention of your vendor by actually showing up at their booth and meeting face-to-face. Let that sink in. Vendors are spinning the fact that they are inviting you to the trade show with “free passes” because it is more convenient to meet with all their accounts in one spot. At first glance this makes sense. However, if trade shows are the only way you’re getting face-time with your vendor, it can be a sign of a stressed relationship not in your favor.
However, if trade shows are the only way you’re getting face-time with your vendor, it can be a sign of a stressed relationship not in your favor.
Moreover, in consideration of the three reasons why textile trade shows are dying, trade shows can be beneficial to buyers. For example, many buyers attend trade shows to gain access to new and innovative products coming to market.
If that sounds like your company and you’re looking for first access, then, by all means, do what makes the most sense for your business.
But, for any other reason like future-proofing your purchasing process, know that there are better alternatives available to help you achieve your other goals as a buyer.
How do you future proof your purchasing process?
Short answer: Accept that change is coming. Then, get a surfboard, jump in the ocean and hang on because the wave is coming.
Our team here at Venubi understands that the wave is coming. That is why we’ve created our platform (a surfboard in the previous metaphor) for your business to use.
If you’re looking for an alternative or an add-on to your current buying process, I would encourage you to check us out. We’ve taken the time to create our B2B marketplace to help offset those three reasons and provide a solution for us and others like us.
Finally, here is a shameless plug. We’ve made it free for buyers to join. You should check it out.