Insights

Embracing Change – IMEX 2023 Recap

IMEX 2023 Recap

Last month, team members at FIRST attended IMEX America 2023, the largest trade show in North America for the business events and meetings industry.

On their first day, the team participated in various sessions that touched on changes in the events community and hospitality industries. These industries face unique challenges and opportunities but are united by a common theme: the need to adopt new technologies and methods to promote growth.

Exploring the untapped potential of AI in the events industry

Artificial intelligence (AI) has the potential to revolutionize the events industry. AI can be used to automate tasks, personalize experiences, and improve decision-making. However, FIRST attendees learned from session speakers that AI has yet to be fully embraced by the events industry.

Several factors are holding the industry back from adopting AI, including:

Ingenuity over costs: The events industry is known for its creativity and ingenuity. Many event planners are hesitant to adopt AI because they believe that it will stifle their creativity.
Data quality: AI is only as good as the data it is trained on. Often, it makes simple mistakes that can be costly for events.
Integration with systems: Many event planners use a variety of different software systems. AI needs to be integrated with these systems to be effective; however, it is still not trusted enough to be completely integrated.
User adoption/training: AI can be complex and challenging to use. Event planners need to be trained on how to use AI effectively.
Ethics & copyrights: There are a number of ethical and copyright concerns surrounding the use of AI in the industry. These concerns need to be addressed before AI can be widely adopted.

Despite the challenges, the potential benefits of AI for the events industry are significant. AI can be used to:

Automate tasks: AI can automate tasks such as registration, ticketing, and lead generation. This can leave event planners with a lighter workload and an opportunity to focus on more strategic tasks.
Personalize experiences: AI can be used to personalize the event experience for each attendee. This can include things like recommending sessions, networking opportunities, and food and beverage options.
Improve decision-making: AI can be used to analyze data and make better decisions about things like event planning, marketing, and budgeting.

Hotels: Navigating Workforce Shortage and Meeting the Needs of the New Traveler

The hospitality industry is also facing several challenges, including a shortage of workers and rising costs. One of the biggest challenges facing the hospitality industry is the need for more workers. To address the issue, hotels are partnering with other businesses to provide services and amenities to guests. For example, some hotels partner with restaurants to provide food delivery services. Others are partnering with transportation companies to provide airport transfers.

Hotels are also changing their business models to adapt to the changing needs of travelers. For example, many hotels now offer more flexible booking options and amenities. By partnering with other businesses and making changes to their operations, hotels can provide guests with a better experience, despite a shortage of workers.

New Food & Beverage You’re Likely to See on Tomorrow’s Menus

The food and beverage industry is also evolving to adapt to new trends and preferences. Some of the trends that are shaping the future of food and beverage include:

Non-alcoholic beverages: Non-alcoholic beverages are becoming more popular as consumers seek healthier options.

Cultural influences: Foods and beverages from different cultures are becoming more popular. This includes Latin, Cajun/New Orleans, Indian, and Asian cuisine.

Plant-based proteins: Plant-based proteins are increasing in popularity, as consumers seek healthier and more sustainable options.

Probiotic-rich foods and drinks: Probiotic-rich foods and beverages are becoming more popular as consumers are looking for ways to improve their gut health.

The Incentive Travel Industry

The purpose of incentive travel is shifting from “hard power” reasons, such as return on investment (ROI) and increased sales, to “soft power” reasons, such as improving company culture, community, engagement, and relationships. This is due to productivity and belonging becoming increasingly important among employees.

Traveler needs are also shifting, with an increased demand for more downtime and individual time during incentive travel. Travelers are equally interested in going to new places and experiencing different cultures. This is likely due to people working harder than ever and prioritizing personal time to relax and recharge.

The world is changing rapidly, and so do industries. To stay ahead of the curve, industries are more flexible with their options. It’s evident that the events, hospitality, food and beverage, and incentive travel industries are evolving and exploring different ways to meet new expectations. By doing so, they can meet the changing needs of consumers and stay ahead of the game.

Stay tuned for our next recap from the IMEX Frankfurt 2024 in May.

https://firstagency.com/newsletter/ to our mailing list to get the FIRST scoop on exclusive insights, news and creative inspiration.

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.