Expo Online vs Offline: Beyond iFX Dubai

iFX EXPO Dubai has ended. As the first offline event since the outbreak of COVID-19 in the forex industry, it attracted attention across the globe. Fazzaco has made a special coverage on the event and provided leadership thoughts in exclusive interviews.

Though people still prefer offline events for the convenience in meeting each other face to face, we need to be fully-prepared for the long-term uncertainties and instabilities caused by the pandemic.

On the one hand, almost all the countries have set domestic and international travel restrictions. Even the UAE, where the event was held, has expanded its travel ban to include India.

On the other hand, the second year of the pandemic is likely to see more deaths and wider influence despite vaccination. 

Recently, a new COVID mutation was detected in the UK, with 49 cases confirmed. The Indian strain has been classified as a “variant of concern at a global level" by Maria Van Kerkhove, WHO technical lead on COVID-19, who believed that "there is some available information to suggest increased transmissibility." 

The virus spreads and changes so fast that vaccine producers may fail to meet people's lightning-fast quest for it. In the worst scenario where the variants evade vaccine protection, we will be again forced to develop new vaccines and no countries can lift the travel ban and open their borders.

Should this happen, exhibition companies may stand no chance of survival in the post-pandemic era. That's why we should take a broad and far-sighted view.

It is fair to say that no technology can replace face-to-face interaction, but we have to transition to do business online: e-negotiate business via Zoom, recruit talents on LinkedIn, manage and onboard clients in CRM, and hold virtual exhibitions. 

Companies who accommodate to the new normal earlier may get the first-mover advantage and will see faster business growth. In fact, the forex industry has explored in this sector, and we should be inclusive about innovation in any form.

Let's take TradeOn and BrokersShow for comparison.

In July 2020, FinanceMagnates launched TradeOn online summit, and invited AxiTrader, FxPro, Plus500 and many other exhibitors, but it didn't attract as many audience as expected. 

The lack of interaction, video/audio call, and mobile features is a potential reason why attendees failed to communicate effectively with exhibitors.

But another online expo shows how prospective an online event can be.

Launched in April 2021, BrokersShow Virtual Expo (Taiwan) provided users with immersive experience in App, web, and mobile browser: 3D booths, panoramic views, local landmarks, live chat, top traders' live broadcast, bonus & awards...

BrokersShow's innovative form has attracted more than 30 reputable exhibitors like Exness, TMGM, WeTrade, PRCBroker, and Just2Trade, and further contributed to its wide popularity among users. At the end of the 2-day event, BrokersShow registered as many as 50,000 users.

In Fazzaco's point of view, online expos have the following 2 advantages:

First, exhibitors don't need to pay the travelling expenses, booth design, customization, and marketing. Online events improve time efficiency.

Second, visitors don't need to pay for transportation. It can significantly increase the size of audience, making geographical and time limitations irrelevant. 

The only obstacle that prevents us from embracing the online expo is our habit. It still takes time to accomodate to the new trend, just like we took time to get used to searching and buying goods on Amazon. 

COVID-19 is a crisis for companies sticking to well-beaten path, but an opportunity for innovative and dynamic ones. 

Any company who can reform the exhibition industry's business model and form is likely to take the lead in performance and market share. Those who refuse to keep up with the trend will ultimately topple over, regardless of their size and strength.