Explore new business models of the industry

Fu Bingbing

Established in 2005 with the registry office based in Singapore， AFECA is the only international umbrella for the MICE industry in Asia that serves 34 national MICE associations from 16 countries， covering more than 11，000 MICE companies. AFECA has over 140+ member organizations， and its long term vision is to be a strategic partner in the creation of a world federation representing the exhibition and convention industry in Asia， with the aim to promote the growth and development of the industry. We’re very honored to have invited Mr. Dato’ Vincent Lim， the president of AFECA for our today’s exclusive interview to share with us his insights into the dynamic development of the current exhibition industry.

Dato’ Vincent Lim tells the reporter that the pandemic and the global lockdown is one of the main reasons that MICE players are reinventing their businesses. Most industry players were not prepared for this and have lost the freedom in staging in-person events. So， many exhibition and conference organizers have remained steadfast in pivoting towards using virtual or hybrid platforms to resume a business as usual outlook.

In addition， an AFECA survey in 2021 indicated that 93% of respondents has ventured into virtual or hybrid formats for their exhibitions and conferences

“According to our AFECA survey， compared to before pandemic in the year 2019，the expected recovery in 2022 will be between 50% to 75%. We also foresee by 2023 the industry recovery will be from 75% to 90%， while full recovery is expected from 2024 onwards. The main roadblock is travel restrictions， border closed and quarantine required， however， we still anticipate more and more Asian countries will open their borders and be quarantine-free in the second quarter of the year； this will be a good indication for our industry in Asia. ” says Dato’ Vincent Lim with great expectations.

“As we were in lockdown with travel restrictions， AFECA will continue to engage with its members and to disseminate information on recovery updates or events through the AFECA Newsletter which was launched last year. Surveys were also conducted to gather member country updates during the pandemic， exchange of SOPs and protocol guidelines amongst members. This is the best option to stay connected and to encourage collaborations in our industry for now. The feedback we received has been good and we definitely hope to be able to meet faceto-face soon. We are also currently in progress to update the website and members are able to update， search and source for the latest info of each country’s MICE developments.” says Dato’ Vincent Lim.

Dato’ Vincent Lim states that they are sure that physical shows or face-to-face events will remain and cannot be replaced by virtual. People yearn for face-to-face events after 2 years of lockdown and organising on virtual platform. Although 93% of AFECA respondents survey in early 2021 have embarked on organizing hybrid exhibitions， it also revealed that in early 2022 survey， 73% of respondents indicated on-site activities would still drive events and increase engagements， relegating virtual events as a side or complementary content.

So， event organizers will have to push themselves to come up with better show ideas and content that will keep visitors interested in attending physical events. For example， creating an alternative platform – a more innovative value creation such as through a 365 engagement portal into the show as lots of information are already so easily available online nowadays.

Dato’ Vincent Lim tells the reporter that many exhibition organizers had to pivot online overnight without a formula to follow for the past 2 years. Because of the pandemic， what they expected for 2030 is happening now； it had accelerated the use of digital technology not just the MICE industry but many others. When the border reopens， the MICE industry will be able to welcome international attendees. Shows would kick-start； even though smaller in size at first but it is a good start to build the momentum. In this context， digital will still play a role to complement and enhance the value to the physical shows.

“We have to continue to innovate the business models post pandemic. Having a digital component will complement physical events therefore， it is imperative to explore digital further， new technologies or modern solutions to create more value and different experiences for participants， delegates or visitors， before， during and after an event. It has been like a VUCA （Volatile， Uncertainty， Complexity， Ambiguity） world for the past 2 years and I believe we have to adapt and be agile and look at changes as an experimental journey from now on. It takes the right skills and leadership to continue to drive and reshape businesses during uncertainty times.” says Dato’ Vincent Lim.

Dato’ Vincent Lim claims that besides innovative content for events， a focus on current workforce is also critical to ensure they have the necessary skills and training to perform in the new MICE landscape and deal with the ongoing changes. And also， by 2025， some 75% of our global workforce comprises Gen Y and Gen Z. Our present and future workforce are young， vibrant， and highly digitalized， as they grew up with technology seamlessly integrated into their lives. If you have members of these generations in your team， you have the opportunity to shape their attitudes and behavior for a time when they become decision-makers.

Dato’ Vincent Lim comments that governments also play an important role to support the MICE industry to gain back the confidence level for industry players and other stakeholders. Also MICE industry is a key economic contributor and industry stakeholders needs to continue to work closely and engage with the governments to revive this vibrant industry.