The ticketing industry in 2024 is at a pivotal juncture, facing both unprecedented challenges and exciting opportunities for innovation. At the heart of these challenges lies the potential for transformation, driven by technological advancements and a deeper understanding of consumer expectations.
The INTIX Ticketing Conference shed light on the critical areas requiring attention, from modernizing outdated technology to ensuring robust cybersecurity measures. This article, leveraging insights from Softjourn's extensive experience in ticketing, outlines strategic approaches to overcoming these hurdles.
1. Modernizing Outdated Technology
Challenge Overview
The reliance on outdated technology, legacy systems, and on-premise solutions limits the ticketing industry's agility and growth potential, posing a significant challenge to innovation.
Strategies for Overcoming
Embracing cloud-based solutions, integrating modern data analytics tools, and transitioning to flexible, scalable tech stacks are crucial steps toward modernization.
Real-World Application
In partnership with IMS, Softjourn addressed the challenge of outdated technology by rewriting their legacy application to an updated app with a modern tech stack and automated features. This collaboration facilitated a smooth transition from their legacy system, resulting in increased efficiency and customer satisfaction.
Additionally, we’ve helped several ticketing companies reduce cloud costs by 30% with our FinOps Consulting. Through cloud optimization, our clients have achieved efficiency goals – being able to sell 20k+ tickets in 5 minutes – and optimizing multi-regional cloud servers, while improving app performance.
2. Tackling Data Challenges
Challenge Overview
Managing, analyzing, and securing vast amounts of data is a complex challenge that the ticketing industry faces, especially given the paramount importance of data in strategic decision-making.
Strategies for Overcoming
Leveraging advanced data platforms that utilize AI and machine learning for efficient data processing and adopting best practices for data security are key to overcoming these challenges.
Real-World Application
We've collaborated with various companies to help them better manage and utilize their data by implementing an advanced data analytics solution, such as PowerBI and Elasticsearch. These initiatives enabled our clients to derive actionable insights from their data, significantly enhancing customer personalization and operational decision-making.
3. Addressing Fraud and Cybersecurity Threats
Challenge Overview
In an increasingly digital world, the ticketing industry faces sophisticated cybersecurity threats and fraud. Addressing these concerns is not just about protecting data but also about safeguarding the trust and confidence of customers.
Strategies for Overcoming
- Multi-Layered Security Approach: Implementing a comprehensive security strategy that includes advanced antivirus software, regular penetration tests, vulnerability scans, and risk monitoring can significantly enhance the cybersecurity posture of a ticketing company.
- Fraud Detection Technologies: Investing in advanced fraud detection technologies and training staff to recognize the signs of fraudulent activities are essential steps in mitigating risks. These technologies can help identify suspicious activities early and prevent potential losses.
Real-World Application
We’ve worked with numerous clients to help them implement payment security, such as 3DS, PCI DSS Compliance, E2E Encryption, Tokenization, and more. For example, we’ve helped clients enhance their data security.
When it comes to ticket security, we've studied the benefits of different ticket types to see which is the best for combatting fraud and have insights on Blockchain/NFT and digital tickets. Each company may have its reason to use certain types of ticketing technology, and we can help guide them to the best decision for their specific requirements.
4. Reducing Tech Debt
Challenge Overview
Tech debt, the result of outdated systems and temporary fixes, increasingly burdens ticketing platforms, hindering their ability to innovate and efficiently respond to market changes. This silent challenge grows as quick fixes accumulate, making it difficult to introduce new technologies or adapt to evolving industry standards. The presence of tech debt requires careful management to prevent it from impeding operational efficiency and growth.
Strategies for Overcoming
Addressing tech debt necessitates a dual approach: conducting regular audits of the technology stack for upgrades or replacements, and maintaining a flexible development strategy. This includes having a dedicated technical team, either in-house or outsourced, ready to implement improvements and adapt to new technologies swiftly. Investing in agile development practices and continuous learning for technical staff ensures that the platform can evolve without accumulating further debt, laying a stable foundation for future advancements.
Real-World Application
We've helped extend teams for many of the top names in ticketing. From those looking to develop automated features to save you time in the long run, or to ensure architecture is performing properly with code audit services, we've helped streamline operations and position companies for future growth.
5. Enhancing Access Control
Challenge Overview
As we move into 2024, the ticketing industry faces growing challenges in access control, balancing the need for tight security with the demand for smooth and swift entry experiences. Traditional systems are under pressure to evolve, grappling with issues like fraud, long entry lines, and the inefficiencies of manual checks. The challenge lies in adopting and integrating advanced technologies—such as biometrics, digital ticketing, and blockchain—that promise to revolutionize access control by making it both more secure and user-friendly.
Strategies for Overcoming
Implementing advanced entry technologies and integrating customer feedback into access control systems are key strategies for enhancing security. Implementing these solutions not only aims to mitigate fraud and enhance security but also to offer attendees a frictionless entry process, significantly improving their event experience.
Real-World Application
We’ve developed custom access control applications for many of the top ticketing companies – Project Admission, TicketBud, and Ticombo, to name a few. Our access control app boilerplate allows us to develop and integrate apps for our clients in as little as two weeks, tailored to their specific requirements.
We've found that in 2024, biometric authentication, including facial recognition, is considered to be one of the most in-demand features for access control apps.
6. Enhanced Customer Experience and Expectations
Challenge Overview
Meeting and exceeding the ever-evolving expectations of customers extends beyond mere transactions. Today's consumers seek personalized services, immersive experiences, and interactive engagement, challenging the ticketing industry to leverage technology not just for operational efficiency but to create memorable experiences that foster loyalty and engagement.
Strategies for Overcoming
Utilizing data analytics for personalization, embracing mobile-first strategies for on-the-go engagement, and developing immersive and interactive event experiences through augmented reality (AR) and virtual reality (VR) technologies are key strategies. Additionally, investing in customer service technologies that offer real-time support and feedback mechanisms can significantly enhance the customer experience.
Real-World Application
We’ve helped companies like SecuTix and Project Admission, integrate with Salesforce, Ticket Evolution, Tessitura, and other plugins to gain access to crucial customer data, for them to create more personalized customer experiences, showcasing the potential of technology to exceed customer expectations.
7. Integration with Secondary Markets
Challenge Overview
The secondary ticketing market presents challenges in pricing, authenticity, and fairness for artists and fans. Navigating this contentious issue while protecting stakeholders requires strategic thinking and innovative solutions.
Strategies for Overcoming
Developing transparent and fair pricing algorithms, implementing secure digital ticketing solutions to ensure authenticity, and fostering partnerships with secondary market platforms can help address these challenges.
Additionally, exploring blockchain technology for secure, transparent ticket exchanges could offer a new way to integrate with secondary markets effectively.
8. Competition from Non-Traditional Players
Challenge Overview
The entrance of tech giants and non-traditional companies into the ticketing space is disrupting traditional business models, posing a significant challenge to established companies. These competitors bring innovative technologies and customer engagement strategies that can set new expectations in the market.
Strategies for Overcoming
Staying competitive requires innovation, flexibility, and sometimes collaboration with these new entrants. Exploring new partnerships, diversifying service offerings, and continuously investing in technology to enhance the customer experience are critical. Adopting a mindset of agile development and innovation can help traditional ticketing companies keep pace with or even lead market trends.
From Obstacles to Opportunities
The ticketing industry's journey through 2024 is marked by both challenges and opportunities. By embracing innovation, prioritizing cybersecurity, and leveraging data intelligently, companies can navigate these hurdles successfully.
Are you dealing with challenges in ticketing? Overcome them with the help of Softjourn – we’ll assist you with integrations, fraud prevention, feature development, modernization, and much more. Contact us today to get started!
