Tuesday, June 25, 2024

    OPINION Millennials are buying into the experience culture, but how should they pay for it?

    Experiences and events are at the top of Millenials wishlist and that presents a massive direct carrier billing (DCB) opportunity. Here, Anthony Baladi at Fonix outlines why ticketers should know more about DCB

    The UK has experienced a fundamental shift: 65% of British adults said they would rather spend their money on experiences than material goods, and that figure rises to 72%  when only focusing on millennials.

    It’s not just attitudes that are changing, spending habits reflect the impact this is having. Many areas have seen uplift from the change in priorities, including: restaurants, travel and cinema tickets. And there’s more and more people visiting museums when they travel to new places.

    Since the entry to national museums and galleries was made free in 2001, they have had to be more creative in the way they build revenue. Ticketed exhibits bring attention as well as a boost of income. So organisations are always looking for ways to improve their exhibits, either by content or customer experience.

    Digital ticketing has been a significant innovation for museums and galleries around the UK. Digital ticketing has allowed for larger numbers of visitors to attend exhibits which opened the doors to more potential visitors than ever before. This became a reality with the record-breaking ticketed exhibit – Christian Dior: Designer of dreams collection, at the V&A in London.

    The exhibit detailed Dior’s extensive journey and relationship with Britain, and sold out within 19 days of opening, with its original schedule, which was subsequently extended to a total of 7 months, due to the popularity of the collection.

    With the introduction of digital ticketing, visitors could book time slots. This allowed for visitors to be scheduled in. Improved crowd control enabled more visitors to see the exhibit, almost 180,000 people booked their attendance in this fashion.

    Good experiences should extend to the payment process

    Consumers’ preference for good times extends to their customer experience, 86% of consumers would pay more for a great customer experience, and it is fast becoming the deciding factor for how Britains choose to spend.

    Digital ticketing is already a convenient option for both the organiser and the customer, due to the integration with attendees’ mobile phones, and this can be extended to the payment method.

    By offering carrier billing as a payment option consumers can have the ticket and payment method all in one place, allowing for a smooth customer experience. Carrier billing is an alternative payment method that processes the payment through the user’s mobile phone bill. Users simply enter their mobile number, receive a code via SMS to verify the phone, and click to confirm the payment. The ease at which visitors are able to purchase their tickets allows for much less cart abandonment.
    With a single transaction limit of £40, carrier billing is ideal for cinemas, events and exhibits. From payment, to ticket, to posting the images on social media: a great mobile experience.

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