RFID's ability to seamlessly facilitate cashless solution for Night Clubs, monitor attendee movements, and collect insightful data has ushered in a new era of event management, where metrics and insights drive decision-making. This exploration delves into the realm of RFID technology within the context of cashless events, focusing on the key metrics that event organizers should track to optimize operations, enhance attendee engagement, and ultimately craft unforgettable experiences. As we venture into the intricacies of RFID metrics, it becomes evident that these insights are not merely data points; they are the blueprint for crafting events that leave a lasting impact.

1. Proportional product sales

With independent bar operators, sponsors, and caterers, it's hard to know which drinks, foods, and products are the most popular with fans. 

Implementing RFID technology at your event means you can compare product sales across your entire website. You might see the burger with the most followers or the brand of beer that party until late. 

By understanding prorated spend on specific product types and products that work best with guests, you can make informed decisions for your next event. Does one brand of cider perform better than others? Why not see if they want to sponsor next year? Are t-shirt sales skyrocketing? Next time, you can open a second sales page and sell more models to meet demand.

2. Hourly Average Purchase

Understanding when your prices are off and when they're full is key to improving the customer experience at your next event. By keeping track of your location's hourly shopping schedule, you can ensure that your location has the right staff so you can better manage costs and your guests don't have to wait in line. Without queues, guests will spend more, have a better time, and are more likely to return to your event in the future. It's a win-win outcome and good for all!  

3. Wristband preload and amount

Before RFID technology hit the market, it was impossible to know how much money someone had in their back pocket or how much they were willing to spend on their credit cards. 

Now it's easy. By using technology that allows guests to preload their wearables before your event, you'll get a good indication of your guest's budget and how much they're willing to spend. Armed with this information, you can tailor your pricing strategy and ensure you have the right amount of inventory to meet your customers' needs. 

4. Track footfall

With an RFID system, you can know which suppliers are the busiest and which are quieter. By recognizing your busiest areas, you can reallocate employees from quieter areas, whether it's charging stations, bars or vendors. And the great thing is that you can access the data in real time, so you don't have to wait for the next event to see the benefits. And if an area is experiencing very low traffic, you can close that area completely. 

With data from your previous event, you'll be able to identify premium venues across your venues that can be sponsored or sold for an additional fee. Data from your past events can also be shared with suppliers, so they understand the number of attendees they expect throughout the day so they can plan their inventory and its staff accordingly. 

5. Product purchasing patterns

Whether it's burgers and fries or beer and pretzels, you're bound to find that several items are often bought together. By following popular product links, you can start creating targeted offers and product bundles. 

By tracking product buying habits, you may find that guests at your event tend to buy 2 bulbs at a time so they don't have to wait in line anymore. By following these buying patterns, you can recommend relevant offers to increase spending, such as - buy two Buds, get a third for half the price.  

6. Demographic data

At your event, you may have guests who always visit the store to buy products, while others may choose to spend their money at the food counter. Some people may have bought alcohol, while others stuck with soda. 

With demographic information, you can identify your most valuable guests and create an onsite experience that will keep them coming back to your next event. 

Advantages cashless RFID payments have over contactless payments

1. Cashless RFID systems avoid network connection problems 

Anyone who has ever attended a large-scale event or a remote location and had difficulty getting a cell signal will agree that WiFi/4G can be a big problem when thousands of people gather in a place.

Unlike contactless payments, RFID cashless payments can work independently of the network and do not require a power source. Since RFID technology can work 100% offline, it avoids the inevitable network problems found on new sites. This ensures 100% availability for your event.  

2. Cashless RFID payments offer opportunities to increase revenue

Our customers see an average 22% increase in revenue when they switch from contactless cards to cashless RFID systems. For what? Let's take a look at some of the ways event organizers can increase revenue with cashless RFID – opportunities not possible with contactless cards. 

Cashless systems are often launched before an event, and attendees are encouraged to top up online in advance, helping to avoid delays before the event. These pre-event deposits also provide event organizers with an additional revenue stream that can help improve cash flow. Cashless RFID also opens up sponsorship opportunities, the lifeblood of live events. The RFID wristband itself is sponsored and proving the worth of your donors is a lot easier with detailed event analytics available. 

Finally, RFID cashless payments bring in a new revenue stream through disruption. When a customer ends up with the minimum credit on their wristband, they usually won't ask for a refund. This minimum amount is called breakage.