Big box stores and small independent retailers have one thing in common whether they realize it or not – they need trade shows.

“A trade show environment allows retailers to see product in person, establish what’s trending in their marketplace and get comprehensive product information in one contained location. It is also a unique opportunity for them to build relationships with their vendors, with their peers and within one’s store team. By providing a focused climate, attendees are able to take advantage of educational and networking programs where they can increase their expertise and share their experiences with one another to the benefit of their entire industry,” shares Camille Candella, Vice President of Marketing for Emerald Expositions, overseeing trade shows that include the ASD Show, the Couture Show, JA New York, Source Direct and Impulse at NY Now.

It’s believed that trade shows have been around as early as the medieval times, with reports of various European countries hosting trade shows to sell produce and other products. Historically, trade shows were first created to gather buyers and sellers in one place, and although that core objective remains the same, trade shows today also offer opportunities beyond buying and selling. Most trade shows nowadays provide opportunities for attendees to gain industry specific education, networking and even a little fun – with many trade shows hosting concerts, happy hours and other social experiences. The real objective remains, however, the connection of buyers and sellers – and the tremendous amount of value this has for merchants.

By attending trade shows, retailers have access to new vendors, established vendor partners and service providers that all cater to their unique retail market. As Candella from Emerald Expositions stated, this in person experience offers value well beyond just identifying products, but also expands into total store operational success. Attendees of trade shows can gain product intelligence, competitor insight, industry specific trends and more, while also gaining useful knowledge to bring back to their entire store team. An added bonus is that many trade shows are filled with industry specific thought leaders that can help retailers in achieving stronger success.

“We speak at a variety of trade shows every year and cannot stress enough the value of connecting with the show attendees. We’re constantly hearing that by attending educational sessions or simply chatting during a networking event, retailers are returning to their stores with new ideas and new energy to apply to their businesses,” Georganne Bender – a retail speaker, consultant and recognized industry expert – states. Bender along with her business partner Rich Kizer further explain that all retailers, small and large, gain value in attending trade shows.

“Over the years we have spoken to retailers who have avoided trade shows for a variety of reasons, but one reason that is fairly common is due to the expense of travel to attend. What they don’t realize, however, is that it actually costs them more by not attending. Missing out on your industry’s trade shows can impact your business success in a variety of ways, including the missed opportunities of finding new vendors, staying competitive to your competition and not expanding your store’s inventory based on market trends and proven data,” Kizer and Bender state.

With this in mind, retailers should also look at trade shows as opportunities to not just source products, but to strengthen industry relationships. Vendors are no different than retailers themselves, playing favorites to certain customers versus others – whether they will admit it or not – and having consistent, face to face opportunities with vendors can strengthen a retailers chance of being on that “preferred” list. When opportunities for great buys come around, limited editions become available, promotional giveaways open up or other opportunities are identified, it’s these “preferred” retailers who will get a call from their vendors before other merchants… and you want that call to be directed at you. Face time at trade shows will help build these types of relationships, plain and simple.

Beyond playing favorites, retailers can expect to truly be in the know by attending trade shows versus simply reading a recap of the show.

“Trade shows are a great reflection of what is going to be hot in the upcoming retail landscape. The buzz from the show floor is unlike any other buying opportunity that retailers have access to, and only by attending trade shows can merchants gain from this,” Candella further states.

As a retailer, you can never be too certain what the future will bring. However, one thing is for certain… Trade shows are a valuable component to a retailer’s business. Incorporating trade shows into your annual calendar should be recognized as a necessity of business versus a dismissed opportunity, and as a result should be budgeted for and planned for to maximize the opportunities that trade shows deliver.

Courtesy: www.forbes.com