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Event payment platform TicketCo has found that over 30% of customers offered refund alternatives chose voucher or payment waiver options in place of cash
By IQ on 08 Apr 2020
New data obtained by event payment platform TicketCo has shown that over third of consumers that bought tickets via its platform in the UK and Norway chose to be reimbursed with credit or to forgo their money in place of a refund.
TicketCo has developed a functionality to allow event organisers to offer vouchers worth the value of original spend and payment waiver options as an alternative to cash refunds.
The TicketCo feature comes as the German government today (8 April) introduced legislation allowing promoters to offer credit in place of refunds for cancelled events, joining authorities in countries including Poland and Italy to implement a voucher scheme.
Following the first full week of data collection, results show that 32% of customers in the UK chose the voucher, with just over 2% forgoing their money in support of the event organiser.
In Norway, a similar percentage of ticketholders passed on refunds, with a much higher proportion (15%) waiving any form of compensation and 20% choosing vouchers.
“We hoped our waiver and voucher features would be chosen in support of event organisers and the response from the market so far has been positive”
“We sincerely hoped our waiver and voucher features would be chosen by some in support of event organisers and the response from the market so far has been positive,” comments TicketCo co-founder Carl-Erik Michalsen Moberg.
“One week of data is not much to build solid statistics on, but encouragingly it demonstrates the strength of goodwill that exists in the event industry that we had to share. It’s a truly uplifting show of support.
“The impact will make a real difference to event organisers,” continues Moberg. “This proves organisers and ticket buyers are close and the connections are strong. It’s clear ticket buyers where they can want to help their favoured organisers through this crisis.”
In addition to the refund alternative features, TicketCo has also created new functions to help event organisers manage high volumes of postponements and cancellations, as well as launching pay-per-view streaming service, TicketCo TV. The platform allows promoters to broadcast virtual events and sell tickets for them via the TicketCo app.
TicketCo has offices in Norway, the UK, Poland and Sweden.
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