What does loss mean?
Customers who lose items represent more than 10x the audience of any items that are found. The most common experiences of loss and theft have a successful resolution rate of less than 9% with normal practices.
Lower Customer Spend
Loss for your customer too often means loss for your organization. Theft or loss of items reduces customers spending behavior by more than 60%, while specific loss of spending mediums (such as credit cards, wallets, phones) can eliminate spending entirely.
Low Sponsor Engagement
Loss events take your customers and their friends away from your festival experience. Loss groups average 3 people per single item loss leading to a large percentage of your attendee base seeking information, searching for items, and building a negative experience, which significantly lowers engagement with festival activities and paying sponsors.
Reduced Customer Loyalty
Loss can dominate the entire experience and engagement with a festival. This negative experience can not only shape the entire experience but is shared 7x more often with peer groups often leading to lower future festival patronage.
Loss unfortunately can happen anywhere and everywhere. As a result you must coordinate operations and information with every festival vendor, operations team, security, contractors, transportation, and more. Loss is a double sided need to locate and funnel items and customers seeking help.
Post Event Management
Loss has a natural delay that occurs slightly after your customers and staff begin collecting onsite but continues on well after they have left. Remaining items and the typical 10x customer seeking lost items demand attention from festival staff often carrying on months after the last festival day.
Lost & Found can be a precarious legal position filled with a minefield of liability. While many states require organizations a minimum amount of effort as well as a fiduciary obligation for found items you also take on an incredible amount of liability by holding items with private data.