Dispersive Analysis of $\omega/\phi \rightarrow 3\pi,\,\pi \gamma^*$

The decays $\omega/\phi \rightarrow 3\pi$ are considered in the dispersive framework that is based on the isobar decomposition and sub-energy unitarity. The inelastic contributions are parametrized by the power series in a suitably chosen conformal variable that properly accounts for the analytic properties of the amplitude. The Dalitz plot distributions and integrated decay widths are presented. Our results indicate that the final state interactions may be sizable. As a further application of the formalism we also compute the electromagnetic transition form factors of $\omega/\phi \rightarrow \pi^0\gamma^*$.