MADE FOR EACH OTHER

Mehndiwalis, caterers, photographers, decorators, designers, dancers and of course those harried wedding planners...phew! The Great Indian Wedding has inspired a whole new breed of businesses...

What’s common between Subrata Roy, L.N. Mittal, Laloo Prasad Yadav and Sant Chatwal? They organised weddings for their children in a manner which left the world gasping! Not just business tycoons, even ordinary folk today want the moon for the wedding of their young ones. Right from the wedding card to the ‘thank you card’ everything is done in a lavish manner – opening the doors for many business activities.

The Indian wedding today is turning into a big industry. It’s currently estimated at Rs.50000 crore, and is all set to grow by approximately 25% annually. If you are a creative entrepreneur, this is one industry which is very lucrative to work in. The customer is in a spending mood. You could charge a ridiculously large amount – if you have something unique to offer. The wedding ceremony is one day when no one is bothered about ‘return on investments’. According to some, it is the only ‘recession-free’ industry in India, spawning a gamut of new businesses and new entrepreneurs. In fact, almost every industry is today looking at weddings to give a boost to their business. Be it hotels, tent wallahs, dress designers or caterers, every one is doing their best and growing and gaining from the ubiquitous wedding. Considering the fact that around 1 crore couples get married every year, there is a huge demand for all marriage related services, and a huge opportunity for one to churn out a great career. Let’s look at how so many varied businesses are booming as we go about tying the nuptial knot.

Online and marriages

Today it’s no more astrologers or priests or your aunty in Canada who are fixing up marriages. A lot is happening on matrimonial websites. Today matrimonial websites have become the best way to find that perfect match. Shaadi.com has 7 million members and gets 8 million page views a day. No wonder advertisers are flocking in to promote their goods on these sites. The users of these sites are highly focused – their specific purpose is to start a family and they are looking for information that will help them do it. Maruti Alto, IFB, LG and ORRA jewellery found how profitable it was advertising and promoting their goods on these websites. Not just Indians one can reach out to a large chunk of NRI’s through these sites (since around 30% of the users are NRI’s). So, in effect, it is profitable to start a matrimonial website and also to advertise on it!

Copyright © : Rajita Chaudhuri and Planman Media.

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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