Transcript of "Alternate rout of selling apparel through fusion of Netrimony and Event Management "
OBJECTIVE•To test the hypothesis that “SERVICE SECTOR especially EVENT MANAGEMENTAND MATRIMONY CAN BE A POTENTIAL ALTERNATIVE ROUTE FOR SELLINGFASHION AND APPAREL PRODUCT ”•To propose the E-BUSINESS MODEL based on MATRIMONY AND EVENTMANAGEMENT .
SUB - OBJECTIVE •To study and analyze e-commerce especially B2B and B2C & its reach in India. •To study potential market, market size and market structure of Online matrimony, Event management. •To establish a potential link between Online matrimony, consultancy and event management with Fashion industry and fashion and apparel product.
• Books, newspapers, Internet, annual reports. • Published data: Business source like company reports, government sources like tradeSECONDARY (40%) associations i.e. RAI • Unpublished data: websites of companies, Research / consultancy reports Quantitative data: • Survey (Person administered –mall intercept surveys of customers, • PI of executives of Brands, computer administered usingPRIMARY (60%) online surveys) Qualitative Data: • using focus group interviews , Telephonic interview. • Depth interview of industry expert. • Projective technique
E-Retailing• Business research suggests that the most attractive space in Indian Internet is e-retailing, owing to low penetration (it comprises less than 0.5% of India’s total retail as• E retailing comprise 8%+ in the US / 4% in China .• India’s e-retail market is projected to be over USD12bn in the next 5 years from the current USD 600mn (2011) implying a 80% CAGR.• This would still imply less than 2% of overall retail sales and 3.5% of per capita income.• eBay India, which currently sells, THINK THE• 1 Jewellery every 7 minutes Online shopping• 1 Mobile handset every 9 minutes attitude• Appareals every 12 minutes• MP3 player every 18 minutes Source :- Business standard , 12 jan 2012
What are the Key Trigger Points ?• The most required thrust is coming from Telecom operators connecting Indians to the WWW at affordable prices / devices, thus making Internet another utility in every house.• Shift in buying patterns i.e. online consumption driven by mass marketing by e‐commerce players and adoption by traditional brick‐and‐mortar retailers [FDI in Muti-Brand Retail will also encourage them to simultaneously open e-fulfillment]. Specialty retail sites could piggyback on the growth in e-commerce in India.• Conducive eco-system [Entrepreneurs & Venture Capitalists]- This is due to the emergence of savvy start-ups, capitalised by a thriving venture capital industry and increasing internet and electronic payment penetration.• Matured Websites – I am really happy to see good quality websites with focus on UI Design and Experience. The websites of newer Indian e-commerce players are highly polished and offer a similar experience compared with their Western counterparts.• Success Stories – Emerging [LetsBuy , Electronics, Flipkart - Books to Mobile ,SnapDeal - Daily Deals ] and are Encouraging others to take the Take the Big Leap as the addressable market is Big Monster.
Someone said“marriages are made in heaven”. If that’s true then Internet is the new heaven
Idea Generation BHARAT MATRIMONY was the first company to provide online matrimonial services to indians. Started in 1997 BharatMatrimony.com pioneered online matrimony. first matrimonial site to receive the coveted ISO 9000:2001 Certification Entered the Limca Book of Records.
Facts :- The Rs 400-crore online marriage search industry . “In October this year, Yahoo, the online search and email website that rivals Google sold its 12 per cent stake in popular Indian online matchmaking site Bharat Matrimony(BM) for Rs 100 crores having bought it for less than half of that in 2006.” it also underscored the fact that online marriage searches are the wave of the future According to India Online 2010, an annual survey carried out by online research consultancy JuxtConsult, matrimonial search is the 8th most popular online activity among urban net-users in India. Over 12 million indian use online matrimony for match No. of users has increased at the rate of 48% in 2011 compare to 24% in 2010. 1 million success stories last year and on an average 70 testimonials per day for top 3 online matrimony site . Source :- Times of India 6dec , 2011
Big Players : A Snapshot Shaadi.com- It lists wedding planning services as a wing under its serviceumbrella- Through „ShaadiPages.com‟, an online wedding directory, itprovides listing of different caterers, florists, make‐upartists, decorators, musicians, DJ‟s and many more- Through Shaaditimes, a wedding portal, it delves into ways to
Shaadi.com is the most popular matrimonial service sites(premium segment) in India. It was launched in 1996 and is one of the early entrant in the market. 14 million (1.4 crore) members are registered on the site Almost 9 lakhs successful marriage proposals have resulted. That is over 50 success stories each day. Standard membership is FREE! Paid membership gives you more opportunities as you can initiate discussions with prospective marriage candidates, and your profile is prominently featured
Bharat Matrimony - It goes beyond matchmaking services to provide other related services like wedding planning and honeymoon planning - „Matrimony Directory‟ includes all such services wherein it gives the listing of wedding planners, contractors and decorators
It is from Info Edge(naukri.com fame) stable which is a leading provider of online recruitment, matrimonial, real estate and educational classifieds and related services in India. Third largest player with 5 million users overall It caters to the sub premium market (free-
Fastest growing matrimonial portal in India, promoted by The Times of India group, the largest media & entertainment conglomerate in the country. Country’s first matrimonial portal to attain huge success from the Swyamvars organized every week for the benefit of different communities across the country
Market Share 5%20% 40% Bharat Matrimony Shaadi. Com Jeevan saathi 35% Others Source :- India online report , 2011
Features of Matrimonial Websites Search filters: search using filters like city, profession, astrology Wedding directory : online shopping for bride-groom, travel booking, jewellery Blogs covering personal views and users’ experiences with matrimonial websites Personalized messages Express interests: enable users to express interest Join clubs: enable users to start and join clubs in order to meet people with similar likings. For example- photos and videos Profile tagging Profile management Instant verification of email ids and phone numbers, send email/SMS to a profile, tell a friend about a profile, block a user and so on.
Consumer InsightOnline matrimonial market in India has seen a significant growth ratein the past one year. It has opened a new frontier for people to seekalliances globally.To get an insight into how consumers feel about online matrimonial,respondents are divided into two groups1.People who want to get married2.People who have already got married.
Consumer InsightRegistered on website They are looking for a transition in their life to move from the traditional way of searching for a match to the new way of criteria based search. In cases were they register on these websites by themselves, respondents prefer to tell their parents only after they find a suitable match since they don’t want their family members to get anxious about it. In cases where respondents themselves have not registered we have generally seen that father registers for daughter or brother or cousin registers for sister and sister registers for the girl respondents. Basically, some one from the family registers and takes it ahead till some body responds. In fact most of the time friends register for the respondents since they don’t want to tell their parents or they are scared of their parents. Few people who do not get the liberty to select their match due to family pattern and traditions, like to experiment and check what is available for them online. Few feel that if the society is open to a boy girl relationship from the beginning then people will not need such websites as they will have their soul mate with them. Some say that since they could not get a match easily through offline that’s why they opted to register online. People who are working and living by themselves away from family tend to believe in these websites since it saves them time and it is according to the current trends. They do not find the details authentic and that’s the biggest fear that people have. Some people who have been used to saving money tend to opt for free membership as they are not sure of getting a suitable match and therefore value for money
Consumer Insight ) People who have already got married through online website: They find it efficient since there are so many profiles to explore. It saves time since most of the respondents are working and don’t have the patience to go through the offline route. Most of them tell their parents later on after they have found a match. They feel that parents are generally concerned about the authenticity of the profiles. Most of them are living a happy married life.
Consumer InsightNot registered on the website – They do not believe in online matrimonial. Family traditions don’t give them the freedom to explore on their own. They feel that the two families should know each other very well in order for a family bonding. Online matrimonial is more like a self advertisement. They prefer to follow their culture and traditions. They feel that society will not accept an online match
Consumer Insight• Consumer Insights Rural V/s Urban:• People from rural India feels that it gives them more options.• They can get some one educated• Since the person is well qualified that’s why the person is registered on the website and may get a decent job and has a good overall personality• People feel it gives them an option to look beyond the limited people they know• Generally they are bounded by the influence of the society, family culture and tradition when it comes to taking independent decisions for choosing their soul mate.• New generation in the rural areas wants to move on from the shackles of superstitions and get into the transition mode.
But Matrimony sites are used for getting a perfect match and this create aGAP between getting partner from Website and Getting Married with him /her .Most of time They plan themselves and few get it done with the Help ofwedding planner .Have You Heard AboutONLINE WEDDINGPLANNER ???
(Greatest Event of Your Customer life , So plan andexecute at best of your best)
• Every year an average of 2.4 million weddings are performed in the India• Todays median age for first-time brides is 25 years. For grooms, its 27 years.• Second marriage median age is brides 35 years, grooms 38 years.• The average amount spent on a traditional Indian wedding is 4,22,000.• 67% of women continue to wear the same fragrance they wore on their wedding day.• Currently, cost of a wedding may range from INR 0.5 mn to INR 50 mnSource: Association for Wedding ProfessionalsIntl http://afwpi.com/wedstats.html
Wedding Market Size in INR Source: Association for Wedding Professionals Intl http://afwpi.com/wedst ats.htm
Break up of cost of wedding Jewellery 20% Attire 4% 40%4% Invitation card8% Venue Décor 8% 16% Hotel& related service Mehendi Source: Association for Wedding Professionals Intl http://afwpi.com/wedst ats.htm
Wedding Costs by Category: · Reception 28.3% · Consultant 15.0% (if hired) · Wedding Rings 11.5%Marriages by the month: · Photography/Video 6.6% · Bridal Gown 6.1% January 4.7% · Music 5.2% February 7.0% · Flowers 4.6% March 6.1% · Bridal attendants apparel 4.5% April 7.4% · Rehearsal dinner 4.2% May 9.8% · Mens formal wear 3.2% June 10.8% · Invitations 2.8% July 9.7% · Attendants gifts 2.1% August 10.2% · Mother of the bride apparel 1.7% September 9.6% · Brides veil 1.6% October 9.4% · Clergy and ceremony fees 1.2% November 7.4% · Limousine 0.9% December 7.8% · Grooms attire 0.8% Source: Association for Wedding Professionals Intl http://afwpi.com/wedstats .html
Key Findings and Conclusion Of SecondaryResearch :- E-tailing is next big boom to flourish In near future. There is high online ever expanding customer base and access to internet in India. These are indicative of Emergence of Lean Retailing in India. Online Matrimony is a big market and generate good sum of revenue . Indian Youngsters have shown their interest in these online matrimonial website by getting registered . There are very few players in Online matrimony . Wedding has been recession proof . Wedding is being enthusiastically celebrated and people tend to spend open – heartily as it’s a symbol of status , joy and full emotion driven . Apparel and Fashion Product have greatest share in expenditures of Weddings .
New Set of Hypothesis :- H1 : Youngsters are interested in registering themselves in online matrimonial sites . H2: Online matrimony has increasing social acceptance H3 : Apparel and Fashion products contribute highest in total expenditure in wedding ceremony H4 : There is a service gap between online Matrimony and wedding planner H5 : This gap can be filled by developing FMCS (Fast moving consumer service ) H6 : Fusion of E-retailing , Netrimony and wedding management will establish an alternate route for selling fashion products
It can be logically concluded that Above key findings support theProposed Hypothesis that is :-“SERVICE SECTOR especially Wedding MANAGEMENT AND Online MATRIMONY CANBE A POTENTIAL ALTERNATIVE ROUTE FOR SELLING FASHION AND APPARELPRODUCT” NETRIMONY NEW Model Wedding E- management RETAILING
Road Ahead :-I. Primary research exploratory in nature in different cities Patna , Delhi , lucknow , Hyderabad , Muzaffarpur , Chapra , BangaloreII. Expert interviews for Descriptive Research .III. To test the hypothesis through market research .IV. Situational analysis for possibility of such model .V. To propose a model based on findings .
Bibliography :-http//Brand%20Exponents%20%20Consumer%20Insights%20%E2%80%93%20Online%20Matrimonial%20(India).htmwww.shaadi.comwww.bharatmatrimony.comwww.imediaconnection.comhttp://bn.rie.berkeley.edu/econ/conferences/9-2000/EC-conference2000_papers/Hammond.pdf Business Standard , 12 jan 2012 Times of india ,4 dec 2011 India online report 2011 Survey report 2011 ,IMRB
Which of the following Online matrimonial Website Do you Know90%80%70%60%50% 84%40% 74% 77% 67%30% Which of the following20% Online matrimonial10% Website Do you Know 0%
Registered with Online Matrimony 46% All ready registered Planning to register 21%1.2 12% Undecided Not plannning to register
If you are registered , then who has registered you on online matrimonial websites45%40%35%30%25% If you are registered20% , then who has15% registered you on online matrimonial10% websites 5% 0%
If you have registered or you will register to any matrimonial website reasons can be100%80%60% 4th important reason40% 3rd important reason20% 2nd important reason 1st important reason 0% Not There is It saves time I know many Skeptical of increasing person using such social enjoying tool acceptance successful married life getting married through netrimonies
If you will not register to any matrimonial website reasons can be100% 90% 80% 70% 60% 50% 40% 30% 5th important reason 20% 4th important reason 10% 3rd important reason 0% 2nd important reason Ist important reason
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