The average Indian spends considerable time (in excess of six months) and money (averaging INR 15 lakhs or approximately US $25,000) on the entire matchmaking and wedding ceremony process. Since finding the “right” partner has assumed special significance over the years, it is little wonder that the wedding services market in the country is worth over $36 billion.
New analysis from Frost & Sullivan, Investment Opportunities in the Indian Online Matrimonial Matchmaking Market, reveals that the top 3 online Indian matchmaking platforms have accounted for over 5 million marriages in the last decade. On an average, shaadi.com has 10,000 new registrations a day and 3 million active users looking for spouses.
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Investor focus in the online Indian wedding eco space is on next-generation platforms that can play a more diverse role with multiple offerings. A larger user base through creative marketing and original content will be the most critical factors for the success of these matchmaking platforms. As user base and technology become key differentiators in the market, mergers and acquisitions are likely to gain pace. Financing through initial public offerings is also expected.
Even with these strategies, capturing the personality of the modern individual for matchmaking purposes will be complex owing to greater global exposure. Only intelligent online matchmakers looking to redefine the entire matchmaking process will be capable of this.
“In India, traditional matrimonial market participants have been depending on the data that customers enter in forms, which typically include personal parameters such as age, caste and gender, along with expectations regarding partner’s interests, hobbies, likes and other requirements,” explained K. Vinod Cartic, Senior Consultant, Business and Financial Services, Frost & Sullivan. “The market however needs market participants to adopt a more refined approach to online matrimonial matchmaking.”
“For instance, India has a huge demographics dividend and the young population spends a considerable amount of time online, socializing on networks such as Facebook,” continued Cartic. “Massive amounts of data on the likes and interests of people can be gathered from years of social media usage. This information could be utilized to understand their personalities and improve matchmaking efforts.”
Since start-ups present great opportunities for creative expression of business enterprise and entrepreneurs are keen to cash in on them, several online matrimonial matchmaking ventures are anticipated to crop up in the country. This growth will be fuelled by the “Make in India” mantra extolled by Prime Minister Narendra Modi, which has made India home to the third-largest number of start-ups globally.
Investment Opportunities in the Indian Online Matrimonial Matchmaking Market is part of the Business and Financial Services (http://ww2.frost.com/research/industry/business-financial-services) subscription. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
Frost & Sullivan's Business and Financial Services group serves clients around the world in all aspects of financial analysis, market research and monitoring, due diligence, idea generation, opportunity analysis, investment valuation, and other proprietary research.
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