Startup Business Idea # 1 – Date Celebration Management (The industry of love)
live in an entrepreneurial era, which is ruled by Millenials, who are filled with passion and drive. All they need is one idea to help them leave a mark on the world. With that aim, we analyze industries that are ruling the hearts of consumers and find a gap that can turn into a million-dollar business idea.
In this section, we will talk about the industry of love – online dating.
The Market Potential
A decade ago, it would have been unfathomable to imagine going on a date with a stranger you’ve only met online. However, in today’s day and age, it’s a trend! In fact, according to a survey published by Statista, the total revenue of the online dating segment in India is estimated to amount to $63m in 2020! If you still have some reservations about the boom of this industry, there are over 1,500 dating apps or websites with over 20 million subscribers combined. Just the leading dating site, Tinder, registers over 7.5 million daily swipes in the country.
That being said, India is a culturally-rich country, dating apps like Tinder and OkCupid aren’t the ones ruling the dating segment. There are multiple matrimonial sites, too, which encourage parent-approved dating among adults looking to find a part for life. A Google report published in 2019 stated that the searches for matrimony queries in India increase by 40% compared to the previous year.
Every industry has scope for improvement. This gives birth to entrepreneurs who are looking to build better products and services to improve the consumer’s experience. The online dating industry is no different. The apps and websites have made a full-proof platform to match people with similar interests and opportunities for them to connect online. However, when this online connection meets the real world, it’s a whole different story.
Too much of everything cannot be healthy. This has been proven in the online dating industry. There are too many apps, too many subscribers, and too many options for people to make real connections. So, what should a person do to make sure the first meeting is strong enough to leave a lasting impression?
No dating app or matrimony site has the answer to this question. Yet.
Every individual looks forward to doing something special on the first date, hoping that this date helps them find their very own happily ever after. They go to tremendous lengths to ensure that everything is perfect, be it the perfect venue, gifts, flowers, and other things. But, every industry is striving to make the life of consumers more convenient. So why not make this aspect easier for the young individual who is anyway extremely nervous? And there’s the gap or better yet, the million-dollar idea!
This gap in the industry gives birth to a two-way platform, that builds a connection between dating and matrimony sites and various other vendors who can help make every date perfect. For example, you can tie-up with major giants in the industry like Tinder or Bharat Matrimony as well as with restaurants, pubs, bakers, gifting companies, car-rental services, etc.
Essentially, the dating site will provide an additional service to their users wherein they will be directed to you. From there, you can help them plan the perfect date, right from hiring a chauffeur-driven car to a restaurant with a pre-curated menu, a red-ribbon table, a customized cake, and some chilled champagne. For a more extravagant date, you could even offer services like a private movie session or a musical performance just for the romantic couple!
And, just like that, their average date has become one that they will remember forever!
Consumers, Earning and investment input-