During this time, wedding-related businesses have encountered a host of challenges to sustain business as usual, however, on a brighter note, the industry has been quick to innovate, adapt and bounce back
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The $50-billion Indian wedding industry has definitely faced its worst possible slump due to the COVID-19 pandemic. However, green shoots of recovery are now stemming and although, the wedding market has taken a hit, it hasn’t lost its sheen. All over the country, couples are opting for smaller celebrations with a limited guest list. To compensate for the diminished numbers, families are going all out to make the small celebrations as personalized and memorable as possible. During this time, wedding-related businesses have encountered a host of challenges to sustain business as usual, however, on a brighter note, the industry has been quick to innovate, adapt and bounce back. However, as the world moves forward, the industry is yet to overcome a host of challenges before it rises to its former glory.
Lack of investment in technology slowing online bookings for consumers
The future of most industries depends on its ability to adopt and embrace digital transformation. With COVID-19, most industries have embraced digital solutions and are building for the future. However, while there’s a huge appetite for growth in the wedding industry, the investment in technology in this particular industry has been relatively slow, thereby, delaying its trajectory to go digital for today’s and most importantly tomorrow’s fast-evolving consumer. Having said that, in today’s Internet age, some startups and tech investors are beginning to notice the massive scope of opportunities in this historically traditional industry. With modern couples taking more and more ownership of planning their own wedding, there’s a steady shift in preference for online channels for wedding related inspiration as well as discovery, mostly led by social media aspirations. While disruption is underway, there’s still a long way to go for the highly scattered wedding industry in India.
Lack of standardization and regulation of the industry
The wedding industry is a highly competitive one, involving several vendors and freelancers. Due to the absence of a formal system ensuring legally binding contracts for these wedding vendors, couples sometimes experience last minute cancellations or substandard delivery on initial promises made for products and services causing undue stress. This fragmented and disorganized sector is in great need for a standardized marketplace to bring in clarity regarding rates, 100 per cent transparency on services, quality deliverables and expectations, from both parties, so that each one benefits in the long run. In the current air of uncertain times, professional wedding planners and digital planning aggregator websites have set standard operating procedures to ensure seamless customer experience and ensure a level playing field for all vendors in the industry.
Smaller guest lists