Editor’s note: This article was first published in October 2010. The figures are from October 2010: Bodaclick’s revenue of 15 million euros and its listing on the MAB. The company’s later performance and current status may differ.
It’s true that when the crisis hit, it was reflected even in a drop in the number of weddings, though it’s also true that the number of divorces went up. The point is that the wedding business is still a profitable one that moves billions in Spain alone and keeps restaurants, hotels, clothing stores and others busy. That said, as in any business, it increasingly takes some innovation and new business ideas. That’s what some companies are doing.
Take company A, which has used technology and the latest advances to break into the wedding business. Company B has decided to be more conservative for now and has opted to make things easy in terms of both service and price.
Two very different business ideas, but the same result: success.
The first company is Bodaclick.com, an online portal where couples can book everything they need without leaving home. Bodaclick takes care of organizing your wedding gift list and finding you the venue and the church, and, if you’re not careful, even the garter.
Your guests, for their part, don’t have to go anywhere to buy you a present from the gift list. They can choose it on the same portal, with all the convenience that today’s technology offers.
Bodaclick’s business currently has revenue of 15 million euros, and the company is already listed on the MAB (Mercado Alternativo Bursátil, Spain’s alternative stock market for smaller companies).
I don’t remember the name of the other company, but it has made weddings stop being a major expense. Today it can organize your entire wedding for less than €5,000 for up to 70 guests. If you do the math, the price really is a bargain.
This other company’s revenue is lower; logically, since it isn’t online, its reach is also smaller, but it is already close to 4 million euros.
These examples show how two ideas that approach the same sector in different ways can both turn a profit, so the wedding business may still hold other areas waiting to be exploited, besides divorce insurance.
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