The Millennial’s HappIly-Ever-After TIED with the Knot of HUGE Profits.
There comes a time in everyone’s life where friends and family start getting married one after another and you have to start constantly buying wedding gifts. Finding couples the perfect wedding gifts though…easier said than done, right? Luckily for you, there is a new wedding registry on the web that makes the entire process easier not only for you as the guest, but also the bride and groom to be. Say hello to Zola, a wedding registry platform that has most recently been valued at $220 million.
Launched in 2013 by Shan-Lyn Ma, this e-commerce site is on a mission to reinvent the concept of the Wedding Registry by revolutionizing how couples and guests alike share, buy, and ship wedding gifts. Ma said Zola came out of her own “painful” experience dealing with wedding registries when many of her friends were getting married. This led her to quickly create an e-commerce business that has already been used by 500,000 couples! Zola’s digital platform makes it possible for couples tying the nuptial knot to personalize and streamline their wedding registry, simplifying every aspect and making it fun for everyone involved. After its series D round of funding, Zola has raised a whopping total of $140 million in capital from investors like Goldman Sachs and Comcast Ventures in order to scale their platform and dominate the $19 billion dollar wedding registry market in the US.
As the millennial generation enters the wedding realm of life and peak spending, convenience is taking center stage when it comes to the planning out the entire process.
Zola sought out to meet the needs of the modern couple, and re-imagined the registry concept from the ground up to be flexible, fun, fully personalized, and above all: CONVENIENT. On average the e-commerce business takes a 40 percent cut of gifts purchased directly from its marketplace and a smaller slice of items purchased through affiliates. With over 50,000 products to choose from (and the number growing daily), couples have the ability to create a registry that accurately reflects their needs and lifestyle, from home goods to camping equipment, or a little bit of everything. The company also takes key steps to manage the end-to-end customer experience, including customer service to create long-term loyalty; however, the number one request from couples was for help with planning their wedding. This steered Zola’s strategy in a new direction, leading them to use profits to create and develop software products and other services related to wedding planning.
With their needs of the millennial target market in mind, the digital wedding platform is continuing to scale, now offering a wide range of free services to help couples plan their big day. Similar to the monetization strategy used by Google offering value to consumers through its search engine and other free tools to make money, the new Zola launched last April seeks to do the same. Now, when someone googles “wedding planning,” they’ll find a paid listing that says, “Zola Weddings: Free Suite of Wedding Planning Tool” that includes personalized wedding website generator, gift trackers, customized checklists, a guest-list manager that integrates a “thank you manager” service, and of course the cash cow of the platform: The Registry. This relaunch has put Zola in competition with sites like The Knot and WeddingWire, allowing them to strategically cut-off an even bigger slice of the multi-billion dollar wedding registry pie. Zola has quickly become an all-in-one registry for the modern couple, adding more than $10 million worth of gifts to registries each week. They boast on their site “Seriously, ask for everything–we won’t deny you anything.” This is the reason Zola is the fastest-growing wedding registry out there with revenues that are on track to double in 2018, easily exceeding $100 million. That is a happily-ever-after story if I ever heard one!
This Untold Business story goes to show that the tide of millennial couples moving towards the idea of convenience and flexibility in life is continuing to develop in a really big way. Zola honed in on that, focusing all their efforts on delivering the new experience the modern marriage market was lacking and is now set to be the #1 wedding registry in the country. Do yourself a favor and save yourself a little bit of time and a BIG headache when finding your next wedding gift by checking out Zola.com. Happy-ever-after shopping Untold Biz followers!
May 21, 2018| By Chaz Hermanowski – Untold Business Writer