Dream Ticket’s subscription model, fostering group participation with fixed monthly payments, distinguishes it from traditional approaches, showcasing a consumer-centric ethos intertwined with empathy. Facilitating dreams of acquiring lavish jewelry while easing monthly budgets is commendable. The founder’s personal narrative, grappling with the desire to gift a diamond ring within financial constraints, adds a relatable dimension to the company’s mission. Stemming from genuine experiences, Dream Ticket resonates with those facing similar challenges, making it a compelling and impactful venture.
Strategies ensuring customer satisfaction, such as prioritizing BIS certified products and offering flexibility, underscore transparency and fairness. Success stories and testimonials affirm the positive influence on lives. Expansion plans targeting tier-2 cities align with tapping into India’s aspirational demographics. Recognition from MEITY and incubation support emphasize the initiative’s role in fostering innovation. Future expansion, both geographically and with offline stores, signals a visionary trajectory.
In this exclusive interview, Dream Ticket’s Founder, Mr. Rajiv Kumar, will be providing a valuable insights into the innovative business model of Dream Ticket. It’s fascinating to hear about unique approach to making jewellery purchases more accessible and fulfilling for a wide range of customers.
Can you provide an overview of Dream Ticket and its unique business model?
Dream Ticket is unique in its very approach towards enabling customers purchase jewellery. It provides a subscription-based model to the customers who are clubbed in a group of 10-15 subscribers. These customers subscribe to the services with a fixed monthly payment. And, every month on the basis of software-enabled process a subscriber is selected, rather his name is pulled out in an automated manner, who can make the purchase in that particular way and the payment would be completed through the fixed monthly payment under the subscription. The total payment is meant to be paid by the end of the subscription period.
What sets Dream Ticket apart from traditional methods of purchasing gold and diamond jewellery?
This very shared and subscriber based model sets Dream Ticket apart and way ahead of other jewellery purchasing platforms, both online and offline. More than just being a commercial entity and an online marketplace for jewellery, Dream Ticket is a consumer-focussed entity with a humane touch. Its target consumer is not just a buyer but a person whose dreams are its own and it helps the person to realize his wish of purchasing and gifting expensive jewellery with dignity by lowering the burden on their monthly budget.
Can you share more about your personal journey as the founder of Dream Ticket and your vision for the company?
As you said the inspiration behind Dream Ticket is quite personal. On my wife’s first birthday after our wedding I had wanted to gift her a diamond ring. However, with only Rs 10,000 in hand, I couldn’t afford the ring costing over Rs 55,000. I struggled to find a feasible option despite exploring various jewellery shops to gift my wife. Most of the stores had discounts and other offers, but they asked for full payment upfront. As my wife’s birthday was only five months away, taking a loan with high-interest rates was my only option, but that too was out of my reach. Eventually, I was unable to fulfill my wish and missed a precious moment in both of our lives. This emotional conflict lasted for many years and this incident kept haunting me. And I thought that there must be many people like me, who want to give gifts to their loved ones. After surveying 1500 people from low-income groups, I discovered that about 645 of them had experienced a similar situation. With over 400 million people in India living in this social segment, I felt compelled to solve this unexplored problem in our society and hence, came up with Dream Ticket.
What strategies has Dream Ticket employed to ensure customer satisfaction and engagement?
There are several aspects we have tried to ensure in our operations in order to keep customer satisfaction and engagement intact. First, all the products which our customers or rather the subscribers purchase and are offered have BIS Hallmarks engraved in them. They are BIS certified products, the mark of purity. Further, it’s well articulated that the names selected every month for purchase of jewellery from the groups is fully automated and involves no human interface. So, there does not arise any question of unfair treatment. Also, apart from the name pulled out, opportunity is given to other subscribers if they would want to make purchases early.
Are there any success stories or testimonials from customers that you would like to highlight?
We are overwhelmed to receive a tremendous response from our customers. Since, the inception of Dream Ticket, we are growing manifold and delivering happiness across our customers. We have touched and made a difference in the lives of people who wished to buy jewellery but due to limited resources and no avenues could not fulfil their wish. You can visit our website and see the testimonials and pictures of our customers who have purchased jewellery through our subscription method. We are adding more jewellery vendors to meet the demands of our customers to deliver jewellery more quickly. Apart, from the chosen customer from the pool of the subscribers each month, we even provide an option to our subscribers who wish to purchase earlier.
How do you envision the expansion of Dream Ticket across India, and are there specific milestones you aim to achieve?
Given the high potential and the large opportunities in the country, we have an extensive expansion plan. Currently, we are operational in Delhi through three stores, in Bawana, Holambi and Shahabad Diary. Our next phase of expansion would include 30 offline stores across Delhi-NCR. Then, we would look at tier-2 cities in the country, where we feel lies the actual potential of India’s aspirational middle and low income groups. And the economy in these tier-2 cities also is booming, where we feel lies massive opportunities. Our eventual plan is to have a pan-India presence after the expansion of footprint in the tier-2 cities.
How has the recognition from MEITY and the support received under the incubation process impacted Dream Ticket’s growth and credibility?
The recognition from the Union Ministry of Electronics and Information Technology (MEITY) was a key cornerstone in our journey so far. The recognition and the incubation helped our idea take actual shape. They helped us give wings to our dreams.
Are there any partnerships or collaborations that Dream Ticket is currently exploring or has in place?
Currently we are not looking for collaborations. But in future we would be open and might consider for good opportunity / associations.