Finance expert turned entrepreneur, Smita Shah is the Co-Producer and Co-founder of Woot Factor, a full-service Events and Marketing agency. The firm has recently forayed into the luxury and premium event industry. Smita talks to Team WE about the growing Luxury event market in India, the role played by technology, trends developing in the sector, and much more.
2023 was a watershed moment for India’s luxury sector. The country saw the iconic DIOR show in Mumbai along with the star-studded launch of NMACC. On November 1, Jio World Plaza opened the doors for over 20 uber-luxury global brands in India. The market for luxury goods and services is on a rapid rise in India. With this development, the market for luxury event management and luxury marketing is also picking up pace.
The fundamentals for luxury events are quite complex and unlike their other counterparts. Entrepreneur Smita Shah believes that there is a growing demand for opulent experiences among Indian consumers. an experienced events creator, Smita pegs the Indian luxury market to reach $200 billion by 2030.
To understand the intricacies of the burgeoning market, Women Entrepreneurs Review spoke to Smita, the co-founder of WOOT Factor, a full-service Events and Marketing agency. WOOT Factor has recently forayed into the premium events industry through the launch of its newest division, WOOT Luxe. The company recently premiered its debut event with a distinguished partnership with Godrej L'Affaire.
Smita hails from a background in finance and has worked for organizations such as ICICI Prudential, JP Morgan, and HSBC Bank. Driven by a desire for personal growth and to deliver tangible results through her work, Smita co-founded WOOT Factor along with Amit Relan in 2009. In her current role, she leverages her diverse skill set and experiences garnered in finance to craft impactful experiences that resonate with audiences and drive meaningful outcomes.
In an in-depth conversation with team WE, Smita takes us through the lessons she learned through her entrepreneurial journey. Smita also talks about the burgeoning luxury event industry in India and explains the trends developing in the said sector highlighting the need for technology.
What inspired your transition from the finance industry to event management? How did your background in finance contribute to your journey in the event management industry?
The transition from the finance industry to event management was driven by a desire to design experiences that deliver tangible results and explore untapped avenues for engaging and adding value to people's lives through events and similar platforms. Our approach to brand architecture at WOOT Factor is characterized by a commitment to pushing boundaries and challenging the status quo. By leveraging immersive design, cutting-edge technology, and innovative storytelling, we create unique and impactful solutions that captivate audiences and drive meaningful connections.
My background in finance has played a significant role in shaping my leadership in the event management industry. It has instilled in me a strategic mindset, a focus on data-driven decision-making, and an understanding of the importance of maximizing resources efficiently. These skills have been invaluable in navigating the complexities of event planning, from budget management to risk assessment, and in driving the success of WOOT Factor as a leader in the industry. By combining creativity with strategic thinking, we have been able to elevate the standard of brand architecture deliver exceptional experiences that resonate with audiences, and achieve our clients' objectives.
Starting Woot Factor from scratch must have been challenging. Can you share some key lessons you learned during the initial stages of establishing the company?
Answer: Yes, indeed, the early days of establishing Woot Factor were filled with challenges, but the drive to succeed always outweighed the fear of obstacles. One of the significant hurdles was our lack of prior experience in the event industry, requiring us to learn on the job. Adopting a more human-centric approach to events and clients became a guiding principle for us.
We realized the power of storytelling as a tool to create meaningful connections and build brand narratives that resonated with audiences. By focusing on delivering events with a backdrop of return on investment (ROI) and assisting clients in acquiring or retaining customers, we aimed to shift the paradigm from viewing us solely as event vendors to seeing us as event solutions specialists. Our approach became insight-driven, prioritizing understanding our client's needs and crafting tailored solutions to meet them effectively.
How do you perceive the evolution of the event management industry over the years, especially in luxury event planning?
Answer: The emergence of luxury malls like JIO World Centre and prestigious fashion houses such as Dior showcasing their collections in India signifies a growing trend towards grandeur and sophistication in event planning. Indian designers like Sabyasachi expanding their presence globally further exemplify this evolution, as luxury events transcend geographical boundaries to cater to a global audience.
Moreover, the increasing number of luxury events, coupled with the expansion of the Indian luxury market projected to reach $200 billion by 2030, highlights the growing demand for opulent experiences among consumers. Recognizing these trends, we have launched WOOT Luxe, a specialized luxury experiential agency under WOOT Factor Brand Architects. With the anticipated rise in per capita income in India, there's a clear indication of evolving consumer preferences towards luxury experiences.
In your opinion how can companies leverage luxury event marketing to strengthen their brand value?
Answer: In my opinion, companies can leverage luxury event marketing to strengthen their brand value by tapping into the inherent sense of prestige and aspiration associated with luxury brands. By aligning themselves with luxury events and experiences, companies can elevate their brand image and create a perception of exclusivity and refinement among consumers. This association not only enhances brand value but also fosters a sense of belonging to an elite community, fulfilling consumers' desires for status and recognition.
Today Indian millennial consumers are increasingly discerning and seek more than just products or services; they crave immersive experiences and meaningful connections with brands. By tapping into consumers' aspirations and delivering unforgettable experiences, companies can solidify their position as leaders in the luxury segment and cultivate long-term relationships with their discerning clientele.
How do you leverage technology within the event management industry to streamline processes and enhance the attendee experience?
Answer: Technology has become a potent asset in achieving optimal results swiftly. At WOOT, our perspective on technology transcends mere spectacle; it's about leveraging its power to drive lead generation, amplify brand presence, and cultivate genuine connections within our industry.
In our approach, we harness technology to curate unforgettable experiences for attendees at lifestyle and retail shows. These experiences extend beyond superficial engagement, aiming instead to foster deep and lasting connections with our audience. By integrating innovative tech solutions seamlessly into our events, we ensure that each interaction leaves a lasting impression and contributes to the overall success of our client's endeavors.
Tell us about the key trends you see developing in the realm of Luxury Event Planning shortly.
Answer: In the realm of luxury event planning, several key trends are anticipated to shape the industry shortly. One notable trend is the increasing emphasis on personalized and immersive experiences, where events are tailored to individual preferences and offer unparalleled levels of luxury and exclusivity.
Additionally, sustainability and eco-consciousness are becoming integral considerations, with luxury events incorporating environmentally friendly practices and materials to align with evolving consumer values. Furthermore, the integration of cutting-edge technology, such as virtual reality and augmented reality, is expected to elevate the sensory experiences of luxury events, creating unforgettable moments for attendees.
How do you recommend individuals stay adaptable and proactive in an ever-evolving event management industry?
Answer: The landscape of event management is constantly shifting, driven by changes in technology, trends, and consumer preferences. To navigate this dynamic environment successfully, individuals must cultivate a proactive approach grounded in ongoing education and awareness.
Remaining up-to-date with industry updates, new practices, and emerging technologies is essential for staying competitive in the event management field. This requires a commitment to ongoing research and active engagement with relevant resources, such as industry publications, conferences, and networking events.
By embracing curiosity, staying informed, and continuously seeking out new growth opportunities, individuals can thrive in an ever-evolving industry landscape.
