The IPL has become a revenue generator and is growing with every season. It has become Rs 9,200 crore show. Innovative strategies are being picked up by the retailers to woo the consumers in accordance with the IPL fever.
Merchandise as a revenue tool, tops the list of revenue generation techniques. Predicted revenues of at least Rs one to 10 crore per franchisee are expected to be garnered from sale of merchandise alone. Each team has introduced a range of new merchandise this year to cash in more on the opportunity. Kolkata Knight Rider (KKR) has introduced new team jerseys this year by changing the colour of the jerseys from black to blue. They have also created a separate line of jerseys to be sold in stadiums which are priced at Rs 299 to attract buyers. Rajasthan Royals has also introduced two new looks of player jerseys for this IPL. Setting up of stalls inside stadiums is working as an additional revenue tool for them.
Benefits for the new
The benefit of IPL is gained not only by the co-partners of IPL business, but new entries are also beginning to cash in on this opportunity. Gayathri Venugopalan, a first generation entrepreneur, is selling merchandise of Chennai Super Kings (CSK) through their company Oceanbed. It has tied up with various retailers for selling the merchandise in store while it has a tie up for making the merchandise available inside the stadiums also. Zoozoo’s have become an integral part of the IPL advertisements. Besides team merchandise, people are also crazy for the Zoozoo’s. The exclusive Zoozoo collection can be picked from Shoppers Stop that is selling their exclusive merchandise. In addition, teams are also looking out to partner with more companies for better channelising the sale of their merchandise.
The IPL teams have also turned to make a contribution toward social causes. The Mumbai Indians team will be giving away proceeds that would support organisations like Akanksha, Nanhi Kali, Pratham, Teach for India and Ummeed. For collecting the proceeds, they have introduced a wristband stating ‘Mumbai Indians Education For All.’ The wristband is autographed by Sachin Tendulkar and is priced at Rs 40.
The dark side
Though we all can witness the brighter side of the IPL and the benefits it is bringing in for the retailers, but there is a darker side o it as well which is becoming a concern for the retailers. The semi finals are just around the corner and mall developers as well as retailers are expecting a slowdown in the footfalls. This can range from 15 to 30 per cent. The coming weekend is a cause of worry for most of the big retailers.
The team franchisees and everyone associated with the IPL should give the credit for the targets they are achieving to the cricket frenzy fans. The IPL is sure to pick up pace and would live up to its expectations.