Myntra’s bullish stance for the upcoming festive season demand
Ahead of the festive season this year, ecommerce platformprepares for a projected increase in demand as compared to FY20.
The fashion ecommerce company claims to have seen a 100 percent growth in last year’s festive season, with reportedly four million customers shopping for 30 million items across categories.
“We think about the festive season as having the right selection and having it at the right price,” says Ayyappan Rajagopal, Chief Business Officer, Myntra, in an interview with YourStory’s Daily Dispatch.
This year’s festive sale projections for Myntra are headed towards phenomenal sales for its ethnic wear category. From a retail perspective, ethnic wear was one of the most impacted categories in 2020 since people weren’t able to step out.
As vaccination procedures ramp up across the country and restrictions laid out by the government ease up, Ayyappan says ethnic wear will be in huge demand for this festive season.
The previous festive season, he adds, focused on the Indian collection, and this year, the platform will be displaying international collections.
Recently, the company onboarded London-based fashion brand Urbanic, which is growing immensely popular in the Gen-Z age bracket of India. On the day of its launch on Myntra, Urbanic had record sales and became the second-highest-grossing brand.
Judging the consumer pattern at Myntra, a lot of Gen-Z customers are increasingly using the platform. Their spending habits include bigger basket sizes and repeat orders.
The platform, as a whole, has witnessed a big uptick in customer spending in the last 12-18 months. What began as need-based spending at the onset of the pandemic has now matured categories beyond work from home.
Beauty and personal care, kid wear, and watches and wearables have been the Top 3 performing categories at Myntra. The platform’s End of Reason Sale in July and August welcomed a lot of new customers, with the growth estimated at 50 percent from the existing customer base.
“We had phenomenal growth of new customers, which we have never seen in the past,” says Ayyappan, on the kind of customers visiting the platform, their spending pattern, and the repeat rate for orders.
A part of the Flipkart Group, Myntra, saw a nuanced shift from the ‘work from home’ category towards footwear and other outgoing categories, indicating a return to normalcy.
According to consulting firm RedSeer, the 2021 festive season will push recovery for most businesses. It is expected to clock in $9 billion GMV.
Prepping to cater to this demand, Myntra aims to bring in a more relevant selection of items on its platform. It has onboarded 10,000 artisans and 15,000 last-mile Myntra partners to speed up deliveries.
Since the onset of the COVID-19 pandemic, it has brought over 1000 offline stores on its platform. The Bengaluru-headquartered company is now looking to enter the omnichannel ecosystem by connecting the offline and online stores.