Leading fashion portal Myntra is planning to wind up 2016 and enter 2017 in style. The company is holding its End of Reason Sale (EORS) from January 3 to January 5, 2017. EORS is to be its major sale after the November demonetisation. Says CEO AnanthNarayanan,
“It would be the largest fashion sale post demonetisation. We expect to register twice the sales of our last EORS event held in July 2016.”
Myntra is also looking at leveraging technology to geotag the warehouses of its brands. This way shoppers can look for the availability of the stock in the warehouse closest to their location and purchase accordingly. This will help speed up the delivery.
“Assume a brand has 200 stores and 20 warehouses, and now, apart from what I sell regularly on Myntra, all other inventories are available to the 18 million active users at Myntra and Jabong,” explains Narayanan.
The company has been taking practical and serious steps to reducing expenditure (minimising product returns and letting go of non-performing brands) and move closer towards profitability over the past few months.
How did Myntra fare in 2016?
Myntra reached the following milestones and achievements in 2016:
- January 2016 began on a sweet for Myntra. It recorded a sale of Rs. 100 crores in its End of Reason sale. It also hit $ 800 milliongross merchandise value.
- However, it subsequently lost two of its top management. Perhaps miffed at not being entrusted with the mantle of Flipkart CEO, company founder Mukesh Bansal quit the firm. Chief Business Officer Ankit Nagori left as well.
- Taking the year forward, Myntra relaunched its mobile site, while it stubbornly insisted that it had no intention to let go of its app-only stand.
- It finally admitted that its earlier no-website move was a bad idea, and relaunched the desktop site to much cheer among its customers.
- Jewellery appeared to shine more, as Myntra sealed exclusive deals with Tanishq and Swarovski.
- With an eye on profits, the company intended to delist non-performing brands, and considered buying a stake in Hrithik Roshan’s HRX clothing line.
- The biggest deal of the year for Indian ecommerce was the Myntra-Jabong takeover.
- The next step was to combine their revenues to attain a plumper revenue figure.
- The company planned to launch its physical store in Bangalore. It proposes to showcase Roadster, its private brand.
Now with its proposed EORS the company is hoping to overcome the dip in sales due to demonetisation.
IOS hopes that Myntra is able to achieve its wish of $ 1 billion GMV by 2017!