Very recently fashion etailer, Myntra expressed plans to ramp up its in-house apparel brands in order to compete with offline retailers. It also revealed ideas to open up experience zones in the near future, to give customers an opportunity to touch and feel the product before buying.
Myntra has now confirmed that it would be launching a pilot project in 2016, that would see it tie up with large offline brands to create an omni-channel experience, to boost sales. The announcement has come to light as Myntra gets set to host the third edition of its popular online ‘End of Reason Sale’ (EORS).
The ‘End of Reason Sale’ will be held on 2nd & 3rd January 2016. During the sale Myntra is planning to unleash its much anticipated Spring/Summer 2016 fashion catalogue. Although Myntra is an app-only site, customers will be able to browse the apparel on its mobile website during the sale, before purchasing on the app.
“More than 7.6 million Myntra customers will get to pick up bargains across Indian and international brands. EORS is really about starting the New Year looking good and with a new wardrobe to match,” said Ananth Narayanan, CEO, Myntra.
As long as Myntra keeps dishing out the online discounts, its current 7.6 million customer database will continue to swell. It also boasts of a high repeat purchase rate of 80 to 85%. While Myntra is confident in its app-only approach, it is also exploring other strategies, like omni-channel with good reason. Offline brands can tap into its online success, while Myntra can also spread its wings in the bricks & mortar world.
“We are going to partner with some of our major brands to do omni-channels. Maybe we will leverage their inventory in the stores or the consumer experience that we have in the stores where we can direct the traffic. Omni-channel is a good idea. I think people should do more omni-channel because that will educate the consumer on e-commerce. Whenever I have conversations with the brands, I suggest them to do omni-channels,” stated Narayanan.
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