Online fashion etailer, Myntra recently created a size chart to reduce returns on its platform. It is now planning to add more services to its portfolio, to improve its business efficiency and has narrowed down on three main areas.
- Reducing discounts
- Improving supply chain
- Providing a better customer experience
“Three drivers of unit economics in the short term include cutting down on discounts, and supply chain costs including returns and focusing on superior consumer experience,” remarked Ananth Narayanan, CEO, Myntra.
Myntra, who recently received new funds from Flipkart, is planning to add to its own label brands in order to control its pricing and move towards profitability. Currently 20% of sales come from private brands, but it wants to increase this figure to 30%. It also plans to roll out a try-and-buy and alterations solutions soon. On the logistics front, Myntra has set its sight on reducing the number of miles a package has to go through to reach its final destination.
Myntra has never been shy in experimenting and learning. After going app-only, it gradually re-opened its mobile website. Keeping this in mind, we can expect more innovation from the fashion etailer, which can only be good for the industry.