Myntra.com organised its Annual Brand Meet – ‘Brick and Click of Fashion’ – on June 22 at their campus in Bangalore.
Myntra’s Annual Brand Meet witnessed over 60 partner brands, with CEO/MDs of over 20 brands present, along with VPs and Business Heads from rest of the brands coming together to discuss the basic essentials on brand partnerships and offline & online retail. The keynote speaker at this event was Rajan Anandan, VP and MD, Google India.
Mukesh Bansal, CEO and Founder of Myntra.com, kick started the Brand Meet. He said, “We are pleased to have hosted first brand summit among all e-commerce players. This was our way to thank our brand partners for the role they have played in Myntra’s growth and share our future roadmap and vision with them. We will continue to strengthen our relationship with the leading brands that have helped us become the #1 player in Fashion category.”
Myntra plans to reach $1 billion in revenues within the next five years and firmly cement its place as the largest online retailer in the fashion and lifestyle space.
Reciprocating Bansal’s view on the tremendous potential of the e-commerce industry, Rajan Anandan, VP & MD, Google India, said, “Globally, the e-commerce industry is expected to be worth $900 billion by the end of the year 2012. Compounded at the current growth rate, in the next decade the e-commerce industry is expected to be worth $3 trillion.”
He also spoke about the rapid growth of e-commerce and technology in India. “E-commerce in India is at a tipping point. The number of search queries related to shopping has gone up 18 times,” he said, adding that there would be about 3.5 billion Internet users in 2012 (45 per cent of the entire world’s population will be on the Internet).
“Online apparel market will grow to $2 billion by 2015. Not having access to brands is definitely going to attract users to transact online. E-commerce is just the beginning,” he added.
The first panel discussion focused on brand partnerships and the challenges faced in e-commerce. This discussion focused on the four stages of partnership between Myntra and the brands, various collaborative marketing initiatives, forecasting demand, e-commerce strategies and understanding consumer trends. The key takeaway from the session was the pressing need to standardise body sizes across brands sold in the country.
This was followed by the second panel discussion, which focussed on the best offline retail practices. This discussion focused on best offline retail practices that can be implemented in the online space. The panel also discussed about doing exclusive brand launches and first look’s with Myntra.
The event concluded with a tour of Myntra’s warehouse, followed by a special fashion show put together using merchandise sold on Myntra.com.