Top Story

e4m_logo.png

Home >> Digital >> Article

Myntra expects 15-20% sales from its website relaunch

11-May-2016
Font Size   16
Share
Myntra expects 15-20% sales from its website relaunch

Myntra made headlines last week when it decided to take a U-turn to relaunch its desktop version, after a year of app-only experiment. The company expects 15-20 % of its sales in this financial year from the website’s return.

With the desktop site, scheduled to launch in June, it’s also looking to provide convenience to a segment of customers, especially women customers, who have a marked preference for browsing and shopping on multiple platforms such as mobile, tablet and desktop.

Speaking about the relaunch of its desktop version, Ananth Narayanan, CEO, Myntra, said, "At Myntra, we’ve always believed in taking bold calls and pushing innovation forward. We tried to do this last year because we thought we can offer consumers a much better experience on the mobile. While it is still true that the mobile experience is far superior to the web, we have recognised that some consumers still want the option to shop on the web and we’re humble enough to listen to our customers."

In the next phase of Myntra’s growth, the company will launch home furnishing and jewellery, where larger screens can complement the experience on apps.

The online fashion retailer owned by e-commerce major Flipkart, closed its desktop and mobile website in last May and went app-only to dominate mobile app-commerce, following its belief that 70 per cent of its sales were drawn from its mobile app. However, this step was termed as unnecessary and ‘consumer-unfriendly’ by its competitors. In the following months Myntra witnessed a temporary slowdown.

Myntra, on its part, maintains its mobile strategy witnessed huge success with 70% growth. Its feedback from consumers, especially women wanting the website back, triggered the move. An internal study also suggested that Myntra could expand its customer base by 20% if it allowed users the flexibility of using multiple platforms for shopping. With this move, the online retailer expects to touch $1 billion in terms of annual gross merchandise value by the end of March 2017.

For the year ending March 2015, Myntra’s revenues grew to Rs 758 crore while its losses went beyond Rs 1,000 crore.

NP Singh, CEO of Sony Pictures Networks India, talks of SPN’s growth drivers, pay wall for content, sharing IP and more…

The future of the industry will be 1:1 advertising as traditional channels, like television, become more addressable: Bryan Kennedy, Epsilon

The Founder of Pocket Aces shared his insights on how the consumption of content has evolved and how digital media is growing as the preferred medium of entertainment.

The production house has already established itself as the leader in the non-scripted genres. However, Rege now wants Endemol to achieve the same in the original scripted zone and film production

A look at the South Indian movies which boosted the viewership of certain channels in week 45 (November 4-10)

The Indian advertising industry currently stands at Rs. 56,398 crore, predicted to grow at a rate of 14 per cent by 2017

Naidu also talks about the ushering in of a new era of digital payments and says this is just the beginning and there’s lots of space for newer players to step in and evolve