1. As Myntra is the undoubted eCommerce lead in Fashion in India, please share some key strategies that the brand uses to keep ahead of the curve.
Myntra talks to the fashion forward consumer of the country who has the yearning to raise their fashion proficiency as well as seek authentic products from the top Indian and International fashion brands at the best prices. On the platform, we provide for meaningful and engaging experiences to enable smoother product discovery, best of catalogue by brands, variety and price points, along with tips and personalised content for appreciation of trends and looks. Our loyalty program, Myntra insider, aims to reward our loyal customers with fashion advisory from the best of industry experts while providing privileges and value adds such as VIP access to sale events and new launches as well as exciting deals from Myntra and our lifestyle partners. Outside the platform, we have a very actively engaged social community of fans who we talk to through inspirational as well as informational fashion content both directly and with support from our wide influencer partner ecosystem.
2. The eCommerce business is slated to grow at 265%YOY. What is your outlook for the India market?
In fashion e-commerce, we expect the customer base to triple over the next 5 years in India. This would be driven significantly from sub-5 lac population markets as well as from the first time e-commerce users as fashion is one of the dominant acquisition categories for e-tail in India.
3. Do you see eCommerce growing at the cost of Retail in India? Some pure eComm brands like Nykaa are opening up retail stores as well, what is your take on that model?
The Indian retail market is fairly large and e-commerce is not just creating new opportunities for people who didn’t have easy access to the best of brands and trends but also creating more need states for the consumer, thereby helping grow the overall retail market. There will continue to be a meaningful omni-channel play for both online and offline retailers to engage consumers across touchpoints and purchase occasions.
4. Data management and especially consent management has become a tricky business globally due to laws and policy changes. How is Myntra set to face these challenges?
We strictly adhere to the state laws and regulations and have very high standards of data privacy for our consumers.
5. How is your business spread across geographies in India. Do you see a lot of traction from tier 2 & 3 markets?
We are present pan India and have a fairly large share of our customers and revenues coming from Tier 2 and Tier 3 markets.
6. As new user acquisition costs are skyrocketing daily, what strategies do you use to create incremental revenue from existing users.
We have multiple engagement initiatives with our existing users from personalised remarketing on and off the platform, in-app content as well as creating meaningful propositions for them through our loyalty program, Myntra Insider. For example, through Insider we incentivise people to engage daily with Myntra through a bunch of activities and also create more need states for them to visit Myntra for their larger fashion inspiration & learning needs beyond just commerce.
7. How is luxury shopping as a market evolving in the eCommerce space. Is it viewed as strategic area for eCommerce growth?
Luxury will continue to appeal to a certain set of customers just like offline. However, when it comes to e-commerce, the category will have to overcome the even higher barriers of the need to touch & feel and trial before purchase compared to the rest of categories. Lots of service experiments are being done as we speak to alleviate these concerns and we’ll be watching out for how it evolves.