Speaking at at Myntra’s 5th Annual Brand Summit – ‘Tech Threads’ - in Bengaluru recently, CEO Anant Narayanan said that Myntra had witnessed 80% year-on-year growth, with an industry-leading revenue run rate of $ 1 billion.
He outlined the main factors behind the rapid growth of Myntra as the company’s acquisition of Jabong as well as the subsequent turnaround of the latter company, in addition to the preceding festival season from Navratri to Diwali.
Elaborating, Narayanan said, “Myntra is at the forefront of fashion in India today, with more than 18 million active users every month. Our unique approach to leverage technology to decode fashion has helped us to become the fastest growing online fashion platform.”
He added that Myntra, Jabong and Flipkart together had 70% of the market share in the country today and would continue to enhance it further by empowering its brands as well as its customers. “We are on track to achieve scalable and sustainable growth and will be EBITA-positive by the financial year 2018,” added Narayanan.
Tech Threads: Narayanan shared that during the phase of growth, Myntra had introduced many new features to enhance the experience of Myntra customers. Myntra had also leveraged Artificial Intelligence (AI) and Machine Learning to give customers a highly personalised shopping experience, besides better discovery of products available online in addition to assisted shopping for its customers, he said.
Further, Myntra was also using brand performance analytics to obtain greater insights into customer behaviour, which would, in turn, help the leading fashion portal to develop a loyal fan base and also enable its brand partners to engage better with customers.
Narayanan added that it was the introduction of many new features for enhancing customer experience that had resulted in Myntra being 20 points ahead on NPS than the industry.
The Myntra Summit was attended by delegate representatives from over 300 leading Indian and international fashion and lifestyle brands. The key topic of discussion at the Summit was the ways in which e-commerce was shaping the growth of fashion brands in India. Other topics were: “The Future of Fashion E-Commerce in India”, “Customer Trends”, “The Role of Technology In Delivering Effective Consumer Experiences”, “Technology-Enabled Retail”, “Supply Chain Innovation” and “Building of Brands in the New Age”.
A brand playbook was also unveiled during the Summit, which would enable brands to customise and develop marketing campaigns to leverage Myntra as a digital marketing platform. The Summit concluded with an Awards Night for the brands.
Fashionable Launch: Myntra’s Annual Brand Summit was also the launchpad for two iconic international fashion labels - Hugo Boss and Hackett – on board Myntra’s platform.
Technology, or Tech Threads, the theme of the Brand Summit, is a recurrent theme at Myntra. Earlier, speaking at another forum, the India-Economic Summit, Narayanan described technology as a key enabler at Myntra.
He said, “When you think that e-commerce didn’t exist 5-7 years ago, it’s amazing that a company like Myntra has been able to generate at least 2000 technology-driven jobs and 8000 service-driven jobs. He clarified that all the jobs at Myntra were technology-driven, not just the technology-driven jobs, but the service-driven jobs also. He gave the example of how even a T-shirt or jeans design and style made use of technology.
Therefore, training its employees in how to use technology was crucial to Myntra, said Narayanan. “We even have to think differently about training our employees. We have training programmes every day for using our App, as everyone – from the top guys to the person at the service delivery point – need to know how to use our App. It’s both a framework to develop their skills as well as a way to assess them,” said Narayanan.