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.
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