The e-tailer industry is here to stay, as the CEO of Myntra and Jabong, Ananth Narayanan keeps talking about in most of his interviews. Even though he recognizes the “touch and feel” USP of physical market places and retailers, he points out the undeniable achievement and conveniences that electronic retail and online shopping destinations and platforms have managed to bring to the customer. After all, to reach 16000 pin codes with your services is not something that retail can achieve.
The Myntra Fashion Brands (MFB) is leading the way to overall profitability for Myntra. The private brands of Myntra, which account for approximately a quarter of its business, have been among the most popular brands on the portal in the last one year. The CEO of Myntra, Ananth Narayanan, believes that building its own brands is exactly what sets Myntra apart, “MFB is a key pillar of Myntra’s strategy to building differential offering, cementing shopper’s loyalty and increasing profitability’, he says. No wonder Myntra’s Fashion Brands occupy 9 spots on the top 20 brands on the platform. Myntra has been working towards bringing private brands under its umbrella for a while now, and these have now come to deliver about 23% of the total business at Myntra, and is growing rapidly. Myntra recently disclosed that the MFB performance is estimated to be at a double-digit EBITDA profitability in the next 18-24 months. Myntra’s prime focus is to grow the brands by using customer/business insights intelligently. The vision is to build Myntra Fashion Brands into the largest house of fashion in the country in the next five years and be the supplier of private brands to the world, says Manohar Kamath, Chief of Myntra Fashion Brands.
Ananth Narayanan further tells us about the 4 key pillars that Myntra bases its strong business on- Technology, Range and Quality, Speed and Identifying unique white spaces and needs of millennials and Gen Z.
Myntra has been so successful in making it big in the market as well as in the hearts of its customers due to its “customer is King” approach. In accordance to this, Myntra does everything to make the customers experience smoother and more and more convenient. Constant way to improve and make shopping easier and quick for the customers is being worked up, before everything else.
In addition to this ideology, Myntra Fashion Brands have always seeks to included more and more technological innovations into its domain like Machine Learning (ML) and Artificial Intelligence (AI), for pricing, demand sensing, planning and digital brand marketing. This makes the whole process more democratic. The MFB "Moda Rapido" and "Here & Now” are the first ones to be completely conceptualized and designed using AI and ML.
MFB offers the largest Range and Quality to its customers by launching 36,000 options per season. The product quality is driven by constant innovation and tech-led consumer insights. This what keeps the consumer coming back.
Speed is another factor that makes Myntra stand out. MFB works on a shorter and “closer to market designing” calendar keeping them at pace with the right fashion trends.
The world takes note, as Myntra multiples.