Marketplace Focus: Myntra
Launched back in 2007, Myntra is India’s leading online retailer for fashion and lifestyle products, and was acquired by India’s largest marketplace, Flipkart, in 2014. In May this year, Myntra decided to break with convention and go fully mobile, becoming India’s first app-only fashion retailer.
Myntra has also focused on revamping their business model, moving away from being seen as a discount platform to becoming a more brand/category model. Indeed, the company already offers more than 200,000 products from over 1,300 international brands, and receives more than 90m monthly visits. Their app has also secured over 12m downloads since its launch, targeting Myntra’s core demographic of young consumers between the ages of 16-24, who are inspired by fast fashion.
Myntra strategic focus on providing a seamless shopping experience by merging content and commerce, as well as their other strategic developments, have meant that the company’s GMV is expected to grow more than five times over next few years, reaching up to $1.74bn by 2017.
The Indian ecommerce Opportunity
With its internet population estimated to surpass half a billion by 2018, India is the fastest developing ecommerce market in the Asia-Pacific region!
Driven by the healthy economic growth, increasing internet and mobile penetration, and rising personal disposable income of Indian consumers, online sales in India are expected to reach the impressive $17 billion by the end of the year, and grow further at a compound annual growth rate of more than 35% by 2020.
With Indian shoppers’ demand for greater variety and international brands rising, and their growing confidence in purchasing from foreign retailers, cross-border trade is a key factor that will increasingly shape the ecommerce landscape in country.
Mobile also plays an important role in the Indian ecommerce market, having grown by 100% over the last two years, and as much as 70% of all Indian online shoppers are expected to purchase from mobile over the next few years.
It is no surprise, then, that online retail in India is set to reach the impressive $50 billion by 2016, while the number of online shoppers is projected to top 41 million by the same year.
Why is Myntra the place to be for fashion in India?
The online apparel vertical in India is one to watch, because it is positioned to grow at a much faster pace than the overall ecommerce industry in the country. With every third shopping search on Google being fashion-related, this online category is expected to reach up to $35bn by 2020, growing from only $2.5bn today.
Offering the largest fashion product catalogue in India and a highly engaging and personalised online shopping experience, Myntra is extremely well-positioned to reach and serve India’s vast consumer base of fashion shoppers.
With more than 50 million active members and a clear vision for the needs of every fashion buyer, Myntra is already the marketplace of choice for such well-known fashion brands, as Furla, Mango, Desigual, Guess, Diesel, DKNY, Sisley and many others.
How to get started on Myntra?
You can of course sign up as a seller directly on Myntra, or as market leading experts in global online marketplaces, Pentagon can fast track your international growth by setting-up and managing your store on the platform.
Pentagon can provide a technical advisor to manage the integration between your brand and Myntra, an account manger to oversee the day-to-day running of your branded store, optimise product titles and boost sales through platform deals, a translations service to align all product descriptions and titles with local language nuances, and customer services support to ensure the expectations of local shoppers are met.