Back then, Myntra – along with its Jabong online lifestyle brand – generated about Rs430 crore in gross sales over three days, but the company now has much bigger ambitions for the end of year iteration of its shopping event.
The company is gearing up to deliver more than 6.5m products to over 1.9m customers during the four-day event and expects to see 25 times more sales than on a normal shopping day.
“This will be the biggest EORS so far. With every edition, the scale has grown and this time too, we expect to see a huge response,” said Ananth Narayanan, Myntra’s CEO, in comments to Business Standard. “We expect to register a 1.5x growth over the previous edition of the sale,” he added.
Key to its success will be the participation of thousands of “kirana” neighbourhood stores, which will be paid to showcase Myntra’s merchandise, and at least 3,600 have signed up to participate this month compared to just 800 in June.
With so many kirana stores taking part, Myntra expects at least 30m customers to visit its platforms during the event and at least 60% of overall sales to come from tier-2 and tier-3 cities.
Top international brands, such as Nike, Marks & Spencer, Tommy Hilfiger and Nike, will be sold on Myntra’s platforms and shoppers are also expected to be drawn in with the offer of discounts of up to 60%. Speedy delivery is also underpinning the company’s strategy, Narayanan explained in an interview with Livemint.
“A lot of innovation is happening around speed – so this time, we’re actually going to do 25% faster speeds than the last End of Reason Sale,” he said.
“We’ve also improved the tech dramatically. One of the things that we are trying to do is predict who is going to buy what. We’re almost trying to forward deploy and geo-browse.”
Sourced from Business Standard, Livemint; additional content by WARC staff