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In a move away from the traditional discount format, Myntra has chosen to engage with its customers in a novel way with a four-day shopping event called ‘Myntra Fashion Upgrade’beginning Tuesday.
The sale allows shoppers to give away extra clothes, footwear, home furnishings and more against redeemable points that can be used to shop and upgrade their wardrobes.
To do this, Myntra has partnered with GOONJ, a not-for-profit-organisation, which channelises unused clothes in urban homes, to far-flung villages. An individual shopper can redeem points worth ₹15,000 in lieu of gifting clothes to the rural community.
The initiative is expected to encourage shoppers to give away extra wear, which will then be refurbished by GOONJ and distributed across the country.
“Myntra Fashion Upgrade offers fashion shoppers a very unique opportunity to upgrade their wardrobes for the season of parties with the added satisfaction of giving away a small portion of their wardrobe for a cause,” saidAnanth Narayanan, Chief Executive Officer, Myntra and Jabong.
“We expect more than 2 million units of clothing, footwear, etc, which are in good condition to be handed over by shoppers, and 1 million people participating in the event.”
EBIDTA profitabilityAsked if the sale will get the company to EBIDTA profitability this month, ahead of its targeted January-March quarter of 2018, he said: “We expect a twofold rise in sales during the period with 28 million sessions and a threefold spike in traffic to the platforms, resulting in a million shipments at the end of the fourth day. We are on target to hit EBIDTA profitability in the JFM (January, February and March) quarter of 2018. Currently, we are at a GMV (Gross Merchandise Volume) run rate of $1.2 billion at Myntra + Jabong, and will exit the year at a $2-billion run rate across both.”
The idea for the four-day sale with a twist stems from the idea of ‘doing good’ and giving back to society along with ‘looking good.’
According to the results of a consumer research conducted by Myntra, 68 per cent of the firm’s consumers showed willingness to participate in an event that contributes to a human cause.
“The consumer is always at the core of any decision we take at Myntra. We are expecting double the baseline revenue in the span of four days” said Naresh Krishnaswamy, Chief Revenue Officer, Myntra.
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