Leading fashion & lifestyle marketplace, Myntra, has witnessed a 60 per cent year-on-year rise in demand for the Home category. It has also emerged as among the top three categories on its quick commerce offering, M-Now, which is currently operational in Bengaluru.
Sharon Pais, Chief Business Officer, Myntra, told businessline, “Our foray in the home category was in line with our focus to evolve from a fashion-first destination to a formidable comprehensive lifestyle destination. Year-on-Year, we have witnessed a growth of 60 per cent in terms of demand for the home category. It is also our fastest growing segment. Infact, the category has seen higher growth in non-metro markets.”
“Young consumers are entering the workforce and moving out of parental homes quite early in their journey. We are also witnessing a rise in hybrid and remote job roles. Also, consumers who are setting up their homes are increasingly look at design and aesthetics beyond functionality. All these factors are fuelling the growth of this category.”
This has also led the marketplace to significantly expand its assortment in the home and living segment. Pais said that the marketplace has widened the assortment by 70 per cent year-on-year and now offers over 1700 brands. “Home furnishings, home decor and kitchen essentials have emerged as among the top categories. Fashion is obviously a category which drives a lot of visits to our platform and now home shoppers also have a very deep share of wallet with us ,” she added.
India’s online lifestyle market is estimated to the tune of $16–17 billion and is expected to scale to $40–45 billion by 2028 as per some estimates. “ The online penetration of the home and living category is the lowest in the overall lifestyle space. Hence, there is huge headroom for growth for us,” Pais added.
Myntra Home also offers a tech-led solution, “Dream Room Inspirations”, which is powered by generative AI enabling consumers to discover products that align with their personal style.
Asked if the the company is witnessing an impact of the urban slowdown, Pais said, “ I think the stickiness and engagement that we are seeing on the platform is quite healthy. With the number of brands we have added and our selection is growing well, our fashion category continues to grow faster than the industry.”