Info-tech

Myntra launches version 2 of app

Our Bureau Bengaluru | Updated on January 22, 2018 Published on December 07, 2015

Ananth Narayanan, CEO, Myntra

Flipkart-owned fashion and lifestyle e-tailer Myntra unveiled version 2.0 of its shopping app at its fourth annual brand summit here on Monday.

The latest version has three new features — Style Forum, Fashion Feed and Profiles.

‘Style Forum’ allows shoppers to ask for the opinion of their friends or help from style experts. ‘Fashion Feed’ provides users with fresh content every time they open the app and also allows them to follow conversations of particular interest or follow friends for regular updates.

‘Profiles’ allows brands and fashion influencers like film stars and celebrities to create their own presence and showcase new trends and collections.

The company has also launched a new brand partner portal, which allows brands to review their performance, publish content including videos and articles, target a specific customer segment and launch campaigns on the basis of insights gleaned from customer purchase patterns.

“The new app brings together the best of offline and online experiences on the mobile for our customers, giving them a personalised, social shopping experience, a one-of-a-kind in the industry,” said Myntra CTO Shamik Sharma. Myntra app V2.0 is currently available on Android and will be available on iOS shortly.

Myntra was the first to move to an ‘app-only’ marketplace in May, shutting down its desktop and mobile site, as a bulk of the traffic to its site and a growing volume of transactions came from mobile devices.

Strategy change

However, late last month, the company re-launched its mobile site, where shoppers can only browse and select products. They are then directed to make the purchase through the app.

Asked whether Myntra had dropped its app only strategy, Myntra CEO Ananth Narayanan said: “We haven’t dropped our app-only strategy but have added a new feature to it — the ability for users to share different products/collections with their friends, which is an inherent part of our customer engagement strategy to make the app more social. To enable that and to make it a seamless consumer experience, we need mobile pages, which is why the mobile site is active now. However, transactions can be made only on the app.”

Myntra is currently operating at $500 million annualised GMV (gross merchandise volume) and plans to cross $1 billion by 2016 in a profitable manner.

“We are growing at 60-70 per cent month-on-month, have 7.6 million active monthly users and a high repeat rate of 81 per cent. We have partnered with 1,700 brands in the country and 20 per cent of our revenue accrues from 11 of our in-house brands,” said Narayanan.

By 2020, the online fashion retail market is expected to touch $35 billion, contributing 35 per cent of the total online retail revenue of $100 billion generated in India, according to a Google study.

Published on December 07, 2015
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