Myntra Makes Fashion Ecommerce The Most Exciting Place

As 2016 draws to a close, Ananth Narayanan, the CEO of Myntra and Jabong, has reason to be proud about the year gone by, having achieved an 80 per cent year-on-year growth rate, a revenue run-rate of $1 billion, and last but not the least, the acquisition of Jabong.

In an interview with Pranjal Sharma of Zee Business, Ananth dwelt upon the business of fashion at Myntra, saying that it revolved around the pillars of selection, service, engagement and customer satisfaction.

According to Ananth, fashion and lifestyle is the most exciting segment in e-commerce today. It spurs Myntra to create more excitement for its customers through its selection, service and engagement.

"E-commerce is here to stay, and healthy unit economics ensures that we make money every time we ship out a parcel," says Narayanan.

But the most important thing for him was the culture at Myntra. "The winning mindset has really started to come together" which was Myntra’s core strength, he said.

Over the years, Narayanan said, three things had changed: Firstly, there was now a healthy appreciation that one needed a business model that would not only make money but create sustainability as well.

Secondly, the e-commerce customer had come of age. If one provided value, discount, faster delivery, and a fabulous selection, the customer was sure to appreciate it.

Thirdly, technology was being used in a big way to personalise things for the customer. The idea behid this was not to provide unlimited width or a random selection, but to provide curated stuff.

Albeit using fashion jargon, Narayanan said Myntra’s NPS was around 50, meaning that on an average, half the customers at Myntra were likely to recommend Myntra to their friends, which was a very good index of customer satisfaction. This fact was garnered through the post-sale survey on Myntra, which quizzed customers on their buying experience. He added that about five million customers transacted on Myntra last year.

Though the Try and Buy helped people to find their size and fit, it could have proved to be an expensive move for Myntra if it were not for local optimization, which helped cut costs.

To know more about latest fashion trends for men and women and how the e-commerce industry is shaping up, you can visit: http://blog.myntra.com/