The company also claims to have added 75 Mn new app users this year with its loyal customer base growing by 100% year-on-year (YoY) in the last 18 months
The Gen Z fashion segment on the platform has recorded an impressive 2.25X surge in demand and ~175% YoY growth in customers
Myntra’s D2C segment recorded 70% growth in the last quarter
Fashion ecommerce major Myntra
has clocked a record high of 60 Mn monthly active users during the festive season, the company said in a statement on Thursday (December 14).
The company also claims to have added 75 Mn new app users this year with its loyal customer base growing by 100% year-on-year (YoY) in the last 18 months.
The Gen Z fashion category experienced a 2.25X YoY surge in demand on the platform. The segment saw a substantial 175% year-over-year growth in customers, establishing Myntra as the preferred destination for Gen Z fashion.
Over the recent months, Myntra has rolled out various products and services, such as FWD and Myntra Minis, to engage GenZ customers and enhance the overall user experience on its platform.
Myntra’s objective is to draw in 10 Mn GenZ users and broaden its customer base within the next two years. As of 2022, Myntra boasts a customer base of 8.6 Mn GenZ users. Additionally, the platform aims to surpass 100,000 styles on FWD by the end of 2023, the statement added.
In May, Myntra launched FWD, an app-in-app feature designed for Gen Z. Myntra FWD provides a personalised experience to users through a ‘spot it get it’ format.
Further, its Beauty charter achieved a 3X market growth. Over the last three years, Myntra’s beauty portfolio has expanded by more than 4X, featuring a diverse and inclusive selection of over 1,500 brands and 90,000 SKUs.
“…We’ve added the highest number of new users and new customers this year, whilst doubling our loyal-customer base. In our commitment to provide a delightful shopping experience to customers, we continue to make several strides and achieve major milestones,” said Sunder Balasubramanian, CMO, Myntra.
In the last quarter, Myntra achieved a notable 70% year-over-year growth in the direct-to-consumer (D2C) space.
Additionally, Myntra Minis, a short-form video content offering, based on the reels format, witnessed 1 Mn daily views.
The company was among the first globally, to leverage ChatGPT and launch a feature to enhance product discovery with MyFashionGPT and also introduced AI-led features including Maya and MyStylist.
In the fashion ecommerce segment, Myntra competes with Reliance’s Ajio and Tata’s Tata CliQ, Nykaa Fashion, among others. New players such as Prosus Ventures, Accel-backed fashion startup Virgio are also entering the market, focussed on GenZ and millennials. As the competition intensifies in the market, the Flipkart-owned fashion retailer is looking at differentiating itself.
In October, Myntra concluded its festive sale, the Big Fashion Festival (BFF), which recorded around 460 Mn customer visits.
