Myntra expects to add 10 Mn GenZ users to its customer base over the next two years
Starting the first week of the launch, the Myntra FWD offering will be highlighted via a bottom navigation bar on the Myntra app
Myntra FWD will work with more than 500 creators to offer relatable content
Myntra has launched FWD, a separate fashion experience portal for GenZ, on its platform. As part of this offering, Myntra has rolled out a series of new features to deliver a differentiated app-in-app experience.
With the launch, Myntra expects to add 10 Mn GenZ users to its customer base over the next two years, while it had nearly 8.6 Mn strong GenZ customer base in 2022. Myntra will also look at scaling the offering to over 1 Lakh styles on FWD by the end of the year.
The FWD experience has been developed with a focus on GenZ users, with discoverability and inspiration at the core of it. Starting the first week of the launch, the Myntra FWD offering will be highlighted via a bottom navigation bar on the Myntra app.
The platform will also feature a Daily Drop Widget, providing daily intel on fresh styles as well as an automated flow of content and trends personalised to the shoppers’ tastes and preferences. Within the first few weeks of the launch, GenZs will also be able to engage with shoppable video content tailored for GenZ in the form of reels on the FWD homepage.
Moreover, to create relatable and compelling content for the GenZ consumers, Myntra FWD will work with more than 500 creators such as Radhika Seth, Sanket Mehta, Aditi Bhatia, and Manav Chhabra.
“As we build for many Indias, Gen-Z is an important cohort that we continue to take deep interest in. Their individualistic sense of style, diverse points of view and core values reflect in their unique fashion choices and is steadily impacting the way fashion is being consumed at a global-level. Myntra FWD is not just a fashion destination; it’s a holistic lifestyle experience designed especially for Gen Z,” Nandita Sinha, CEO of Myntra, said.
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.
Myntra reported a 40.5% increase in its loss to INR 597 Cr in the financial year 2021-22 (FY22) from INR 424.9 Cr in FY21. It witnessed a 45% year-on-year (YoY) rise in operating revenue to INR 3,501.2 Cr in FY22 from INR 2,407 Cr in FY21.
The online fashion retail market share in India is expected to increase by $22.97 Bn from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 18.83%, according to a report.
