Following Reliance Industries Ltd’s (RIL) footsteps, Myntra plans to broaden its horizons by focusing on tier-2 cities with kirana store as last-mile delivery agents. The ecommerce platform will also be introducing video content to attract more customers.
Myntra will also be partnering up with local tailors as a part of this initiative to minimise expensive returns, especially since the distance between the customers and central warehouse is big. In addition, the company will also be equipping the partner kirana stores to act as pick up and drop off points.
In addition, Myntra has also announced that it would be partnering with exclusive brands to attract users outside metropolitan cities.
Why The Change In Strategy?
Bengaluru-based Myntra was founded by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena in 2007. The company was acquired by Flipkart in 2014 at a deal value of INR 2K Cr ($290 Mn). Myntra partners with over 2K fashion brands and lifestyle brands.
Myntra claims that it offers its services in more than 19K PIN codes across the country, and has the largest in-season catalogue and 100% authentic products.
The aim of the new feature is to acquire and retain new customers, especially from the tier-2 cities. Amar Nagaram, the head of Myntra-Jabong, said that as customers in small-towns do not have access to the brands Myntra sells, investment in these strategies may help the company to become a gateway for the brands to build trust.
For videos, though the company has not specified the sort of content to be uploaded on Myntra’s app and website, the company is willing to experiment with GIFs and videos. Nagaram believes that since YouTube, Facebook and TikTok promotional videos generate a lot of traffic; videos on the platform can help faster the conversions into sales.