In the light of customer woes in product returns in ecommerce, Bangalore based fashion etailer Myntra has introduced a new tweak of product exchange facility for consumers.
The product exchange will work as simple as returning unwanted item while exchanging the stuff of right fit or better choice. It will allow shoppers to have an option to exchange an existing product for a different size.
The trends of misfitting and not suiting of color are common in apparels and footwears which leads to customer dissatisfaction and urge for a return. Myntra claims this to be 70% in the industry for returns because of misfit. The company will be looking to increase its experience in this thread of customer support by letting customers order a better option and exchange it right from their doorsteps but still in 30 days. This policy will be applicable in 15 cities currently.
Logistically if managed well, it will save the overheads costs in the two step process for Myntra. It will also help in faster and a smoother customer transaction for the company. But given the option for an exchange, consider how many ladies will be inclined to try it? We hope Myntra has more number of men shoppers initially.
Still fighting with the fitting issue in apparels Myntra acquired a US based, virtual fitting technology startup Fitiquette recently. Fitiquette allows consumers to get an accurate virtual estimates of how something will look in real life. The combined strategy will surely help myntra to engage finer with female shoppers.
Unlike other players switching to marketplace models, Myntra is still one of the player working on inventory. The inventory approach of the company is allowing it to take a step ahead in providing customer experience in delivery and exchanges as it saves a longer process.
Currently, Myntra sells branded apparels, footwear, accessories, jewellery, cosmetics for men, women and kids. Earlier it has acquired a private label SherSingh in Nov 2012 to bet on private label margins. It is competing with Jabong, Yebhi, Flipkart, Snapdeal as other mass appealing players in the category.
So far Myntra has raised about $40 mn from investors and is backed by likes of Tiger Global, Accel Partners, IDG Ventures and Kalaari Capital.