Myntra, eCommerce platform for fashion brands, has clocked $800 million in annualized GMV in January 2016. The company claims to reach a GMV of $1 billion in 2016-17.
Sales volumes for the month were propelled by growth of brands on the website, increased contribution of international brands such as M&S, Forever 21, high growth in womenswear category and a hugely successful End of Season sale. Also, discounts have dropped by 6% and supply chain cost reduced by 5% in the last quarter.
Ananth Narayanan, CEO of Myntra stated that January has been the biggest month for the platform. Myntra used three basic strategies to achieve 70 percent Year on Year growth. First was the brand mix, that pleased both- the brand conscious and the price conscious. Second, the company worked towards management of business processes. Third, cost management through a series of rationalization measures.
Myntra seems to be on a new high after they released their achievement in the market. There are many eCommerce platforms that offer similar categories but then, the customer base of Myntra and its acquisition strategies have given them an upper hand above other players. The company went app only to make its impact on mobile commerce, though it’s still skeptical if the move is going to profit them.
According to a report by Goldman Sachs, India’s eCommerce sector is set to reach $103 billion by 2020 from $26 billion.