Myntra, India’s largest platform for fashion and lifestyle, is looking forward to clock 10-15 per cent sales from the Omnichannel brands i.e. the brands which have presence both online and offline.
Online firms are fast embracing the Omnichannel strategy in a bid to improve their sales.
Myntra, for example, has a private label brand Roadster which also forayed into offline space in Bengaluru in March. With the launch of this store, Myntra set the stage for an established online brand like Roadster that contributes over 8 per cent to the overall revenue of the platform, to have an Omnichannel presence.
In an interview, Chief Executive Officer, Myntra and Jabong, Ananth Narayanan said, “Physical stores can drive online sales. Interestingly, after we opened the first physical store for our private-label brand Roadster in Bengaluru, we saw the brand’s online sales surge by four per cent.”
Similarly, Mango has opened its first store in Delhi in association with fashion portal, Myntra. The brand plans on opening 25 stores in the next five years, five of them before the end of 2017.
Myntra has partnered with select retail companies to curate Mango’s offline business in India and with this alliance, the firm has laid out its new Omnichannel strategy, improving the shopping experience for its customers in India.
“Helping launch the first Mango store in Delhi is a huge step in the direction of building a robust Omnichannel presence for the brand. Mango has been growing at 100 per cent YoY rate on the platform and continues to enjoy great fashion appeal amongst shoppers in India. The new technology-packed store is set to redefine the way consumers in India experience brands in the future,” Narayanan said.
Myntra has also collaborated with international casual fashion brand – Esprit to manage the Omnichannel strategy for a brand.
Myntra plans to curate and facilitate 15 Esprit stores in the country in association with its group companies and select retail partners, over the next 5 years, while also help list the brand exclusively on Myntra and Jabong platforms.
“We are very excited to partner with Esprit to help them establish and strengthen their presence in India. The brand has been growing consistently on our platform and I am confident that our understanding of the fashion landscape, technology prowess and reach will enable us to build a robust Omnichannel strategy for Esprit in the country,” revealed Narayanan.