Online fashion platform Myntra is eyeing Rs 500 crore revenue over the next three years from the jewellery vertical on its platform.
According to a PTI report: As part of its expansion plans, it has partnered with Tata Group’s jewellery brand Tanishq.
“As part of the partnership, Mia by Tanishq, a fine collection of work-wear jewellery will now be available on Myntra. The jewellery is designed especially for the modern working women and the range includes earrings, rings, bangles, pendants and bracelets, priced between Rs 3,000 -Rs 50,000,” Myntra Head e-commerce Platform, Prasad Kompalli was quoted by PTI as saying.
He added that the foray into the fine jewellery segment is aimed at making Myntra a major online destination for purchasing jewellery.
“We are looking at a revenue of Rs 500 crore in the next three years from the segment. We will also bring in more choices for the customers,” he was further quoted by PTI as saying.
General Manager Marketing (Jewellery Division) at Titan Company, Deepika Tewari, was quoted by PTI: “The association will help the firm widen its reach and cater to a larger audience of working women who are increasingly shopping online.”
The overall jewellery category in the country is currently estimated to be about Rs one lakh crore and around 80 per cent of this is contributed by fine jewellery category.
Around 2 per cent of the overall jewellery market in India is retailed online.
Myntra to re-launch desktop version
Myntra, India’s leading platform for fashion and lifestyle brands, will be launching its desktop site on June 1, 2016. The re-launch of a full-fledged site is aimed to provide convenience to a segment of customers, especially women customers, who have a marked preference for browsing and shopping on multiple platforms such as mobile, tablet and desktop.
Despite many clear positives, the company has decided to revisit its strategy and re-launch the desktop site. The biggest reason for this is the feedback from Myntra’s consumers, especially women wanting desktop back. An internal study also suggested that Myntra could expand its customer base by 20 per cent if it allowed users the flexibility of using multiple platforms for shopping.
In the next phase of Myntra’s rapid growth, the company will be launching home furnishing and jewelry, where larger screens can complement the experience on apps. Myntra expects 15-20 per cent of its sales to come from the website.
Online retailer Myntra announced the company’s transition to an app only platform from May 15, 2015 onwards, marking the end of desktop and browser based shopping. With mobile-based commerce emerging as the next biggest opportunity, Myntra took a step towards creating a differentiated shopping experience for its consumers, which will be individualised and engaging.
Commenting on the app-only strategy, then CEO, Myntra and Head of Commerce, Flipkart, Mukesh Bansal said, “We are immensely pleased to announce our transition to an app only platform and promise a very exciting & new age shopping experience to our customers. Fashion is a very personal experience. We believe that only mobile can truly deliver this experience as it captures user’s lifestyle and context in manner that no other medium does. Think of all the hardware and software features that one can leverage like camera, contact, location etc. to understand the user’s context and deliver the experience that is deeply personalised.”