In Conversation With Myntra’s CMO & Head of International Brands
A recent report by research firm Forrester points out an interesting trend in India’s e-commerce landscape – the pace at which the e-commerce market has expanded to Tier II & III across the country. According to the report, “Only 8% of the 1.3 billion populace lives in the top eight Tier I cities, where e-commerce penetration is already high. While the Tier II & III cities have low PC and broadband penetration, they also have fewer brick-and-mortar stores, giving e-commerce a chance to fill the gap.”
Myntra believes in this too. In a bid to tap in to the potential of these markets and allow easy access to best of fashion and lifestyle to every corner of the country, Myntra is increasing its focus on Tier II & III markets, which includes diversifying its offering of international brands. Myntra’s Chief Marketing Officer & Head of International Brands, Gunjan Soni shares an insight into the focused strategy that the company is following.
Q: What makes Tier II and Tier III markets so important for Myntra?
A: Most of our sale is coming from these markets. This is happening because of the increasing affordability for the consumers and availability along with an ease of access. Even in our upcoming plans, we have these markets on priority.
Q: Are international brands popular in these markets?
A: While most international brands are focused on metros, there is a growing awareness and demand for them not only from top cities but also from Tier II and III cities. However access to these brands continues to be a constraint. Myntra has been working with international brands to help them launch, grow and become more accessible to the masses.
Q: What percentage of sales are happening in these markets? What kind of growth do you expect?
A: Myntra has over 8 million fashion shoppers and currently, over 50% of revenue for international brands at Myntra comes from Tier II & III cities. We expect international brands to account for 15 per cent of revenues in the next 12-18 months.
Q: How is your new international brand campaign going to help in expanding to smaller cities?
A: We have further strengthened our leadership in the fashion segment by adding a wide range of international brands. With the recently launched #JustArrived campaign, we now want to bring the best of international fashion to the doorstep of every aspiring Indian, going beyond just the metros, and showcase our carefully curated international selection.
With over 25 international brands such as M&S, Forever 21, Timberland, Jeep, Ferrari, Harley Davidson, Cole Haan, DKNY, The North Face and Mizuno, among others, Myntra is going ahead in full force to woo shoppers from every part of the country. This is just the tip of the iceberg…