“Online fashion consumers are largely brand seeking. Brands will grow and define the future of fashion.” This is what CEO, Ananth Narayanan, had said at Myntra’s Annual Brand Summit last year. Going forward, at Tech Threads, the 5th Annual Brand Summit this year, Myntra has only continued to strengthen the synergetic relationship it has with the brands on its platform.
This year has by far been the best ever for Myntra in many ways. The acquisition and turnaround of Jabong, and the high impact festive season have contributed to this growth and strengthened Myntra’s position as a house of brands. Not only did Myntra see a 23x jump in sales during the End of Reason Sale (EORS), many brands that participated in EORS also saw a similar surge in sales.
Deep Relationship with Brands
Technological integration with brand partners and certain steps to empower them have helped both Myntra and the brands to hit the next phase of growth, according to CEO, Ananth Narayanan.
Brands are able to leverage the Myntra platform to showcase their unique stories and personalised content to a targeted audience interested in those brands. Brand profiles, stories and personalised feed on the Myntra app are examples of this. Marquee fashion properties like the EORS, and targeted engagement for mass premium-luxury consumers have helped Myntra convert engagement into purchases.
CMO and Head of International Brands at Myntra, Gunjan Soni, also took the opportunity at the Brand Summit to launch a brand playbook which will enable brands to customize and develop marketing campaigns to leverage Myntra as a digital marketing platform. By enabling brands to increase awareness and engagement, build the brand image and maximise revenue, the brand playbook will be key tool for partners.
What was viewed as a sales avenue for many brands a few years ago has turned into an opportunity to build a sustainable business. The CEO of W, Anant Daga, shared their success story at the Summit. W, which incidentally also won the Best Women‘s Ethnic Brand at Myntra Awards Night, grew 200% on Myntra in 2016; Myntra is now its largest online partner.
“Myntra has been a game-changing partner for us,” said Daga.
In yet another success story shared by the MD of Lavie, he recounted how the popular brand for footwear and handbags reached half a million customers only through Myntra!
The road ahead for Myntra and its brand partners will be to transform retail through technology. A very strong technological base along with innumerable data at its disposal enables Myntra to provide performance review and analytics, customer insights and customer acquisition for brand partners.
As Gunjan Soni put it during the Summit, “Myntra will be the most potent digital marketing channel for fashion consumers.”
Amen to that.
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