Myntra.com, India’s leading online fashion store, announced aggressive plans for its Marketplace. Myntra’s marketplace, which is currently operational in Delhi - NCR, Bangalore, Mumbai and Surat, gives small, medium and boutique brands access to Myntra’s enormous fan base supported by its robust e-commerce platform.
Myntra.com launched its marketplace early April as part of the company’s growth strategy to provide quality products from boutiques and localized brands spread across the country to its expanding customer base. The marketplace aims at establishing a flourishing ecosystem for local retailers, boutiques and regional brands based across key shopping hubs with expertise in intricate skills and precise handwork designs adding local flavour to the shopping experience.
To start with, Myntra.com has partnered with close to 100 sellers from the four cities. In the next 10-12 months, Myntra.com will get on-board over 1,000 retailers to provide specialised and localized experiences, be it the shopping alleys of Chandni Chowk in Delhi, Commercial Street in Bangalore or Linking Road in Mumbai.
Ashutosh Lawania, Co-Founder, Myntra who is spearheading the initiative said, “Myntra.com has been exponentially increasing its reach and scale, and the launch of our marketplace is imperative to our next phase of growth. Our partners can leverage Myntra’s well-established, trusted and state of the art infrastructure and logistics network to penetrate into our vast user base spread across the country.”
“Currently, about 20% of revenue is driven by this model and we expect the figure to grow to about 40% by the end of this year. With this model, we want to create the country’s largest ethnic wear platform by the end of this year.”
With the launch of its Marketplace, Myntra.com will aim to offer an even larger variety of specialised products like the authentic ethnic wears from Mumbai and fine silk saris and exquisite brocades from Surat to its expansive customer base in the country. The company will manage the shipping and doorstep delivery through its logistics network, as well as provide existing features such as Cash on Delivery, Product Exchanges –assuring its users of the trusted Myntra experience.
Sandeep Jain from Monteil & Munero commented, "I take immense pleasure to congratulate Myntra.com on the launch of the new marketplace. It has been an extremely beneficial association for both of us. The business has grown rapidly in just a few days. We look forward to a long and healthy association and collaboratively working as a team to set new and unmatchable business standards."
Vaanee Bhatia from Gritstones said, "Myntra's marketplace has contributed remarkably to overall growth in our sales. It has been just a month and the response is equivalent to what any brand can get if that is a year old on the portal. Operations are smooth and hassle free. I can just say, thank you Myntra."