Specialty on-line retailers like Myntra, Voonik regain market share
Myntra, Voonik, Limeroad, and Nykaa area unit seeing sturdy demand among web shoppers, whereas growth in fashion at Amazon and Flipkart has slowed over the past year
Bengaluru: Specialty on-line fashion retailers, semiconductor diode by Myntra, have regained market share over the past year on the rear of associate improved whole assortment and easier browsing expertise, indicating that they’re holding their own against the likes of Flipkart and Amazon Asian nation.
Myntra, Voonik, Limeroad and Nykaa area unit seeing sturdy demand among web shoppers whereas sales growth in fashion at Amazon and Flipkart has slowed over the past year. Snapdeal, that is facing a money crunch when troubled to lift contemporary funds, has seen a pointy come by fashion sales over the past year, in keeping with fashion brands and e-commerce executives.
Myntra is on target to exceed its target of Rs5,000 large integer in gross merchandise price (GMV) for the year ending thirty-one March, eightieth on top of its GMV within the previous twelvemonth, chief government Ananth Narayanan same in an associate interview last month.
Myntra had earlier lost market share to its parent Flipkart further as Amazon Asian nation when it ditched its website and have become an associated app-only platform in could 2015. beginning Jan 2016, however, the corporate has been winning back market share and showing speedy sales growth by raising its product choice, together within its personal label providing, and planning a higher browsing expertise. The merchandise additionally got a lift from re-opening its desktop and mobile websites last June. Myntra has currently forecast sales growth of four-hundredth at Jabong within the next twelvemonth.
“LimeRoad core stress has forever been on user engagement. This in giant half is driven by exclusive content announce by our community along with our hyper-personalized algos. LimeRoad is that the sole platform within the fashion e-tailing business that offers the users services on the far side simply discounts – the curated appearance and stories that assist the user in discovering pleasant product at superb costs,” Limeroad chief executive officer Suchi Mukherjee same in an associate email via an exponent.
The comeback by specialty fashion retailers last year may be a reverse of what happened in 2015 once the 3 largest on-line marketplaces—Flipkart, Amazon, and Snapdeal—saw a surge in demand for attire, shoes, and jewelry primarily by providing deep discounts.
“If you consider the stats around the current active shoppers and users, there may well be a symptom for the larger marketplaces within the short a minimum of as a result of Myntra is rising as a whole with a transparent identity and is winning customers WHO area unit fashion seekers. To American state, they’re rising as a fashion destination or associate somebody of fashion brands (rather) than a marketplace,” same Sridhar Prasad, partner, e-commerce and start-ups at KPMG Asian nation.
The rise of specialty retailers additionally gives queries over whether or not Flipkart, that owns Myntra and another fashion merchandiser Jabong, can find yourself symptom sales in its 2 units. Flipkart has known fashion in a concert of its key growth drivers this year.
Flipkart and Myntra each count catamount and United colors of Benetton among their five-largest marketing brands. Myntra declined to comment.
Flipkart reiterated what its fashion head Rishi Vasudev same in an associate interview in December. Vasudev same then that Flipkart and Myntra catered to completely different audiences with “negligible” client overlap. Flipkart’s focus is to supply the widest vary of product and sell to the lots whereas Myntra generates a majority of its sales marketing pricier product to alleged fashion seekers. Myntra’s personal label business is another individual, causative up to a half-hour of its sales. one among Myntra’s personal brands, Roadster, is that the biggest-selling product on the platform.
Unlike Flipkart, arch-rival Amazon Asian nation is that specialize in each mass product further as alleged luxury brands. Amazon has intercalary premium brands like Aeropostale, M&S, archangel Kors and Emporio Armani to draw in fashionistas, with the exception of providing lower-priced brands.
“In simply 3 years of our launch, we’ve with success designed the most important on-line fashion store with over two million fashion product from over fifteen thousand brands. the shop is among the highest 3 stores on Amazon.in and is one among the quickest growing stores on the platform. we tend to still grow sharply in terms of business and are growing at over a hundred and fiftieth (year-on-year). Amazon Fashion is additionally a magnet class that contributes concerning half-hour of latest Amazon.in customers and has systematically been doing this quarter-on- quarter,” associate Amazon Asian nation exponent same.
Our concentration for 2017 is to make the form as an urgent vertical for Snapdeal. we tend to still build capabilities around fashion that are cheap however terribly top quality at the constant time. With the recent addition of near a hundred new brands together with some outstanding national and international names to our fashion portfolio, we tend to area unit assured that this growth can bring North American country nearer to our goal of constructing Snapdeal a one-stop buy all fashion trends and elegance needs” Vishal Chadha, senior vice-president, business at Snapdeal same in associate emailed statement.
Edited By articlesworldbank.com