Myntra is a Flipkart-owned online fashion portal. In 2023, this shopping portal will have registered a total of 75 million new users. This is a 100% YoY in the previous 18 months.
During the festive season, Myntra crossed around 60 million monthly active users. This is the highest record, which is driven by the growth of the Gen Z vertical and beauty brands, including international fashion, according to a statement.
Myntra launched an in-app that focuses on Genz fashion called FWD in May. This app offers more than 65,000 styles from 50+ brands targeting new-age shoppers. Whereas, the vertical recorded a 2.25 x YoY increase in demand on Myntra.
FWD has been able to provide personalized experiences to shoppers via the ‘spot it, get it’ format. This solves issues like inspiration, discoverability, getting global trends, etc. with the tech-led proposition, as per the statement.
Myntra’s beauty portfolio has more than 1500 brands and 90,000 SKUs. This grew more than four times in the previous three years. However, the last quarter experienced around 70% YoY growth when it came to the direct-to-consumer category.
According to Myntra, ‘Acting as a catalyst for the major brands, some of them have registered growth rates of more than 100%. This trend emphasizes the pivotal role of the platform, including its commitment to allowing partner brands to experience success.’
In June, Myntra launched Minis, which is a short video platform. It will aim to boost user engagement and improve the overall shopping experience of people. However, this format has been gathering an amazing one million daily views, the platform said.
Other new features added by Myntra
The company also said that it leverages AI and various other new technologies. This will allow them to solve the product discovery problem on Myntra. Also, there are claims that it is the initial platform globally to leverage ChatGPT. Plus, they have launched a new feature to improve product discovery with MyFashionGPT and introduced various AI-led features like Maya, MyStylist, etc.
‘We have had the best year, and we are happy with the efforts put in by the teams along with various brands. It has been amazing to see the multifaceted growth. We have the highest number of various new users and customers in 2023. This doubles our customer base. We must offer a good shopping experience to every customer, and we will continue to make strides and fulfill the targets, according to the CMO of Myntra, Sunder Balasubramanian.
