D2C category has seen ~80% growth this year, Sunder Balasubramanian, Myntra

Fashion e-commerce portal Myntra is back with the second edition of ‘Creators Fest’. Adding an extra layer of glitz and glamour, Myntra also introduced “Myntra Glammys”, a star-studded awards ceremony powered by Grazia. In conversation with Adgully, Sunder Balasubramanian, Chief Marketing Officer, Myntra, speaks at length about its intellectual property – ‘Creators Fest’ – innovative marketing strategies, its flagship End of Reason Sale, and the role of digital marketing. Furthermore, he shares insights into how the year 2023 has been for Myntra and highlights some key trends.

What innovative marketing strategies is Myntra planning for its flagship sale – End of Reason Sale – to engage with and attract more consumers?

We’re gearing up for the 19th edition, and with each iteration, we strive to enhance the scale and customer impact. This year, from a sales perspective, we’re excited to offer over 2.3 million styles, marking a 35% year-on-year growth in selection, featuring products from more than 6,000 brands. As we approach the end of the year, we’ve tailored our offerings to align with trending categories. Ethnic and premium selections are expected to be prominent, with a focus on winter, holidays, and events such as weddings. We anticipate significant growth in these areas.

In our efforts to connect with customers, we aim to welcome over a million new customers during this period. To achieve this scale, our campaign is set to reach over 250 million users nationwide. We will employ various mediums, including TV, digital marketing, and social media collaborations with creators. This multifaceted approach ensures that we engage with our audience effectively.

Could you share insights into Myntra’s approach for the 2nd edition of Creators Fest? What new elements or collaborations can we expect?

I think for Myntra, working with the creator ecosystem at large is something we’ve been doing over the years. Creators are at the forefront of bringing trends into the country; they are almost the gatekeepers of trends in fashion and beauty. So, that synergy has worked for Myntra over the years, making us one of the biggest brands in terms of the scale of creators we work with in the country. When we initiated the Myntra Creator Fest, the first edition was last year, it’s a bit of a culmination, celebrating the year and the work done by creators. But, it’s also about giving back to the creator ecosystem. It becomes a platform where creators come to learn from each other. We have big creators, emerging creators, creators from metro and non-metro areas, and those who specialise in one category over another. It becomes a platform for them to learn from each other and share best practices.

Secondly, we also bring brands into the Creator Fest. This becomes a platform where creators and brands can collaborate more. The third interesting aspect this year is our campus program and campus ambassadors. We are bringing them to the Creator Fest to enable the youth of the country to kickstart their creative journey and aspirations. A mix of these pieces is what the Creator Fest is about.

In the Creator Fest, we are introducing two interesting elements. Firstly, related to fashion shows and trends, we’ll have three fashion shows that encapsulate the trends of 2024. This is a new feature. Additionally, we’re live-streaming the fashion show on our app, allowing consumers at large to shop in real-time for the looks featured in the fashion show. That’s a new aspect we’re introducing. The second feature is the awards, what we are calling ‘Myntra Grammys’, in association with Grazia.

How does Myntra plan to differentiate and promote its new intellectual property, ‘Myntra Grammys’, in the competitive fashion market?

The larger IP is the Myntra Creative t itself. Under the Creators Fest, there are different components we introduce. One new addition this year is the awards segment. These awards are crucial because, as mentioned earlier, we have a strong association with the creator ecosystem, celebrating and providing a platform for them. Honouring them with awards adds an interesting dimension to our support for creators during the Creative Fest.

When the Creative Fest unfolds, it serves as a platform where a plethora of content is created. We anticipate the participation of 350 creators, including prominent names. The event features fashion shows with notable showstoppers, contributing to the real-time introduction of trends to the country. This, to me, is the most significant aspect of what this intellectual property (IP) will accomplish.

What role does digital marketing play in Myntra’s overall marketing plans, especially considering the evolving landscape and customer behaviour?

For us, our marketing strategy is comprehensive, encompassing multiple touchpoints with a significant emphasis on digital marketing. When it comes to digital marketing, customisation is a key element, involving tailoring both messaging and outreach to specific cohorts. For instance, while we observe the core Myntra selection growing consistently year on year, we also witness specific cohort trends. For example, the Gen Z segment has expanded to X (formerly Twitter) this year.

In terms of demand, we’ve observed a threefold increase in beauty products compared to the market average. B2C has experienced a growth of 70% this year, and premium footwear has seen a remarkable 70% growth as well. With such notable growth rates, digital marketing becomes instrumental in customising strategies to understand the preferences of different cohorts, allowing us to tailor messaging, selection, and overall demand creation accordingly.

In the context of changing consumer trends, how does Myntra plan to stay agile and adaptive in its marketing strategies for these key events?

Myntra’s core value is innovation that we’ve consistently demonstrated over the years. Our work with the creator ecosystem, making us one of the largest brands collaborating with them, is an initiative we started years ago and continue to build upon. Additionally, our efforts in bringing technology solutions to fashion and beauty purchase journeys represent a new frontier. Our ventures into social commerce, encompassing static, video-led, and live formats, are also noteworthy.

This year, recognising the significance of video content, particularly short-form videos for consumers, we have scaled up minis, our short video content on the app, witnessing over a million views per day.

Social Commerce has been a significant focus, and over the last year, we’ve created over 85,000 pieces of content. Our commitment to innovation extends to technology, evident in various features on the Myntra app, such as virtual try-ons, My Stylist, Fashion GPT, and the skin analyser for beauty. These are examples of ongoing experimentation and innovation that contribute to our agility.

How has the year 2023 been for Myntra? Could you highlight some of the trends within the Indian fashion e-commerce industry?

It has been a year of robust growth for us across various dimensions. The core Myntra selections, including our premium ethnic wear, ‘Runway Icon’, have experienced significant growth, with a 100% increase. Additionally, premium footwear has seen a commendable 70% growth. Beyond these, we’ve witnessed promising developments in other areas, such as Gen Z growing at 2x, D2C at 70%, and beauty at 3x of the market average. These emerging growth areas have contributed to our overall success.

This growth has been facilitated by several factors. Firstly, there is a focus on expanding our selection to meet consumer demands. For instance, our Gen Z offering, ‘Fwd’, has been scaled up to include 90,000 styles this year. The second factor is the emphasis on social commerce content. Lastly, our marketing campaigns, whether featuring celebrity endorsements from Bollywood or cricket, or collaborations with creators, have significantly contributed to robust user growth month on month. These efforts have solidified our position in terms of top-of-mind awareness and consideration numbers. Overall, these elements have collectively driven our multifaceted growth.