Exclusive | Myntra to focus on market leadership: Mukesh Bansal

The expansion of Internet is spurring the growth of new entrepreneurs who are fuelling this eCommerce revolution further by penetrating the market in the small towns and cities of India and even global. One such company creating waves in this space is Myntra.com, the largest online retailer of fashion and lifestyle products. Promoted by Mukesh Bansal, a first generation entrepreneur, the company has seen a 15-fold growth in the past 12 months and has been growing aggressively each quarter consolidating its position as the No.2 player in the Indian e-commerce space.

 

Myntra.com sells over 350 of the best brands and ships over 11,000 products to over 480 cities. It is the fastest growing eCommerce portal with over four lakhs daily visitors on its site daily. Online apparel is likely to be a $ 2 b market by 2015 and the company sees great potential to grow in this environment. The overall lifestyle category in India is pegged at approximately $50 billion, growing at 16% CAGR. This is one of the largest categories not considering travel & tourism. The industry is expected to cross $100 billion in 2015 with approximately 5% - 8% of this being online. 

 

In an exclusive conversation with Adgully, says Mukesh Bansal, founder & CEO, Myntra.com, “to maintain its leadership and profitability we are further planning to introduce a slew of features that will enable shoppers a unique experience and thereby make the right purchase decision.”   He further adds, “Our core strengths of having the widest and the best catalogue along with our in-house logistic network provide an edge over other players in the market.” To further consolidate its market leadership, Myntra is building one of the best execution machinery in the country in fashion and lifestyle e-retail with few strategic benchmarks like the largest catalogue, in-depth consumer insights and robust logistics & operations. Besides Myntra brand is being promoted through a mix of digital marketing, TV commercials and print. 

 

The biggest challenge for any ecommerce player is to effectively manage its supply chain (inventory, logistics etc) and customer experience. Add Bansal, “we are aware of the supply chain problems because that’s where most eCommerce companies fail. We are constantly upgrading our processes to provide a hassle free shopping experience while strengthening our in-house logistic network.” 

 

As of now Myntra has received a total of $40 million over three rounds of funding by Accel, Tiger, Indo US and IDG. The monies are being utilized to beef up technology, supply chain and in building the Myntra brand. Says Bansal, “The company has been consistently doubling in revenues every 5 – 6 months and is on track to achieving revenues of Rs 500 crores by end of this fiscal.”