For Myntra differentiation is the key
As per a recent PWC study, etailing, which comprises of online retail and online marketplaces, has become the fastest-growing segment in ecommerce, having grown at a CAGR of around 56% over 2009-2014. The size of the etail market is pegged at 6 billion USD in 2015. Its share the retail pie is expected to be 3% by the year 2020, as per the study.
The e-tail players are adopting innovative strategies to be ahead of the curve and adopting innovative strategies for the same. Myntra is one such player which’s unique app-only format and Bold is Beautiful Campaign have made it high recall etailer.
Myntra has seen a rise in the various high-end brands as well as established and budding designers’ participation in order to meet the consumer needs. Speaking about the partnership with Masaba, Manish Aggarwal, V.P, Marketing, Myntra Fashion Brands said, “Masaba partnership was very interesting for us. It’s an extension of Anouk’s brand philosophy which is ‘Bold is Beautiful’. We wanted to bring that brand philosophy back into the product and that’s how we approached Masaba and partnered with her in bringing the new Masaba line.”
Bold is Beautiful campaign which reached and touched the hearts of many, has delivered a strong message to the audience and successfully created an impact by reaching out to the masses. Commenting on the same, he said, “We saw almost 2.5 x increase on Myntra platform for the Anouk searches so a lot of people who were not even aware of Brand Anouk got to know about it through Bold is beautiful campaign.”
Myntra which boasts of a massive social media presence seems to be an advocate of the convergent media space. It believes that people are gradually diverting to the web which is changing the demography of the current Indian market. He also states that age doesn’t matter in the consumption of mobile or social space. He states, “Since mobile penetration is the highest today, mobile is no more metro. Mobile has more penetration than television in the current times. While Social Media is a part of popular culture, it is no more about demographics. It has got engrained with the popular culture irrespective of your age. It is one thread which binds all.”
With many other plans in the pipeline on the same lines of Bold is Beautiful, they have strategies for the festive season too where they are planning to launch an exciting range in the month of October- November.