Indian fashion e-commerce market
art of technology
As experts point out, technology needs to be at the heart of the game. As a result, the platform claims to have created various solutions such as MyFashionGPT and MyStylist that solve the shopper's fashion inspiration while improving his end-to-end shopping journey. Additionally, the virtual try-on feature helped drive product consideration by 1.5x compared to products not listed in this feature, proving that technology plays an important role in fashion, the platform said. states. “Our ability to continually improve the shopping journey is our ace, and while establishing strong relationships with consumers who browse Myntra for fashion deals as well as inspiration and inspiration, we This is one of the pivotal reasons why we were able to launch the brand. Please help us,” added Krishnananda.
One of the key issues facing the fashion sector is that even in skin care, the skin care and makeup game as a whole, selling new products to consumers is kind of a challenge, as well as the high Return rate. The above is under trial. Here he claims that Myntra has created an interesting shopping experience for the beauty, personal care and grooming (BPC) sector. The convergence of AI-driven tools and social commerce has transformed the platform into a comprehensive destination for your fashion, beauty, and grooming needs. For example, the AI Skin Analyzer provides personalized skin care recommendations, resulting in a completion rate of over 70% for him and improved conversions. Additionally, BPC-specific cross-sell widgets can help drive demand by reflecting in-store nudges. Increased user engagement and convenience with dedicated entry points and personalized navigation for beauty and personal care. Additionally, AI-powered sales tools on the platform and collaborations with popular influencers through Myntra Mini have increased brand awareness and consumer engagement. “These strategic implementations not only improve the shopping experience, but also strengthen our position as a leader in technology-driven innovation in the BPC industry.”
Indeed, segmentation is a strategic move for Myntra and has contributed significantly to the growth of the business. They claim that this segmentation strategy allows them to cater to the diverse preferences of their customer base, thereby expanding their market reach and increasing overall demand. Offering products at different price points makes them more accessible to a wider audience and captures consumers from different income groups, Krishnananda said.
Building the customer experience – CX
In addition to acquiring new customers, it's important to generate loyal customers who return on the way to increasing profitability. This will help reduce customer acquisition costs, which is an important metric in the long run, and help build a healthy LTV (lifetime value). “We recognize that cultivating customer loyalty is built on a variety of parameters, including creating a holistic shopping experience that prioritizes user experience, convenience, flexibility, and perks. One of the key aspects that contributes to loyalty is our differentiated service in terms of fast shipping and hassle-free exchanges. Our two-day delivery proposition, M-Express, ensures timely delivery of orders. We have extended this service beyond metropolitan areas to ensure delivery of M-Express tagged items within 3 days,” said CC/CX, Myntra. said Santosh Kevlani, Vice President.
Additionally, it claimed that the style exchange policy provides customers with the convenience of shoppers being able to place exchange orders not only for different sizes, but also for products that are completely different from Myntra's catalog. As part of this, customers don't have to wait for refunds or credits. Moreover, the company's Supercoin system rewards its loyal customers, known as Myntra Insiders, through the accumulation of Supercoins for their loyalty over the years. “Our focus on delivering a seamless, personalized and rewarding experience has helped us build a loyal customer base and brand prominence,” Kebrani said. Ta.
Industry experts believe that in today's digital environment, CX doesn't just start after the purchase, but begins to shape customer perceptions even before they reach the platform. please think about it. The moment a potential customer encounters your brand through advertising, testimonials, or other organic brand engagement, their opinion begins to form. But there's a catch. This first impression isn't just about driving sales; it's also about planting seeds of loyalty. “Once a customer decides to engage with you, the experience they encounter becomes even more important. Everything from the user interface to problem resolution influences how they form their perception of your brand. A positive experience not only secures immediate sales, but also paves the way for lifelong high customer value.Personalization tailors the platform experience to each customer's individual preferences and needs. We take this even further and make our customers feel truly valued and understood, which means CX is at the heart of sustainable business growth,” said Arun, Chief Marketing Officer, Sprinklr. – Mr. Pattabiraman said.
Myntra, on the other hand, claims to leverage AI to provide users with a personalized and intuitive browsing experience. “Our app's home page has been meticulously designed to suit each user's preferences, ensuring a seamless navigation from the moment they enter. Whether it's exploring FWD fashion for Gen Z, or indulging in luxury at Myntra Luxe, you'll be presented with options that cater to your specific interests,” said Krishnananda.
Additionally, the company says this personalized experience also extends to the user's level of engagement with the app. Whether you're a value-conscious shopper or someone looking for premium brands, our homepage is tailored to showcase relevant brands, styles, offers, and trending widgets to keep your customers well-equipped. to help you make informed purchasing decisions. Additionally, the user journey is tailored to show regional styles and festivals cherished in the relevant regions. “For example, users in Punjab may see a Lohri-themed selection, while users in the southern region may see products related to Pongal. This adjustment will also apply to the search function. Personalization works at a cohort level, taking into account factors such as , past purchases, and the brands you interact with most,” Krishnananda explained.
For Myntra, these efforts have yielded notable results, particularly driving cross-selling opportunities and driving customer loyalty. The number of monthly active users (MAU) will reach 60 million during the 2023 Christmas season. According to Krishnanda, features like Vernacular Search will allow users to browse and shop in their preferred regional language. “Furthermore, our innovative short-form video content platform, Myntra Minis, enhances user engagement, drives video-driven discovery, and further enriches the shopping experience. Our photo feature ‘Spot it, get it ” allows users to click and upload trending photos they find in person or on social media to the app and track those trends. We leverage customer data about interactions on our platform to recommend and display relevant products and personalize her shopping experience,” he said.
loyalty to profitability
Earlier this year, Flipkart
The platform sees categories like beauty as a big part of its growth and plans to add new categories. “We have made strong efforts in the beauty space over the past three years, creating a strong brand assortment, industry-first innovations and attractive structures to effectively cater to the Indian beauty buyers. As our beauty business grows stronger and stronger, we are also moving deeper into categories such as home, decorative, and travel accessories, which complement fashion as a major category, which is our main focus. The move is aimed at diversifying our offerings and catering to a wider range of customers. Consumer needs are diverse,” said Sharon Pais, CBO, Myntra.
Featuring actor Anushka Sharma, the BPC (Beauty and Personal Care) focused campaign focuses on showcasing key differentiators and innovative sales enablement tools such as AI skin analyzer and virtual try-on. and are available across a variety of brands to enhance your shopping experience. “Highlighting the importance of personalized skincare solutions and integrating technology-driven solutions for ‘finding your own beauty’ has further increased the visibility of our Myntra Beauty.” ” she said.
For Myntra, the story doesn't end here. In fact, the increased spending capacity associated with the increase in first-time online shoppers, especially in his 2nd tier cities and his 3rd tier cities, is now providing the foundation for further expansion and growth of the company's business. “This dynamic landscape will continue to evolve, both from a product and service perspective, from offering choice from leading international brands, to accessing unique products from domestic D2C brands, to providing a seamless shopping experience. It gives us the opportunity to build around our customers' needs.” We are at the forefront of leveraging cutting-edge technology to revolutionize the end-to-end shopping experience through user-friendly UI/UX and after-sales services such as speed and easy returns and exchanges. . ” she explained. With this, Myntra claims to focus on strengthening the premium segment within categories such as home, sneakers, luggage and travel accessories, as well as related categories such as beauty.
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