Nandita Sinha, CEO of Myntra, a leading e-commerce platform, has revealed that non-metro cities are experiencing a surge in new e-commerce users at a faster pace compared to their metro counterparts. Sinha stated that while metro areas contribute significantly to their business, a substantial number of new users are emerging from non-metro regions, spanning across various categories, not just limited to fashion. Surprisingly, even traditionally metro-driven propositions, such as international brands, are gaining traction in non-metro areas. Sinha shared that approximately 40% of their international brand business is generated from non-metro cities.
Sinha expressed her belief that over time, the consumption patterns of both metro and non-metro areas will align, indicating the rising purchasing power and evolving consumer behavior in non-metro cities. Since assuming the leadership role at Myntra, Sinha has focused on curating a diverse and extensive range of products to attract more consumers to the platform. This strategy is implemented amidst a challenging economic climate characterized by inflation concerns and a sluggish job market, which have impacted household incomes and discretionary spending.
Acknowledging the overall slowdown in consumption, Sinha highlighted the ability of e-commerce platforms, including Myntra, to assist consumers in discovering new selections and thereby creating pockets of growth. The company’s primary goal is to introduce fresh and enticing choices and enhance customer experiences. Sinha attributed the success of Myntra’s strategy to the launch of international brands in the fashion and beauty segments. Despite the tepid macro environment, Myntra aims to fulfill consumer demands and preferences through innovative propositions.
Sinha emphasized the accelerated growth of the beauty segment on Myntra, outpacing the broader market. Additionally, the time spent by consumers on the Myntra app has tripled compared to the previous year, indicating the platform’s increasing engagement. Looking ahead, Myntra anticipates a boost in consumption with its upcoming End of Reason Sale (EORS), an event eagerly awaited by consumers. Sinha stated that consumers view the EORS as an opportunity to expand their wardrobes, explore new brands and categories, and enhance their shopping experiences.
Since taking the helm at Myntra, Sinha has been focused on curating a diverse and differentiated selection of products to cater to the evolving needs and preferences of consumers. This approach is particularly crucial given the challenging economic climate, with concerns over inflation and a subdued job market impacting household incomes and discretionary spending. By offering a compelling range of products and experiences, Myntra aims to provide value and affordability to its customers, regardless of the macroeconomic conditions.
Sinha noted that despite the overall slowdown in consumption, e-commerce platforms, including Myntra, have the potential to drive growth by helping consumers discover new selections. Myntra’s strategy of introducing international brands across fashion and beauty segments has paid off, attracting a growing customer base. Sinha emphasized that the company’s focus is on creating appealing propositions to meet consumer expectations, even in a tepid macro environment.
The beauty segment on the Myntra platform is experiencing remarkable growth, outpacing the broader market. Furthermore, the time spent by consumers on the Myntra app has tripled compared to the previous year, indicating increased engagement and satisfaction among users.
Looking ahead, Myntra is gearing up for its highly anticipated End of Reason Sale (EORS), which is expected to further boost consumption. Sinha revealed that consumers are eagerly looking forward to this event to expand their wardrobes, explore new brands and categories, and take advantage of exciting offers. The company anticipates attracting a staggering 15 million new visitors from non-metro cities alone during the EORS, underscoring the rising influence and purchasing power of non-metro consumers in the e-commerce space.
The company expects the EORS to attract a staggering 15 million new visitors to the platform from non-metro cities alone, highlighting the growing interest and participation of non-metro consumers in online shopping. With its customer-centric approach and focus on meeting evolving consumer preferences, Myntra aims to tap into the immense potential of non-metro markets and cater to the diverse needs of consumers across India.
