Bangalore: Due to the latent demand in the season earlier on, most of the inventories of the brand has been sold out, said the chief executive of Myntra, Amar Nagaram.
He further added that the fashion industry has made a comeback in the fashion industry, as you get a feel-good factor at a point of a lower price than any big-ticket size item, like the pre – covid time travel.
Flipkart owned fashion market place was induced by this to get hold of the top fashion brands like Nike, Pima, Biba, Max fashion and so much more. Myntra is transitioning the focus from inventory clearance and discounts to a work from home wear and the impending winter clothing with some glittering design inputs to allure and increase consumption, that is scheduled to take place from December 20-24.
Myntra also wanted the brands to bring out some special merchandising units for the end of the season sale with alluring designs included into lounge and activewear, which helps to cut costs and can sell at a reasonable price and reach out to the appropriate consumer with some investment unlike before.
Nagaram also added that in addition to clearing inventory and selling at discounts, the pricing of winter season merchandise will be very alluring.
Amidst the pandemic, socialising has been limited, comfortable winter clothes in the form of activewear, sweatshirt, and other dressing essentials like Jewellery and watches have gained suction this quarter, as per the company.
50 new brands like Smashbox, Glamglow, Pothys and Decathlon has been added to the list of 3000 participating partners to be accustomed to the fresh needs of the customers amidst the pandemic.
The EORS would be expecting 40 million visitors in a five day sale period with 4 times of a demand increase and 1.5 times of the last winter edition. Half of the contribution would be expected to appear from the tier 2- 3 markets.
Nagaram added that they plan to achieve over one million new customers from the EORS. Previously it was a spike from tier 2 and 3 markets that would be in the times of events and all of a sudden go silent.
The current year has seen steady growth for Myntra, in contrast to the 9000 orders per minute in the previous year, they do posses the technology to obtain 20000 orders per minute with more and more conversions expecting to take place.
Myntra during the EORS in June took into account the increase in the number of customers from 2 and 3 tier cities- the highest as of now- that indicates the transition in the behaviour of the customer and a preference for online shopping in the middle of the lockdown.
This was the first online sale made after the covid -19 lockdown that was being seen by brands to get the first wave to normal and get back shoppers.
Carrying out a move in a sustainable covid wave, a third of the EORS orders would be delivered in a paper bag packaging instead of plastic and nearly half of the orders will be shipped from solar power enabled fulfillment centers in places like Bhiwandi and Bilaspur. The Marketplace would be expecting a ship of 1.5 crore items by week 1 of New Year.