Myntra Aims At Achieving Higher Profits By 2017-18
Myntra.com, the fashion e-commerce company owned by Flipkart aims at maximising their profits by the end of March 2018. It is one of the biggest selling online fashion brands in India. They have a great collection of shoes, shirts, trousers, belts, and many other accessories.
The company marked 1 billion dollar revenue by the end of 2016. As per sources, The Company was planning to achieve more than the 2 billion dollars mark, but it missed achieving the number because of the recent demonetisation process initiated by the Honourable PM Shri Narendra Modi.
It has, therefore, reworked their goal and is very keen in achieving the 2 billion dollars mark by the end of March 2018. According to the reports, the company’s profits fell from 100% to 50% on a year on year basis by the end of 2016. The Myntra app has the maximum number of downloads on Play Store in the online fashion category.
The immense popularity of Myntra.com in the online space is forcing the management to take bigger decisions that can create maximum profits in the coming year. There are many decisions made by them company to decrease the discounts on many fashion products to achieve the 2 billion dollars mark.
In addition, Myntra is going to add many new brands and products to attract many new customers. Myntra’s Parent Company Flipkart recently had bought Jabong.com for a price of 70 million dollars. This recent acquisition of its rival is showing an upward movement in sales and revenue for Myntra.
It owns more than 200 brands out of which 20 top brands that have great customer followers of 2 million people. This significant reach to the people is mainly because of a great use of Artificial Intelligence Technology.
It is a lot easier for customers to shop with Myntra as they have a great user interface and the products displayed on the app or website look neat and clear. The pricing seems to be good and there are quality products available on sale all the time.
The company has clearly stated their strategies in achieving the big target. The products now will be available at a lesser discount and there will be an inclusion of new branded clothes. There will not be many changes to the technological upgrades, except for few changes in the mobile app.
A great e-commerce website is aiming at reducing discounts to maximise their profits. The fashion brands available in the company are just huge. You can select from a range of more than 200 fashion brands. You can select from various categories such as shoes, jackets, blazers, and more.
Even though the company sells the products at a reduced discount, there will be more customers buying their products because of the quality and diversity it offers. The 2 billion dollars mark seems to be an achieving task for the company and we hope that it continues to impress the customers.