Myntra Scripts A Success Story
The recently concluded “End of Reason Sale” at Myntra seems to have pulled off well for the company.
As reported by the Hindu Bussiness line, Myntra, has achieved (In fact, exceeded) the expected target of achieving 20X daily sales.
Online fashion store Myntra had earlier tested this concept in the year 2014 with success but had encountered lots of hiccups due to unprecedented traffic and sales. They had earlier unprepared in terms delivery of the orders as well. This had led to several cancellations at their end. Not to mention, had to face the ire of several disappointed customers.
However, this time, they have learned from their previous mistakes and had well –prepared in all aspects.
The Fashion retailer had also tactically promoted the ‘CEO deliveries’ concept, in which CEO of the Company, Ananth Narayanan, worked as a delivery person alongside the other delivery people.
As per reports, Myntra has managed to sell over 3 million products in the 2-day event which ended on 3rd of July. Thirty percent of the sales happened from new customers, the company claimed.
With over 1 million new app installations, the company which had recently decided to switch back to the desktop version has managed to do well with Mobile app business as well.
As a side note, Myntra holds the “End of the season” sale twice every year and this time too, it will follow the tradition.
What is also more interesting to note is, the sale has happened after the union government had put riders that barred e-tailers from offering discounts to lure the customers.
However,all the e-commerce companies including Flipkart, Myntra, and Snapdeal have found a way to overcome this by claiming that the discount was actually offered by the suppliers and not themselves. Amazon has even gone a step further by reducing the supplier listing fee to recover the loss incurred by them.
Buoyed by this success, it should not be any surprising if other e-commerce giants once again go back to this strategy of offering heavy discounts every festival season.