Flipkart owned Myntra, one of the biggest fashion portal in the ecommerce industry plans to put smart technology to use for enhancing user experience and thereby drive growth and turn profitable the coming year. It is aiming to bet on artificial intelligence to drive growth during the next fiscal year.
According to report published by Reuters , India’s ecommerce industry is expected to grow to $188 billion in a decade’s span since more and more people would be going digital, putting their smart phones, PCs and laptops to more use. It is important to mention here that India is also the world’s fastest growing internet services market.
While in the initial launching year Flipkart and Myntra focused on offering discounts to get traffic, now they are trying to enhance their products and consumer experience to capture the Indian market.
Ambarish Kenghe, who is the head of product at Myntra said, “Enhancing consumer experience through technology is the key to drive long term growth”. The company is now making use of customer data to create personalized stores and by adding clothing lines that are based on the latest fashion trends in the industry.
Myntra will also be launching a mobile app-based chat support service next week to enable its consumers and brands available on their portal to interact so that the experience and products could be further personalized for shoppers on Myntra.
The executives aim expect to turn profitable in the fiscal year 2017-2018 and have been aiming to double Myntra’s annual gross merchandise value (GMV) to $2 billion by March 2018. Their current GMV is $1 billion. However, the Bengaluru-based company declined to share the actual revenue number.
Article By: Sonam