Myntra’s latest edition of the Big Fashion Festival (BFF) registered 390 million customer visits, a 15% drop from the 460 million recorded in the previous year. Despite the decline in traffic, the e-commerce platform claims to have onboarded over 1.5 million new customers, with 80% of them coming from non-metro, — tier-II and tier-III markets. Last year, the company had said that 42% of overall festive demand came from non-metro cities.
Myntra also said it expanded its brand offerings this year, featuring over 9,700 brands, an increase from the 6,000 brands included in last year’s edition. This marks a 61% increase in brand participation. Categories it claimed to have witnessed increased demand in included women’s ethnic wear, men’s occasion and casual wear, and sports footwear.
In addition, the beauty, personal care, and home furnishings segments experienced 1.5x growth in demand compared to last year’s BFF, it added.
The platform’s Gen-Z-focused fashion destination, FWD, witnessed a 2.5x increase in customer acquisition compared to business-as-usual (BAU). The men’s Gen-Z fashion category registered a 3.4x jump in demand over BAU, it claimed. In terms of payment behaviour, Myntra reported a 9x increase in credit card transactions during the BFF event, while the Myntra-Kotak co-branded credit card saw an 8x rise in transactions on the first day of the sale compared to the previous year. Additionally, the EMI payment option through Bajaj Finserv and Simpl Pay-in-3 observed a 4.5x growth over usual rates, during the same period, it added.
In terms of Myntra’s logistics efforts, 75% of orders delivered by the end of the event were via its own last-mile fleet, and Kirana partners, which it said covered over 98% of serviceable pin codes across India.
From: financialexpress
Financial News
