Omni-channel is the mantra for most brands and retailers. And with etailers now opting for offline stores integration of both is key. As Abhinav Yajurvedi, Senior VP, Myntra points out the ecommerce experience is specifically built for the English-speaking crowd but the next set of users is not going to come from this set. Therefore, these experiences need to change dramatically and over the next four to five years, the focus will be on building local experiences.
Myntra, is focussed in that direction but there is a long way before local experiences can be integrated on the platform. Myntra currently has 20 million active users but this is just the start. His belief is that in the next four to five years the brand will reach 700-750 million users. He says the brand expands to Tier II-and-III towns, regional and omni-channel experiences will take the front seat. These would be enabled by technology, and not just ecommerce.
As per him cash on delivery is back to pre-demonetisation level. While digitisation is the way forward, CoD is not going to go away anytime soon because the country is conditioned in a certain way. The company is building its digital experience around payments. However, payments, despite being digital, is the most friction-full experience in ecommerce and a lot of innovation is happening to streamline payments.
Talking about the integration and seamless delivery of its numerous experiences to its customers he says that leverage Oracle Service Cloud to integrate all customer interfacing channels. Being the early adopters of Oracle Service Cloud and have been using it for four and a half years. Myntra has grown at about 6-8 per cent Y-o-Y over the last five years and today, the brand is the market leaders in the fashion ecommerce industry.