Myntra adds three news sellers

Fashion retailer Myntra has added three new sellers on its platform. So far it had just one. This seller, Vector e-commerce, re­ported revenues of Rs 1,747 crores for the year ended March 2016, an increase of about 40 per cent from the year-ago period. At least one more seller may be added by the end of this fiscal year.

Myntra has taken this step to comply with laws that allow FDI in online marketplaces but cap the contribution of a single seller to 25 per cent of a marketplace’s overall business. Since India has barred direct online retail, e-commerce firms have complex structures that involve separating their businesses into independent entities. In this case, Myntra’s holding company, Myntra Designs, sources products and sells them to its sellers, which in turn sell them to customers on Myntra.

The acquisition and turnaround of Jabong and the recently concluded festive season led the company towards a 80 per cent year on year growth with a revenue run rate of a billion dollars. For customers, Myntra is leveraging artificial intelligence and machine learning for a personalised shopping experience, better product discovery and assisted buying.