“India’s future shopper will be a mobile-first consumer,” said Amar Nagaram, head of Myntra-Jabong, at a panel discussion with retail industry stalwarts during the 20th India Fashion Forum (IFF) held in Bengaluru recently.
Flipkart-owned fashion etailer noted that the Myntra app has been ranked as one of the most viewed apps in the country alongside Whatsapp, Instagram and Tiktok, making m-commerce the future of Indian fashion retail.
“Data shows that each viewer spends an average of 22 minutes per session on the Myntra app,” said Nagaram.
India has the world’s largest population of millennials in absolute terms accounting for nearly 34% of the country’s total population with 440 million falling in the age group of 18-35 years, according to a study by consulting firm Deloitte. Increased digital activity in this age cohort has changed the shopping behaviour of the country in the last five years.
“Two out of three Myntra users in a physical store are firing the app to compare pricing. One in six consumers are buying from the app,” said Nagaram.
About two-thirds of Myntra’s revenue comes from apparel, followed by footwear, accessories and recent addition in kids wear and personal care. Currently, the app counts Karnataka, Maharashtra, NCR and Uttar Pradesh as its biggest markets. The consumer is not restricted to the top metros. Myntra’s ‘Big Fashion Days’ sale held during the recent festive season recorded 56% sales from Tier 2 and 3 cities.
Predicting consumer want in the next five years, Nagaram noted that about 90% of the consumers in India are expected to primarily access internet through mobile phones. Online fashion users are expected to grow to 200-250 million in the next five years, driven by growth in Tier 2 and 3 cities. Consumers will demand greater access to brands at affordable prices, easier payment methods, personalisation, and specific fashion services such as assisted sales and shoppable videos.
“While consumption will be dominated by tech-savvy millennials and Gen-Z, over 80% of incremental shoppers will come from the rising middle class. Nearly 70-75% of incremental fashion shoppers are expected to come from Tier 2 and 3 cities,” he added.
The two-day fashion retail event moved its venue from Mumbai to Bengaluru for the first time. Other speakers at the forum included Akhilesh Prasad, President of Fashion and Lifestyle Business at Reliance Retail, J Suresh of Arvind Fashions, Shital Mehta of Max Fashions, Vineet Gautam of Bestseller India and Sanjeev Mohanty of Levi Strauss & Co.