Online transactions pertaining to fashion shopping set to double by 2020

Mumbai, March 14, 2018: Myntra today shared key insights on the fabric of fashion in India, based on comprehensive research and acumen of the segment. Senior members from the management, including, CEO, Ananth Narayanan and CMO and Head of Jabong, Gunjan Soni, presented rich industry, market and consumer analysis, at the India Fashion Forum event held in the city.

The fashion and lifestyle industry in India is witnessing a surge, with strong drivers of growth and a host of other factors resulting in its progress. Pegged at $100 billion and growing at a CAGR of 8-10% offline, the segment gradually seems to be embracing online as the channel of the future, evident from a projected penetration of 15-20% over the next 5 years, from the current 4%.

Speaking on the occasion, Ananth Narayanan, CEO, Myntra-Jabong, said, “The penetration of online shopping which is currently at 4% will go up to 10 - 15% over the next 3 to 5 years. This will be driven by both proliferation, access to data and the consumer becoming more comfortable with online experiences. A customer typically went through a 3-5 year cycle from the moment of his first digital experience till he was comfortable buying products online; however these time frames are getting compressed. Going by this trend, the ecommerce sector could be as high as 50% of the organised retail market in India over the next 3 years.”

Gunjan Soni, Head of Jabong and CMO-Myntra, said, “Our country is going through interesting time and is on verge of changing cultural discourse. This diversity presents to us huge opportunity to reach out to these consumers in innovative ways on the backdrop of changing consumer lingo. There has been a 63% increase in the number of people who are using GIFs and emojis in the last one year. Personalisation is another such emerging trend, during EORS we created 50,000 personalised FB videos of the TVC which resulted in 20% increase in completion rate. Through our research we identified 10 key fashion segments, like Urban TrailerBlazers who are movers and shakers of India, GenZ who are overindexed on fast fashion in their fashion choices. Some of the emerging categories and trends to look out for will be sustainable fashion, handloom products, active wear, personal care etc..”