Myntra, the online fashion portal, has rolled out a social shopping update prior to its 6th End of Reason Sale, which will start from June 24, 2017 and end on June 26, 2017. Myntra Shopping Groups will give an extra discount of 15% with a validity of 6 months after the sale ends.
Fraction of the Flipkart group, the online fashion portal anticipates 4 Lakh new users to log in at the 3-day sale naturally timed prior to End of Reason Sale throughout offline stores.
“A 50–80% of discount has always been our trump card for the End of Reason Sale as roughly all brands provides sales at this time. Looking at the big picture, the January and June End of Reason Sale gave 20% to Myntra–Jabong combined yearly gross merchandise value for 2016–2017,” claimed Chief Executive of Jabong and Myntra, Ananth Narayanan.
Myntra–Jabong posted a gross merchandise value of $1 Billion for 2016–2017 and is aiming $1.4–1.5 Billion for this fiscal year.
“We suppose about 45% development over past year and 25x times jump in income from what we do on a normal day. We anticipate about 5 Lakh individuals to be a fraction of this Myntra Shopping Groups,” he claimed.
During the sale event, Myntra anticipates private labels to contribute for 21% of trade while on non-sale days the percentage of sales approaching via private labels on the website is near to 25%. Myntra has also rolled out its private labels on Jabong commencing in early 2017, counting brands such as HRX, Roadster, Anouk and many others.
Jabong’s private labels are expected to give 7–8% market share of sales. Overlap of users among the 2 portals is presently at 27%, making a distinguished audience. Almost 1,800 brands will be a fraction of the End of Reason Sale.
Back in April, the company also grasped a full-price sale. “The motive is to lower discounts at the time of the actual season for the collection, while End of Reason Sale agrees with the end-of-season sales for different companies,” claimed Narayanan.