Online clothing e-commerce giant MYNTRA is like to shutdown its website from may 1st..
Reports suggests that Myntra will shut its website from May 1 to become a mobile app-based retailer, a source related to the matter told The Times of India.
Fashion retail website Myntra is expected to shut down its website in favour of moving all operations to its mobile app, according to a report in The Times of India. Myntra was acquired by Flipkart last year for a sum of Rs 2,000 crores.
Myntra pulls 80% of its traffic from the mobile app and 60% of sales through its mobile application.The company is planning to acquire 90% of the sales by the end of the year ,when that happens it is likely to shut down its website myntra.com according to the sources circling around .if this happens then myntra will be the first e commerce site to shift from web to app market.
According to Mukesh Bansal, co-founder of Myntra and CMO of Flipkart, the growth on the mobile platform has been rapid because fashion shopping is quite impulsive. Myntra is focussed on the mobile platform and will be making major investments on this platform going forward.
In the fashion category Flipkart/Myntra’s biggest rivals remain Amazon and Snapdeal. Amazon recently started the fashion category in India, whereas Snapdeal too is on course for a $1 billion in sales under the fashion category.
After electronics, fashion is the category which makes the most moolah. It accounts for nearly 30% of the GMV according to a report from Morgan Stanley.