Flipkart buys Myntra
23 May 2014
- In 2014, Myntra.com got acquired by its biggest competitor and India's largest retailer Flipkart.com.
- Both companies were to continue their function as independent entities.
- The acquisition was being pinned at $300 million; however neither of the players had disclosed the exact amount.
- This came as a direct reaction to Amazon's' entry into the Indian e-retail market.
Myntra to go the app way
11 May 2015
- In a bid to give its users a better and more personalised retail experience, Myntra had divulged its plans of shutting down its website and going 'app-only' from 15 May this year.
- This move was to facilitate Myntra's users' privacy by making it more secure.
- It was regarded as highly controversial but Myntra said they will make up the loss they will incur.
Mixed reactions for Myntra's app-only decision
- Myntra's decision to go app-only wasn't a favourable one with many of its users but the company remained optimistic about the decision.
- Myntra had claimed that 90-95% of their traffic came through the app and they were expecting a 10% drop in their sales while taking the decision.
- However, the company was hopeful of recovering their losses within coming weeks.
Flipkart to go Myntra way - app-only
8 Jul 2015
- Two months after Myntra shut its website down in a highly controversial move, Flipkart, the parent company of Myntra and India's largest online retailer has announced to follow Myntra's lead and go app-only.
- The company's chief product officer Punit Soni announced that Flipkart will operate only through mobile application, September onwards.
- The company has 45 million registered users with over 10 million daily visits.
Customers warn Flipkart against going app-only
8 Jul 2015
- After Flipkart announced its decision to shut down its website in September, Twitter burst with people calling this a stupid move to go app-only.
- Many of Flipkart's customers tweeted that they were repeating Myntra's mistake.
- One user tweeted, "@Flipkart i like you, but not a good move going app only. How do you expect me to compare 4 TVs on a mobile screen?"
While for Myntra, 90-95% traffic came from mobile platforms, only 75% of Flipkart’s total visitors are from mobile platforms. This move can make Flipkart suffer from deeper cut in sales which might induce more pain!
Flipkart re-introduces its mobile website
10 Nov 2015
- Taking a U-turn on its app strategy, Flipkart has decided to reintroduce its mobile web option named as Flipkart Lite.
- Flipkart has joined forces with Chrome and Opera to create this first-of-its-kind site and intends to take on Firefox as well.
- Flipkart Lite is expected to allow consumers to use Flipkart directly from the links on social media and other websites.
App-only no more! Myntra relaunches mobile website
1 Dec 2015
- Myntra has relaunched its mobile website; only some popular sections like shoes, shirts, dresses etc. have become live.
- Myntra had become app-only in May this year.
- Customers can checkout the products on the website (both iOS and Android) but can purchase only on the app. The desktop version however, still points to the app.
- It is said that Myntra's app-only strategy had backfired.
Myntra to cut discounts to become profitable
29 Jan 2016
- Even though, Myntra recorded a $800 million revenue in January 2016 (70% jump from last January), the online fashion store is looking to slash discounts and curb supply-chain costs.
- Myntra announced that discounts will be cut by 3-4% points and number of discounted products across its platform will be lowered in order to "turn profitable by the end of next financial year".
Myntra to re-launch desktop app from 1 June
4 May 2016
- Fashion e-tailer Myntra took a u-turn on its decision to go app-only, and will launch its desktop website on 1 June.
- Myntra said that the decision was based on consumer feedback.
- The company's mobile app had over 10 million downloads, Myntra stated that women customers wanted to have the choice of shopping across all channels.
- Myntra will also foray into jewellery and home furnishing.
Flipkart to go app-only; is it committing the same mistake as Myntra? | Latest News & Updates at Daily News & Analysis
Myntra to cut discounts, supply-chain cost to turn profitable by next fiscal | Latest News & Updates at Daily News & Analysis
PC:'The Intel Ultrabook reference design with touchscreen showing a shopping scenario.' By Intel Free Press
PC: 'Sales, solden soldes....' by Roger Price - Flickr: Sales, solden soldes..... Licensed under CC BY 2.0 via Wikimedia Commons