One of the biggest e-commerce platform, Myntra which caters to diverse fashion tastes, making it a one-stop-shop for all things stylish.
Recently, Flipkart backed Myntra is testing a fast delivery, service called “M-Now” in specific areas of Bengaluru. This service promises delivery within two hours and is currently available in a few pin codes in Bengaluru. The selection of products is limited as they are testing how well the service works.
In the year 2022, the company already launched express delivery called “M-Express” to deliver products within 24-48 hours of ordering.
“We launched M-Express earlier, towards enhancing the customer-experience with regard to speed and have been experimenting with a pilot for faster delivery in a select few pincodes. We will look at expanding it further based on the insights gained, before launching it formally,” a Myntraspokesperson told PTI.
Today many companies are joining the race of quick commerce and Myntra, second largest e-commerce platform, stands out as one of the first fashion-focused platforms to join the quick commerce trend with M-Now. With a large user base of around 40 million customers making annual purchases, Myntrahas seen significant growth in revenue.
In March 2024, Myntra received $54 Mn fund infusion from Flipkart. Company’s revenue for the fiscal year 2022-23, from operations rose by 25% from Rs 3,501 crore to Rs 4,375 crore.
However, the company’s losses expanded by 31 percent during the same period from Rs 598 crore to Rs 782 crore on the back of higher expenses during the fiscal year.
Quick commerce, the rapidly expanding sector of instant delivery services, is experiencing significant growth as more platforms embrace its convenience. Companies like Myntra are venturing into this space, offering swift delivery of products like beauty and fashion items.
