Digitization has contributed to the growth of e-commerce companies. Fashion and lifestyle industries have seen a good response in online shopping and customers tend to buy products because they get to see variety of products in their desired price range. Indian online fashion market is expected to reach $14 million by 2020.
Another main reason for online shopping is the discounts users get during special sales. Flipkart rules the market with Jabong and Myntra and global Amazon is trying hard to beat Flipkart. Amazon Fashion hosted Wardrobe Refresh Sale during June 21-24 and Myntra came up with End Of Reason Sale during June 22-25 and the competition was very close. Let us have a look at main features of both the sales:
- The sale offered products from over 500 fashion brands.
- Around 70 percent of the total customers were from a tier 2 and 3 towns.
- Brands such as Puma, United Colours of Benetton and American Tourister saw a growth of 3 times.
- The sale reported 2 times growth in new customers shopping on Amazon.
- The sale covered 100% serviceable pin codes in India with a very wide outreach.
- Amazon Fashion exclusives close to 6 times.
Amazon is expected to start its Prime Wardrobe in India soon in which it will bring the fitting room directly to the customer for trial before purchasing.
Myntra End of reason sale
- The sale had over 6 lakh styles from over 2500 brands
- Over 500K new customers were seen on the platform.
- Over 8 times sales were seen as compared to normal days.
- 50% of the total sales came from tier 2 and 3 cities.
- Myntra processed 389 orders per minute on an average during the sale.
- Sports category dominated the sale at 17%.
- Over 2.8 million orders placed over the four-day sale
With the growth in apparel market and increase in the number of online market, such sales will continue to dominate the fashion and lifestyle industries. Coming few years will be very interesting as the time will come when only giving discounts will become less effective.
What do you think about this? Do let us know in the comments.