Going by the Times of India report, Myntra will shut down its Internet website from May 1 to become a wholly mobile app-based e-commerce retailer as 60% of its business revenue comes from the mobile app route.
Fashion retailer Myntra was taken over by Flipkart last year coughing out Rs.2,000 crore. The fashion retailer is hoping to reach 90% revenue from the app route by the end of this year.
Mukesh Bansal, co-founder of Myntra, attributed the decision to the fact that fashion shopping is impulsive and routing them through smartphone app is a logical way to increase revenue. Currently, Myantra’s yearly sales or gross merchandise value (GMV) stands at around Rs.2,000 crore.
The emerging rivalry for Myantra comes from Amazon, which has forayed into the fashion category recently in India. Another rival is Snapdeal that is well on course to make its first $1 billion in fashion category sales.