Recently, a big deal has done in Indian
E-commerce Industry, Flipkart which is one of the leading online e-commerce brand
in India has acquired Myntra.com fashion online retail brand. As both brands Flipkart
& Myntra.com incorporated in India 2007.
Acquisition Journey by Flipkart.com:-
Ø WeRead in 2010 (Social book Discovery Tool).
Ø Mime360 (Digital Content Platform) and Chakpak.com (Bollywood
News Site) in 2011.
Ø Letsbuy.com in 2012.
Ø Myntra.com (Fashion retail brand) in 2014.
E-commerce trend is growing in India and number
of consumers are being increasing in online shopping due to Smartphone users as
well as internet users are being increasing too simultaneously. Today total
e-commerce market in India $2 billion appx and is expecting to whop over $20
billion by 2020.
Key highlights, survey & analysis of E-commerce in India (Fashion Category):-
From the overall analysis, I would like to
carry on my concept & strategy on E-commerce is that must focus on strategy
“Convince + Convenience” towards
consumers/buyers. Because in India, consumer preference and psyche towards buying
any product is very different. Though, today consumers are buying various
product through online in specific category like books, computer &
electronics items, apparel, movie ticket etc. and however, it becomes an
essential to focus more on other categories where estimated sales ratio is not
moving.
Consumers are not ready to buy in-spite
of they are well-aware with online
buying system as well as availability of those branded products in better price
which they want to buy. Why? Because they
are not feeling convenience & satisfaction level compared to offline
buying.
You will find upright growth in categories
like computer & accessories items, books, movie tickets because target
audience know well about those items & having confident so, they will buy online
easily & regular base. Whereas other categories like fashion, electronics
items, eye care, healthcare, cosmetics, kitchen appliances etc. in which target
audience know that branded items available online in better price however they
are not ready to buy because of lack of convenience & buyers are not
getting physically touch & feel of those products. Buyers have to take
decision only on virtual & featured description base as it has given
online.
However, marketers are consistently trying to
cover market through online & increase consumers’ base. Now, Flipkart will
expand it fashion portfolio along with Myntra.com & targeted to invest
appx. 100 mn on fashion brands in order to lead in fashion category & rival
Amazon.com which has launched in India since 11 months.
There will be two core strength of Flipkart & Myntra.com after
acquisition:-
(1) Consumers satisfactory level is high by
providing prompt doorstep services with offered brands & replacement guarantee
as per policy.
(2) Myntra.com having extensive ranges of
fashion brands
There is vast opportunity & untapped
e-commerce market in India but the only significant role is to provide
conveniency towards target audience. Once they feel it, easy to convince &
they shall getting confidence during buying decision, as well consumers’
satisfactory level will become high automatically. 100+ e-commerce brands (sites)
are available globally but success & leading only few out of them.
Today, Consumers are focus not only price, quality & brand
but also desire convenience. Flipkart has vast opportunity in fashion category after
acquiring Myntra.com but the only need to be focus on convenience strategy by
offering innovative services. And, it can be threat for rivals Amazon.com,
Snapdeal.com, e-bay.com, jabong.com, yebhi.com etc.
Convince + Convenience = Success of E-commerce
