Portal for fashion and lifestyle products Myntra.com today said it is aiming to double turnover from e-commerce business to Rs 800 crore this fiscal by investing in brand promotion and penetrating in smaller cities.
“We are targeting to double our turnover from Rs 400 crore in 2012-13 to Rs 800 crore in 2013-14,” portal’s co-founder Ashutosh Lawania told reporters here today.
Myntra.com offers over 500 products of leading fashion and lifestyle brands such as Nike, Adidas, Puma, Lee, Levis, Arrow, at its website for sale.
E-commerce market in India for physical products including apparels, shoes etc is expected to reach Rs 35,000 crore by 2016, he informed adding that currently 35-40 lakh buyers in the country purchase through online.
“We will be investing about 8-10 per cent of our sales in our brand promotion to develop our market. Moreover, our focus will also be on tier-II cities to deepen our presence in the online space,” he said.
Myntra.com, launched in 2007, has recently raised $65 million through venture capital route for expansion, he said.
Delhi and NCR region accounts for about 15 per cent of its total sales with website selling 15,000 products per day.
“Our study reveals that over 70 per cent of our shoppers are male but women shoppers are soon catching up and the average age of these shoppers is 25 years,” he said.
The company has recently launched exchange policy for its products to enable customers to replace their products with another one, he said adding that the company has already been offering cash on delivery and 30 day return policy.
“At Myntra, we are continuously striving towards building consumer confidence in online shopping by providing relevant fashion solutions to the shoppers and making online shopping easier for them. One such example is the recently launched Exchange Policy in some key cities such as Chandigarh, Mohali and Gurgaon,” he added.