Myntra ended FY24 in style by posting a profit of ₹31 crore and swinging into the black from a staggering loss of ₹782 crore in the previous year. With the launch of M-Now, a quick-commerce service that promises delivery in 30 minutes to two hours, the fashion e-tailer is cashing in on a new trend.
M-Now is probably more a need than a choice. The fact is q-commerce players are widening their assortments to include not just innerwear and athleisure but also top and bottom wear and kidswear. In fact, Blinkit, Zepto and Instamart are offering ethnic wear in alliance with FabIndia and Manyavar. That puts the fashion e-tailers in a bit of a spot.
But Myntra is in a good place. As Kruthya Madappa, Partner, 3One4 Capital observes, scaling D2C and international brands on the platform has helped it gain market share in the last 12-18 months. Their contribution has grown from low single-digit percentages in H1 of 2022 to about 10-15% in 2024.
"Myntra Beauty, in particular, has reported about a 3x growth," Madappa points out. That would help in the q-commerce space too.
In general, as Anand Ramanathan, partner, consumer products and retail sector leader, Deloitte, says q-commerce is becoming crucial for fashion retailers as consumer expectations are evolving as are market dynamics. "Modern shoppers demand fast and convenient shopping experiences," he observes.
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