The heart of the booming and palpitating beauty industry in India are the incredible e-commerce beauty platforms that have reshaped the way consumers explore, select, and experience products. According to industry reports, the online beauty and personal care (BPC) market in India is projected to be worth $6-7 billion by 2025, a significant slice of the overall $25-26 billion BPC market. This meteoric rise is fueled by technology-enabled tools, a diverse range of products, and the influx of global beauty brands through these Indian platforms.
THE RISE
E-commerce beauty platforms in India have experienced an astonishing ascent in a relatively short timeframe. Anmol Sikka, Director – Beauty and Personal Care, Myntra, provides a glimpse into Myntra’s journey and the industry’s transformation. Over the last three years, Myntra has been actively cultivating its beauty platform, achieving remarkable growth and scale, driven by the technology capabilities.
Sikka emphasizes, “Our vision has always been to democratize fashion through technology and make customers look and feel good, and beauty is a natural extension of that vision.” Myntra’s platform now boasts an impressive array of 1450+ brands, offering over 75,000 products, including 200+ international brands and 200+ direct-to-consumer (D2C) brands.
What’s particularly striking is the platform’s ability to tap into the burgeoning demand for new-age consumer brands such as Minimalist, WOW Skin Science, and MyGlamm. These brands have seen significant success on Myntra’s platform, contributing to a growth rate of 2-3X of online market growth this year, and a CAGR of 1.5X of the market from 2020-2022.
TECH-TALK
This story is from the September - October 2023 edition of Retailer.
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This story is from the September - October 2023 edition of Retailer.
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