We all saw a lot for offline stores going online in order to compete with the online retail chains, however, of late we have been witnessing online stores going offline as well. With Pepperfry, Urban Ladder, Roadster and a lot of such online ecommerce ventures setting up their offline stores, a new trend is developing in the ecommerce industry. If reports are to be believed, the latest entry into the offline space is Myntra.
Flipkart-owned online fashion marketplace Myntra is planning to step ahead with its O2O (online to offline) strategy. After opening its first offline store in Bengaluru for Roadster in March 2017 Myntra is now setting up the stage to open offline beauty and wellness stores as well.
Reportedly, Myntra currently sells more than 100 beauty and cosmetics brands, including MAC, Clinique, Bobbi Brown, and Estee Lauder, on its ecommerce platform. The company is now planning to sell all these products via a chain of multi-brand physical stores.
Myntra has previously tried a lot of business strategies. In 2014, Myntra first planned an app-only strategy. However, startup soon ditched it and reverted to the desktop version once again. Post that, Myntra made headlines when it launched its first offline store in Bengaluru for ‘Roadsters in March 2017’. Earlier in August 2016, Inc42 reported that Myntra was planning to launch its offline stores, following the omni-channel strategy with private brands-Roadster, HRX, and All About You. And finally now the news is doing rounds about the setting up of offline stores for its Beauty and Wellness brands.
While Indian ecommerce is still said to be a billion-dollar market, far away from saturation, to an extent it has become more a battlefield for deep-pocketed players like Flipkart, Amazon and Paytm than a level playing field. This has forced other players to look for new growth avenues and expand into different verticals. Also, despite the growing internet-leveraging population, a major chunk still prefers to buy offline. The beauty and wellness industry is no different.
Thus, Myntra will definitely have a plethora of opportunity to cash upon in the Indian offline beauty and wellness segment worth over $35 Bn. However, at the same time, the company will have to face both direct and indirect competition from existing brands such as Lakme, Body Shop, FabIndia, Mac and more.
The scenario will be much more clearer in the days to come and we as the end users will be able to leverage the benefits of both online and offline services provided by Myntra.