Fashion e-retailer Myntra is reportedly planning on shutting down its website by the end of this year, and shift its focus solely to its mobile app, TimesofIndia reports. Such a move will be the first instance that an online retailer changes its business model to mobile-only. Also Read - iPhone 11, iPhone XR up for grab with massive discount on Flipkart Big Saving Days saleAlso Read - Flipkart Big Saving Days sale begins: Pixel 4a, Realme X7, Samsung Galaxy F62, more on discount
As per the report, nearly 80 percent of Myntra s traffic comes from mobile, while 60 percent of its sales are on its mobile app. The company expects this number to grow to nearly 90 percent by the end of the year, and that is when it is likely to phase out its website. Also Read - Flipkart Big Saving Days smartphone deals: Pixel 4a is star of the show once again
“Shopping for fashion is largely impulse-driven and that’s why the vertical has done so well on the mobile, Mukesh Bansal, co-founder Myntra & CMO at Flipkart said. We are 100 percent focused on mobile and making all our investments on the platform going forward.”
The fashion portal was bought by Flipkart last year in a deal reportedly in excess of $300 million. The company is on course to double its revenues to Rs 2,000 crore in this fiscal year. It currently has over 100 sellers on board, selling products from over 650 brands. Going forward, the company also aims to increase its seller base to over 1,000.
In addition to the booming ecommerce scene in India, the m-commerce industry too is rapidly on the rise. Earlier this week, China s Alibaba marked its entry into the Indian market by acquiring a 25 percent stake in m-commerce platform Paytm. The deal is reportedly believed to be worth $575 million.