Myntra saw 55 per cent of its orders coming from metros and Tier 1 cities in the beauty and personal care category, Nandita Sinha, CEO of Myntra, told businessline.
She added that products available on Myntra Beauty have grown three-fold from 2020, and the company plans on adding over 50 international brands in 2023. At present, Myntra has 1,400-plus brands on the platform with over 75,000 products in the beauty and personal care category. Myntra Beauty witnessed a CAGR of 1.5X of the market between 2020 and 2022.
“This year starting from the festive season, we have been witnessing 2X-3X of the online market growth rate. We are really excited to see all of our investments and the capabilities that we’ve built go forward. We are seeing the fruition of all of the hard work we’ve done over the last few years to drive critical scale on this category and be a gateway to brands across both international brands as well as new homegrown D2C brands,” she added.
Myntra aims to make 70-80 per cent of its women consumers (3 out 4 women consumers) on the app experience, Myntra Beauty, by the end of 2023. Sinha added Myntra has invested in creating technology-enabled assisted-selling tools for beauty category.
“We have assisted selling tools like Skin Analyzer, and have extended it to hair as well. We have a product called Virtual Try On where customers can try-on makeup products. We currently have L’Oreal and Maybelline part of this offering, and are extending it to Lakme, MAC and many more brands in the next few months,” she added.
Sinha also noted that edutainment plays a big role in beauty category and, hence, Myntra has been focussing on offerings such as Myntra Studio and Myntra Live. Brands such as Mac, Maybelline, Lakme, FAE Beauty have participated in Myntra’s live commerce offering.
Beauty of technology
Going ahead, Myntra plans to focus on tech-enabled tools on beauty, and invest in differentiated services. “The company has always been a very responsible platform in terms of how we invest for growth. We invest for growth in capabilities that help us and the partner brands grow and this is going to continue to be our strategy as we move forward,” Sinha added.