Myntra is focusing hard on their omnichannel strategy and while it is becoming the key priority, they have recently acquired a Mumbai based retail platform called Pretr. The primary specialization of the firm lies in their ability to decrease the gap between offline and online retail by offering one of a kind solution for consumers and brand. After the acquisition of the platform, forging partnerships with omnichannel brands has become easier for Myntra. It has also enabled the company to offer wide ranging solutions to retailers to further improve their own offline retail journey. To be available in both digital platforms and physical brick and mortar stores will become more essential in the coming years. A brand can’t sustain with just one wing any longer and a wider presence has become important.
The customers on the website and Myntra app will now be able to explore of online and offline products of their favourite brands with ease. Several add on services like streamlined delivery process that will enable same day delivery possible, also click and collect facility will be now available. There is also the option of exchanging, returning or adjusting clothes can be now done in the offline stores of the same brand.
Pretr also has a unique solution called ‘Endless Aisle’ that will enable customers who are visiting the offline stores of the brands can have a look the entire catalogue, inclusive of the inventory and stock from the other outlets. You can easily select the items that you like and pick them up later as per your convenience from the retail outlet. You can also ask the items to be delivered at your place of your choosing.
This is one of the most effective acquisition done by Myntra that will help the company tie up with 50 new brands. It has been a strategic selection that will, in the coming years be available in stores. CEO of Myntra, Ananth Narayanan says that he noticed a trend in online sales. As per their data based insights, the online sale is much higher at the places where the company also has an offline store. Hence, the company’s new wing Pretr will help their private label brands deliver a richer shopping experience to all their customers.
The Mumbai based startup, Pretr was founded in 2016 by Bhavik Jhaveri and Ankur Joshi. After realizing that the mélange of offline and online platform of the same brand will reap benefits they started their company. They observed a pattern in the market where offline and online platforms of the same brand were competing against one another, instead of enabling. So, they came up with a solution through which they developed solutions that would allow the digital counterpart of the brand becomes an enabler of the whole business especially the physical retail store. Eventually they added many more functionality and services as their project gained further momentum. With their power of internet technologies, they were able to achieve a lot of success. They also made the best use of predictive algorithm and machine learning to provide unique solutions to retailers and consumers alike.