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.
Source: Myntra’s Latest Partnership With Pretr Set To Maximise Efficiency
Fashion trends have been evolving faster than technology itself. And in this age of technological revolution, Myntra has decided to integrate AI into the world of fashion. Gone are the days when you waited longingly for the latest trends. Fashion trends were dependent on seasonal cycle until the recent past and to flaunt a new style we had to wait from six months to a year. But today with the help of brilliant technological innovations like machine learning we are able to switch our upgrade our styles in mere 45 days.
That is what Myntra’s Rapid Project is all about – fashion meets hi-tech engineering. It is a process through which the delivery of the latest fashion trends that used to take 140 days have been significantly reduced to just 45 days. So, what exactly is Rapid?
The project began about three years ago and the company actually aimed to accomplish a revolutionary goal of delivering fast fashion. The initial idea was to speed up the manufacturing process and meet consumer demands as fast as possible. All this had to be done keeping in mind the high quality, latest fashion and cost effectiveness as well. After rigorous research and study by a team of engineers at Myntra, the company finally came up with the idea of integrating Artificial Intelligence with fashion. The use of AI and sophisticated graphical processing units (GPUs) we brought together with the company’s in-house engineering. Thus Rapid was born which is currently been supported by brands such as Moda Rapido and Here and Now.
So, if you happen to be wearing a garments from one of these brands, it is quite possible that they are made by Myntra’s AI platform. Ambarish Kenghe, the Chief Product Officer Myntra in an interview with Mint said that the core idea of Rapid is to bring forward fast fashion in an intelligent manner, given the technological lineage of the company. He told the paper that in the beginning phase of the project there was more of design-input than machine learning. However, over a period of time the machine influence have increased and it requires lesser and lesser supervision.
Now many may ask why Rapid has been successful, after all fashion has always been something that requires human attention and passion. But what they don’t realize is that this piece of tech is more human than any other similar innovations in the industry. It has a colossal data at its disposal that allows it to gauge at what exactly the consumers are looking for. In fact in time the AI will be able to predict the future fashion trends and deliver new styles to people that they didn’t know that they wanted. Besides, it is coupled with Myntra’s line of successful suppliers and manufacturers that offer key elements which is required to build a popular brand. And that is how Myntra is taking the next step towards the future of fashion technology. Come be a part of the joyride, you’ll love it for sure!