The beauty business in India is expected to reach $25-26 billion by 2025 and out of this $6-7 billion of the growth is going to come from e-commerce, according to Nandita Sinha, CEO, Myntra.
The biggest driver of e-commerce is technology as it allows for greater distribution of brands. Apart from this, there is a slew of international and D2C brands coming up in India and driving consumption in the e-commerce space. E-commerce allows customers across India to access brands that were earlier not available to them.
“At present, almost 45 per cent of Myntra’s consumers come from tier 2 cities and beyond and we have witnessed growth in niche categories like face serums, scalp care, sunscreens, conditioners, and more. Some of the popular new age consumer brands have grown upwards of 80 per cent YoY on Myntra on an average,” she said while speaking exclusively to ETRetail.
Currently, Myntra has almost 1,400 plus brands listed on the platform offering over 75,000 SKUs. The number of brands listed on Myntra has grown 3X since the launch of its beauty vertical in 2020 and witnessed 1.5x growth rate since 2020. Apart from this, the e-commerce platform has witnessed 135 per cent growth in the men’s grooming segment.
At present, Myntra has almost 200 international brands listed on the platform. Recently, Myntra has onboarded brands such as Barry M, Etude, Freeman, Juice Beauty, Jeffree Star Cosmetic, and Neal’s Yard. Going ahead, it plans to add 50 new international brands this year.
“This year since the festive season, we are seeing our growth rates being 2x-3x of that of the online beauty market and are optimistic about the future,” she asserted.
Betting big on tech
Myntra is using technology to democratise beauty and believes that the next wave of growth will be driven by online experience. The company is leveraging its assisted selling tools like product finder, skin analyzer, free gift finder, and virtual try-on. Apart from this, social commerce is further helping the e-commerce player proliferate beauty and e-commerce growth in the country.
Citing an example, she explained, “Recently we did launch activity of Masaba Gupta’s brand, LoveChild’s face makeup category. On the launch day, we created M-live with her and we saw almost 40,000+ viewers tuning in with 100 per cent engagement rates making it one of the most successful M-live, with a beauty brand.”
Myntra live (M-live) is its live commerce platform, where it holds live sessions every hour. The e-commerce platform has done 8,000+ lives to date.
Apart from this, Myntra studio has over 2,000 plus influencers who create content for various brands on the platform.
“It is a part of the shopping funnel and end-to-end journey of the customer, where they are exposed to the different looks that are created by the influencers and brands. It helps us engage consumers and serves as an inspiration while making the purchase decision,” she said.
Speaking about future plans, Nandita said, “55 per cent of our customers come from metro cities and tier 1 cities. However, tier 2 and beyond customers are growing significantly, so their growth rate is higher than that of metro cities and tier I. Over the years, we will see this mix play out, interestingly,” she said.
At present, Myntra has 200 plus D2C brands listed on its platform and going ahead, it plans to build it as the platform of choice as more D2C brands scale and plan to reach the masses.
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