Indian Fashion industry is all geared up to redefine the fashion industry by bring in new concepts and innovations to tap more consumers.
Indian Fashion industry is all geared up to redefine the fashion industry by bring in new concepts and innovations to tap more consumers. Offlate, the fashion industry has gone through some major paradigm shifts be sending the tailor home , customized outfit or try at home options fashion industry is battling it to grab a slice of high-end fashion biz.
But if there is one thing e-commerce companies want to change in India, it's the size of the trial room.The new room would measure five inches or maybe a tad more, and be powered by a quad- or octa-core processor. Though much smaller than the conventional changing room of a brick and mortar apparel store, online retailers say the smartphone will bring in a major change for the fashion industry.
"Fashion is the fastest growing category in online retail after electronics," says Prasad Kompalli, head of e-commerce platform at Myntra, one of India's largest online fashion retailers. Currently, every third search term from India is fashion related, says a Google study. It estimates that by 2020, online fashion retail will be 35% of the total online retail revenue generated in India. Currently, it accounts for 1% of the $43 billion fashion, accessories and footwear market.
With most of the action moving to mobile screens, the Bangalore-based Myntra, which was acquired by Flipkart for around Rs 2,000 crore last year, now plans to shut down its year, now plans to shut down its website and focus on its app.
"We are expecting 300% growth in sales in the next financial year," he says. The optimism is based on the fact that for Myntra, online traffic from mobile has jumped to 90% from 10% in less than a year. "When it comes to fashion, apps are more engaging. We are developing new features to track the social calendars of customers and advise them on what to wear on what occasion," added Kompalli.
Fashion as a category is infinitely more complex than say, selling mobile phones on the net.
Live: People Reading Now