Today is a big day for online fashion discovery company Myntra. It has shut its site and has moved to an app-only model of sale, in keeping with the growing presence of smartphones in the country.
There’s been a lot of chatter surrounding the move, some positive, some negative sentiments have been voiced, but the bottom line is that mobile is the future and Myntra wants to show that it’s going all in.
Jumping to an app-only model is as philosophical a change as it is one made with business in mind. Sachin Bansal, CEO of Flipkart, e-commerce company which owns Myntra, truly believes that India will go from being a mobile-first nation, to a mobile-only nation.
Myntra claims its app already receives 90% of its traffic, and 70% of its revenues are channeled through the app. While the company expects some short term attrition, it isn’t too worried about it as it reiterates that jumping to the app is part of its long-term strategy.